US Anesthesia Drugs and Devices Market Set to Reach $6.83 Billion in 2023, Driven by Growing Healthcare Expenditure – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “The US Anesthesia Drugs and Devices Market (by segment, Type, Drug Product, & Device Product): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The US anesthesia drugs and devices market is poised for significant growth, with a projected value of US$6.83 billion in 2023, experiencing a robust CAGR of 6.78% during the forecasted period. Anesthesia, the use of drugs to alleviate pain during medical procedures, is essential in the healthcare industry and is administered through various means such as injection, inhalation, topical application, and more.
Market Segmentation
The US anesthesia drugs and devices market is divided into two primary segments: anesthesia drugs and anesthesia devices. Among these segments, anesthesia drugs currently hold the majority share, while the anesthesia devices segment is expected to experience substantial growth due to increased healthcare expenditure in the region.
Types and Products
In terms of types, the US anesthesia drugs market is categorized into General, Local, and other anesthesia. The General anesthesia drug segment dominates the market, followed by local anesthesia drugs. The development of novel anesthesia drugs through pharmaceutical R&D is expected to create growth opportunities in the “other anesthesia drugs” segment.
When considering device products, the market is segmented into advanced, basic, and integrated anesthesia devices. The advanced segment holds the largest share in the market, followed by integrated anesthesia devices. Ongoing advancements in anesthesia monitoring devices and the demand for improved monitoring contribute to the growth of the advanced anesthesia monitoring devices market.
The market is further categorized by drug product into Bupivacaine, Ropivacaine, Lidocaine, Chloroprocaine, Prilocaine, Benzocaine, and other local anesthetics. Lidocaine anesthesia drugs have the highest market share, followed by Bupivacaine and Ropivacaine. The market is anticipated to grow due to increasing patient populations and a rise in medical and surgical procedures.
Key Drivers and Challenges
Driver: Increase in Monitored Anesthesia Use
The adoption of Monitored Anesthesia Care (MAC) is on the rise. MAC involves specific anesthesia services for procedures performed under local anesthesia with sedation and analgesia, allowing patients to maintain consciousness. Patients are opting for monitored anesthesia to ensure satisfaction during surgeries, leading to increased usage of anesthesia equipment and drugs.
Challenge: Side Effects of Anesthesia
While anesthesia is generally administered by anesthesiologists, it can sometimes lead to side effects, including nausea, headache, vomiting, and shivering, among others. General anesthetics can affect the central nervous system, causing drowsiness and coordination problems. These side effects can deter some patients and impact the growth of the anesthesiology market.
Trend: Growth of Ambulatory Surgical Centers (ASC)
The establishment of ambulatory surgical centers (ASCs) is escalating due to an aging population and the prevalence of chronic diseases. ASCs offer improved reimbursement and a reduced risk of healthcare-associated infections, attracting more patients. This growth in ASCs is driving the demand for anesthesia drugs and devices.
COVID-19 Analysis
The COVID-19 pandemic led to increased utilization of intensive care unit (ICU) ventilators and anesthesia machines for longer-term ventilation. Anesthesia drugs were used during longer-term ventilation with anesthesia machines. Initially, anesthesia drug demand decreased in 2020 due to postponed or canceled surgeries. However, as elective surgeries resumed, anesthesia drug consumption increased.
Key Players
The US anesthesia drugs and devices market is competitive and features several major players, including Baxter International Inc., Envision Healthcare Corporation (KKR & Co. Inc.), Becton, Dickinson and Company, TeamHealth (Blackstone), Teleflex Incorporated, Dragerwerk AG & Co. KGaA, B. Braun Avitum AG (Braun), 3M Company, Abbvie Inc., AstraZeneca Plc, Abbott Laboratories, ICU Medical, Inc., SunMed LLC, and General Electric Company.
Top Impacting Factors
Growth Drivers
- Rising Geriatric Population
- Growing Healthcare Expenditure
- Increase in Monitored Anesthesia Use
- Increase In Number Of Approval For Anesthesia Drugs
Challenges
- Side Effects of Anesthesia
- Lack of Skilled Anesthesiologist
Trends
- Escalating Establishment of Ambulatory Surgical Centers (ASC)
- Technological Enhancement of Anesthesia Devices
For more information about this report visit https://www.researchandmarkets.com/r/tnbekz
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