The global local anesthesia drugs market is expected to grow primarily due to increasing incidence of chronic diseases. Lidocaine sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 10, 2023 /PRNewswire/ --
Global Local Anesthesia Drugs Market Forecast Analysis:
As per the report published by Research Dive, the global local anesthesia drugs market is expected to register a revenue of $4,724.80 million by 2031 at a CAGR of 6.4% during the forecast period 2022-2031.
Segments of the Local Anesthesia Drugs Market
The report has divided the local anesthesia drugs market into the following segments:
- Drugs Type: bupivacaine, ropivacaine, lidocaine, chloroprocaine, prilocaine, penzocaine, and other local anesthetics
- Lidocaine- Dominant market share in 2021
The growing use of lidocaine in small surgical operations such as dental, oral, diagnostic, or other therapeutic treatments is predicted to boost the growth of this sub-segment by 2031. - Application: injectable and surface anesthetic
- Injectable - Significant market share by 2031
Growing utilization of injectable anesthetics for a variety of surgical procedures is expected to aid the sub-segment to register significant growth numbers by 2031. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America - Most dominant by 2031
The increase in the number of surgical procedures performed in this region is expected to help the local anesthesia drugs market to flourish immensely in the forecast period.
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Dynamics of the Global Local Anesthesia Drugs Market
A growth in the incidence of chronic diseases across global populations is expected to make the local anesthesia drugs market highly lucrative in the forecast period. Furthermore, increasing hospitalizations is anticipated to help the market reach new heights. However, according to market analysts, various side effects associated with local anesthetics might become a restraint in the growth of the market.
Increasing number of surgical procedures around the world is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, new anesthetic drug launches by leading manufacturers are expected to propel the local anesthesia drugs market forward in the coming period.
COVID-19 Impact on the Global Local Anesthesia Drugs Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The local anesthesia drugs market, however, experienced a moderate growth during the pandemic. Disruptions in global supply chains led to inefficient supply and delivery of local anesthesia drugs. Also, many patients postponed their surgeries due to fear of infection during the pandemic leading to a decline in the demand for local anesthetics. However, as the pandemic spread, the demand for local anesthetic drugs grew which helped the market to regain some of its lost ground.
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Key Players of the Global Local Anesthesia Drugs Market
The major players of the market include
- Novartis AG
- Teva Pharmaceutical Industries Ltd
- GSK plc
- Aspen Pharmacare
- Fresenius Kabi
- AstraZeneca plc
- Sagent Pharmaceuticals
- Mylan N.V.
- Hikma Pharmaceuticals plc.
- Pacira Pharmaceuticals Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in May 2021, Heron Therapeutics, Inc., a leading biotechnology company, announced that ZYNRELEF (bupivacaine and meloxicam), a local anesthesia drug for total knee arthroplasty and open inguinal herniorrhaphy, had received FDA approval. Following the approval, Heron Therapeutics commercially launched ZYNRELEF in July 2021. The approval and subsequent launch are predicted to boost the market share of the company in the near future.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Local Anesthesia Drugs Market:
- A Comparative Analysis of Local Anesthesia Drugs, General Anesthesia, and Sedatives
- Global Local Anesthesia Drugs Market to Experience Noteworthy Growth by 2031 with the Rising Demand for Pain Management Solutions in Various Surgeries
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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