Market Size of North America Anesthesia Drugs Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 2.96 Billion |
Market Size (2029) | USD 3.58 Billion |
CAGR (2024 - 2029) | 3.40 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Anesthetic Drugs Market Analysis
The North America Anesthesia Drugs Market size is estimated at USD 2.96 billion in 2024, and is expected to reach USD 3.58 billion by 2029, growing at a CAGR of 3.40% during the forecast period (2024-2029).
COVID-19 had a profound impact on the North American anesthesia devices market due to the use of inhalation anesthetics for sedation during longer-term breathing with anesthesia machines in hospitals. Additionally, in the early phase of the pandemic, due to the increasing cases of COVID-19, all hospitals globally canceled their scheduled and elective surgeries, and it highly impacted the anesthesia drug market. For instance, according to the research study published in September 2022 in ScienceDirect, the COVIDSurg Collaborative study showed that worldwide, 28.4 million procedures got canceled or delayed within 12 weeks of the peak COVID-19 disruption. However, as the restriction was lifted, North America's anesthesia drug market is expected to witness growth in the coming years due to the increase in surgical procedures and the rise in healthcare research and development in the region.
The increasing number of surgeries and growing investment in research and development (R&D) by major market players are the primary factors contributing to the market's growth. For instance, according to the Cancer Facts and Figures published by the ACS in 2022, the estimated number of new cancer cases in the United States was 1.9 million. In addition, according to National Cancer Institute data updated in May 2022, breast cancer is the most common cancer, with 290,560 new cases projected in the United States. Prostate cancer and lung cancer are the next most frequent cancers in the country. This burden of cancer is anticipated to increase the number of surgeries related to cancer. This is expected to contribute to the generation of demand for anesthesia drugs, further driving the market's growth over the forecast period.
Moreover, an increase in product launches and strategic acquisitions by the key players and approval by the government in North America are expected to boost market growth over the forecast period. For instance, in March 2022, Health Canada issued a Notice of Compliance (NOC) to commercialize ZYNRELEF (bupivacaine and meloxicam extended-release solution) of Heron Therapeutics, Inc., for instillation into the surgical wound for postoperative analgesia after a bunionectomy, open inguinal herniorrhaphy, and total knee arthroplasty surgical procedures.
Therefore, due to the increase in chronic diseases that require anesthesia drugs for surgery and the rise in product launches across North America, the market studied is expected to witness growth over the forecast period. However, a strict regulatory process and the side effects associated with the drugs are expected to restrain the market's growth.
North America Anesthetic Drugs Industry Segmentation
As per the scope of the report, anesthesia drugs cause a reversible loss of sensation. Several types of anesthesia drugs are available on the market, such as general anesthesia, spinal anesthesia, IV regional anesthesia, local anesthesia, peripheral nerve block, and saddle block or caudal anesthesia. The North American anesthesia drugs market is segmented by drug type (general anesthesia drugs such as propofol, sevoflurane, desflurane, dexmedetomidine, remifentanil, midazolam, isoflurane, and others), route of administration (inhalation, injection, and other routes of administration), application (general surgery, plastic surgery, cosmetic surgery, dental surgery, and other applications), and geography (United States, Canada, and Mexico). The report offers a value (USD million) for the above segments.
By Drug Type | |||||||||
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By Route of Administration | |
Inhalation | |
Injection | |
Other Routes of Administration |
By Application | |
General Surgeries | |
Plastic Surgery | |
Cosmetic Surgeries | |
Dental Surgeries | |
Other Applications |
Geography | |
United States | |
Canada | |
Mexico |
North America Anesthesia Drugs Market Size Summary
The North American anesthesia drugs market is poised for growth, driven by an increase in surgical procedures and heightened investment in research and development by key industry players. The market experienced a significant impact due to the COVID-19 pandemic, which led to the cancellation of elective surgeries and a temporary decline in demand for anesthesia drugs. However, as restrictions have eased, the market is expected to recover and expand, supported by the rising prevalence of chronic diseases that necessitate surgical interventions. The demand for anesthesia drugs is further bolstered by the introduction of new products and strategic acquisitions by major companies, alongside regulatory approvals that facilitate market entry and expansion.
The United States is anticipated to maintain a dominant position in the North American anesthesia drugs market, attributed to the high incidence of chronic conditions requiring surgical treatment and the ongoing development of innovative anesthesia solutions. The market is characterized by moderate competition, with several major players holding significant market shares. However, the landscape is becoming increasingly competitive as mid-sized and smaller companies introduce cost-effective products to capture market share. The segment for inhalation anesthetics, particularly sevoflurane, is expected to witness growth due to its rapid onset and recovery benefits, coupled with increased healthcare expenditure and research activities in the region.
North America Anesthesia Drugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Number of Surgeries
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1.2.2 Growing Investment in R&D by the Pharmaceutical Companies
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1.3 Market Restraints
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1.3.1 Side Effects of General Anesthetics
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1.3.2 Regulatory Issues
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Volume - USD million)
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2.1 By Drug Type
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2.1.1 General Anesthesia Drugs
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2.1.1.1 Propofol
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2.1.1.2 Sevoflurane
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2.1.1.3 Desflurane
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2.1.1.4 Dexmedetomidine
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2.1.1.5 Remifentanil
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2.1.1.6 Midazolam
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2.1.1.7 Other General Anesthesia Drugs
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2.1.2 Local Anesthesia Drugs
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2.1.2.1 Bupivacaine
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2.1.2.2 Ropivacaine
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2.1.2.3 Lidocaine
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2.1.2.4 Chloroprocaine
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2.1.2.5 Prilocaine
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2.1.2.6 Benzocaine
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2.1.2.7 Other Local Anesthesia Drugs
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2.2 By Route of Administration
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2.2.1 Inhalation
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2.2.2 Injection
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2.2.3 Other Routes of Administration
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2.3 By Application
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2.3.1 General Surgeries
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2.3.2 Plastic Surgery
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2.3.3 Cosmetic Surgeries
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2.3.4 Dental Surgeries
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2.3.5 Other Applications
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2.4 Geography
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2.4.1 United States
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2.4.2 Canada
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2.4.3 Mexico
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North America Anesthesia Drugs Market Size FAQs
How big is the North America Anesthesia Drugs Market?
The North America Anesthesia Drugs Market size is expected to reach USD 2.96 billion in 2024 and grow at a CAGR of 3.40% to reach USD 3.58 billion by 2029.
What is the current North America Anesthesia Drugs Market size?
In 2024, the North America Anesthesia Drugs Market size is expected to reach USD 2.96 billion.