Europe Anesthesia Drugs Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, Feb. 27, 2020 /PRNewswire/ --
Certain factors that are driving the market growth include an increasing number of surgeries, new approvals of anesthetic drugs, and reduction in the cost of newly invented drugs.
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According to a National Health Service (NHS), in 2013-2014, there were an estimated 4.7 million surgical admissions in England, among all the surgeries, general surgeries, trauma, and orthopedic procedures were the most common ones. The number of surgeries being performed is rising every year. The overall increase in the number of surgeries performed has a substantial impact on the anesthetics market, as they are used in all surgical procedures to reduce the pain during surgery. Along with rising surgeries, factors, such as new anesthetic drugs are also driving the market.
However, general anesthetic drugs cause several side-effects, including nausea, vomiting, dry mouth, sore throat, shivering, muscle aches, disorientation, itching, sleepiness, and mild hoarseness. More serious complications of the drug include delirium, cognitive dysfunction, and malignant hyperthermia. General anesthetic drugs can cause physiological changes, such as blood pressure variations which require a trained anesthesiologist to monitor the patient's blood pressure levels continuously and might have to provide blood pressure medications. Carelessness or lack of knowledge of the anesthesiologist could pose as a potential risk. Hence, the side-effects of general anesthesia and the patient's reluctance toward using it are restraining the segment growth. The other factors, such as lack of skilled anesthetics and regulatory issues are restraining the market growth.
Key Market Trends
Propofol Sub-segment is Expected to Show the Fastest Growth in the General Anesthesia Drugs Segment
Propofol is a drug that has been used for a long time for various surgical procedures requiring anesthesia. Teva Pharmaceuticals had stopped manufacturing propofol for a particular time, however, the drug returned to the market in 2013. Hospira is another major player in the propofol sub-segment. In 2015, Pfizer acquired Hospira and created a leading global established pharmaceutical (GEP) business. Some of the companies who manufacture propofol injections are Neon Laboratories Limited, Bharat Serums and Vaccines Limited, and Fresenius Kabi. The drug is always in demand in the market for utilization in different surgeries and is expected to witness a rapid growth in the coming years.
Competitive Landscape
The European anesthesia drugs market is highly competitive and consists of a few major players. In terms of market share, a few of the major players currently dominate the market. Companies like AbbVie Inc., B. Braun Melsungen AG, Baxter, Fresenius SE & Co. KGaA, and Pfizer Inc., among others, hold the substantial market share in the European anesthesia drugs market.
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