DUBLIN--(BUSINESS WIRE)--The "Local Anesthesia Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global local anesthesia drugs market was valued at USD 2,526.86 million in 2020, and it is expected to reach USD 3,378.43 million by 2026, registering a CAGR of 4.91% during the forecast period.
Companies Mentioned
- Baxter International Inc.
- Fresenius SE & Co. KGaA
- Glenmark Pharmaceutical Inc.
- Mylan N.V.
- Pacira Pharmaceuticals, Inc.
- Pfizer Inc.
- Septodont
- Teva Pharmaceutical Industries Ltd
Key Market Trends
Bupivacaine is Expected to Register a Significant Growth in the Forecast Years
Bupivacaine is a prescription medication used as a local anesthetic that blocks the nerve impulses that send pain signals to the brain. This injection is a very useful anesthetic for local and regional anesthesia for several procedures, such as surgery and diagnostic, therapeutic, and obstetrical procedures. It is used in various surgical procedures.
Although all local anesthetics cause changes in the cardiac and central nervous system functions, in the case of Bupivacaine, when injected intravascularly into toxic blood concentrations, it can cause an atrioventricular block, ventricular arrhythmias, and cardiac arrest, sometimes resulting in death.
Pacira Pharmaceuticals Inc. is one of the growing companies recognized for its drug Exparel globally. LGM Pharma, Pfizer, Sagent Pharmaceuticals Inc., and BOC Sciences are the key players globally. In March 2021, the US Food and Drug Administration (FDA) approved the submission of supplemental new drug application (sNDA) submitted by Pacira BioSciences Inc. for the expanded use of its Exparel (Bupivacaine Liposome Injectable Suspension) in pediatric patients. However, Bupivacaine is widely used as local anesthesia due to its efficacy in numbing certain organs. Hence, the rising number of surgeries leads to the high demand for local anesthesia drugs, and it is expected to propel the growth of the market.
North America Dominates the Market and is Expected to Follow the Same Trend Over the Forecast Period
North America currently dominates the local anesthesia drugs market and is expected to continue its stronghold in the market. The North American anesthesia market is the largest regional market in the world. The market is mainly driven by factors, such as the increasing number of surgeries, the rising aging population with increasing chronic conditions, and advancements in anesthesia technologies.
For instance, according to the American Society of Plastic Surgeons (ASPS), in 2020, about 2,314,720 cosmetic surgical procedures were performed in the United States, as compared to 1,901,049 procedures in 2000. There has been a 22% increase in the adoption rate of these surgical procedures, within a decade. These statistics clearly indicate that surgical procedures are constantly increasing in the region.
As per the Canadian Institute for Health Information (CIHI), around 104,349 Caesarean section deliveries, 70,215 knee replacement surgeries, 55,294 fracture rectifications, 42,449 coronary artery angioplasties, and 58,333 hip replacement surgeries were performed in the country during 2017-2018. These statistics indicate that the demand for local anesthesia is expected to be high in the near future
In addition, several companies are focusing on new product launches and seeking product approvals in Canada. For instance, in December 2019, Heron Therapeutics Inc., a commercial-stage biotechnology company, was granted a review status and accepted by Health Canada for its new drug submission (NDS) for HTX-011, an investigational dual-acting, fixed-dose combination of the local anesthetic called Bupivacaine, along with a low dose of the nonsteroidal anti-inflammatory drug, Meloxicam, for the management of post-operative pain.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Number of Surgeries
4.2.2 New Approval of Anesthetic Drugs
4.2.3 Growing Use of Local Anesthetic in Post-operative Pain
4.3 Market Restraints
4.3.1 Side Effects of Anesthetic Drugs
4.3.2 Regulatory Framework
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Drug Type
5.2 By Mode of Administration
5.3 Geography
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wx4zjt
