There is more than one type of anesthesia and researchers are predicting growth for some of them. Mordor Intelligence forecasts growth in the global anesthesia drug market.
“The global anesthesia drugs market has been estimated at $11.54 billion in 2016 and is projected to reach $14.11 billion by 2021, at a CAGR of 3.4 percent during the forecast period from 2016 to 2021,” according to Mordor Intelligence. “Anesthetic is a drug which causes anesthesia, which is a reversible loss of sensation. The different types of anesthesia drugs are general anesthesia, spinal or epidural anesthesia, interscalene block, IV regional anesthesia, local anesthesia, peripheral nerve block, saddle block or caudal anesthesia, etc.”
“Increasing number of surgeries, development of new sedative and anesthetic drugs, reduction in the cost of newly invented drugs and decrease in the recovery time after surgery are some of the reasons driving the growth of the market,” adds Mordor Intelligence. “Risk of side effects of anesthesia drugs, lack of skilled anesthetists to administer the drugs and risk of adverse reactions of anesthesia drugs are some of the major constraints hindering the market growth.”
A report from PRNewswire predicts even more growth.
“United States anesthesia market is expected to be more than $4 billion by 2022. This growth is driven by increasing incidence of cardiovascular cases, growing old age population and rising number of urgent surgeries in United States. Private as well as public health insurers also help to boost this market as they consider anesthetic products in their reimbursement policy,” according to the report.
General anesthesia is expected to grow and help power the overall anesthesia drug market.
“The U.S. general anesthesia drugs market is poised to reach $2.0 billion by 2020 from $ 1.6 billion in 2015, at a CAGR of 3.8 percent from 2015 to 2020,” MarketsandMarkets reports. “Factors such as rapid rise in aging population, rising prevalence of cardiovascular and respiratory system-related diseases, and rising number of emergency surgeries are driving the growth of the U.S. general anesthesia drugs market. However, side effects associated with ketamine usage (such as elevation in blood pressure and heart rate, amnesia, respiratory depression, and hallucinations), regulatory issues, and lower compliance rates in comparison with other anesthetic drugs are likely to restrain the growth of this market.”
Mordor Intelligence also forecasts that the global anesthesia devices market will reach $13.50 billion by 2021, at a CAGR of 11.64 percent during the forecast period from 2016 to 2021.
“This market has witnessed an excellent growth in the recent times. This growth is expected to increase accordingly in the near future as well,” Mordor Intelligence reports.
“Continuous growth in this market can be attributed to the rapid adoption of anesthesia information management systems (AIMS), which have been implemented in an effort to move the industry away from the paper-based record keeping systems to more efficient electronic solutions,” the report adds. “The establishment of several government-supported national statistical databases is driving this market as well. The demand is also rapidly increasing with the growing safety awareness and technology enhancements in anesthesia machines.”
“However, the rapid advancements in the anesthesia industry make it increasingly difficult for the anesthesiologist to keep up with the various anesthesia machine technologies. Additionally, the latest anesthesia technology does not come at a low price, and even the most basic configuration of the equipment can cost a fortune,” Mordor Intelligence states. “The decrease in reimbursements provided by governments for medical equipment, and increased availability of aftermarket service that prolongs the life of a facility’s existing equipment are also the challenges involved that this market may have to face with respect to its growth.”