Global Anaesthesia Drug Market Showing Steady Growth Forecast at CAGR of 3% During 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 13, 2017 /PRNewswire/ --
Anaesthesia is a reversible state of unconsciousness leading to lack of pain and muscle relaxation. The type of anaesthesia recommended by doctors depends on various parameters including health status of person, age, type of surgery and clinical tests results. There is significant risk associated with medically induced unconsciousness. According to the American Journal on Cosmetic Surgery, in 2015, in the US alone, there were at least three deaths reported from 10,000 medical operations with anaesthesia. Global anaesthesia drug market is projected to rise at CAGR of 3% for the forecast period 2016-2023. Rising geriatric population, increasing healthcare expenditure, rising number of cosmetic & orthopaedic surgeries, reduced recovery time after surgery, and development of new sedatives & anaesthetic drugs are some of the factors driving global anaesthetic drug market during the forecasted period. Side effects associated with anaesthetic drugs, lack of skilled anaesthetists and risk of adverse reaction against certain anaesthesia drugs are some of the factors hindering market growth for the forecasted period.
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Increasing cosmetic surgeries: Growth driver
International Society of Aesthetic Plastic Surgery (ISAPS) estimates, total cosmetic procedures across the globe is projected to rise by 9% per annum till 2020. Over 86% of the total cosmetic surgeries performed across the globe in 2016 were performed on women. USA, Brazil, Japan, Italy, and Mexico together accounted for more than 41% of the global cosmetic procedures performed in 2016. USA currently holds largest market for cosmetic surgical procedures performed at over 18% in 2016 followed by Brazil (10%) and Japan (4.8%), according to ISAPS estimates. American Society of Aesthetic Plastic Surgery (ASAPS) estimates that in 2016, there were more than 13 million cosmetic procedures performed in USA alone. Surgical procedure increased across USA by 3.5% per annum in 2016 and is anticipated to increase at an average of 4% per annum till 2020. Majority (>39%) of the cosmetic surgeries in USA were performed on adults aged between 35-50 years in 2016. More than $15 billion were spent on cosmetic operations in USA along in 2016 according to ASAPS estimates. Increasing number of cosmetic procedures would supplement demand for anaesthetic drug market for the forecasted period.
Rise in geriatric population: Growth driver
National Institute of Health (NIH) estimated, that more than 8.5% of the global population were aged 65 years and above in 2016. By 2050, geriatric population across the globe would reach 17% (~1.6 billion). NIH anticipates Europe and Asia Pacific to be the centre for aging population. Median age across Europe and Asia Pacific by 2018 is anticipated to surpass 50 years. Older people aged 60 years and above tend to require more medical services as compared to younger counterparts. According to National Survey of Ambulatory Surgery, in USA, number of surgeries performed on geriatric population has increased significantly by 12% per annum since 2014. Majority of the surgical procedures on geriatric population are focused in areas of cardiovascular, ophthalmology, orthopaedic, cardiothoracic, and cosmetic. Regions such as North America, Europe, and Asia Pacific leads in number of surgeries performed on geriatric population according to NCBI. Cosmetic surgeries amongst elderly population are gaining momentum every year. In 2016, more than 11% of the total geriatric population in USA underwent some form of cosmetic operations according to ASAPS. Since 1997, number of cosmetic surgeries performed on adults aged 60 years and above has increased by astounding 1,263% according to ASAPS estimates. Cosmetic procedures amongst geriatric population would continue to increase at an average of 10% per annum till 2020 according to International Society of Aesthetic Plastic Surgery (ISAPS). Suffice to say, increasing number of surgeries on geriatric population would aid global anaesthesia drug market for the forecasted period.
North America and Europe: Dominant market
Both North America and Europe together dominates global anaesthesia drug market in terms of revenue according to OBRC analysis. Favourable regulatory environment, increasing number of surgical procedures, thriving cosmetic industry, aging population, presence of large pool of pharmaceutical companies, growing awareness about anaesthesia drug and high-income disposable population are the main factors driving anaesthesia drug market in North America and Europe. According to Centre for Disease Prevention and Control, an average 55 million surgeries are performed in North America every year. The number of surgeries according to Centre for Disease and Control (CDC) is rising at 3% per annum since 2014. Majority of the surgeries are reported for adults (30-55 years) and geriatric (60 years & above) population. UK, Germany, Sweden, Finland, Austria, leads in number of surgeries performed across the Europe according to International Association for Ambulatory Surgery (IAAS) survey in 2015.
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