Dublin, Dec. 31, 2021 (GLOBE NEWSWIRE) -- 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.
The use of local anesthesia in treating patients infected with COVID-19 is in high demand due to its benefits and minimal risk of viral transmission. Additionally, the research article published in the European Archives of Oto-Rhino-Laryngology in 2020 revealed that the topical oropharyngeal lignocaine application significantly increased comfort levels for the patient during oropharyngeal sampling for COVID-19 and had no effect on the detection of SARS-CoV-2 in the upper airway. Thus, the study suggested that topical oropharyngeal lignocaine should be considered as a measure to reduce the viral inoculum sampling of a COVID-19 suspect.
The growth of the global local anesthesia drugs market is driven by various factors, such as the rising number of surgeries requiring local anesthesia, increasing product approvals, and the growing usage of local anesthetic for postoperative pain.
According to the United Nations World Ageing 2019 report, there were around 703 million people aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. Globally, the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. The geriatric population is prone to chronic diseases that lead to organ function failures, as there are changes in the pharmacokinetics and pharmacodynamics related to age and organ function. This factor is expected to increase the number of surgeries, which will drive the growth of the studied market.
Furthermore, the development and approvals of novel local anesthesia drugs prove to be a new revenue-generating resource for the companies in the market. For instance, in February 2021, PainPass launched the first Cannabidiol (CBD)/lidocaine product line that specifically targets those with chronic pain and numbing of muscles externally.
Additionally, the increased funding for the research and development of novel drugs by the pharma companies is also expected to drive market growth. For instance, members of the Pharmaceutical Research and Manufacturers of America (PhRMA) invested USD 83 billion in R&D in 2019, establishing the biopharmaceutical sector as the most R&D-intensive industry in the US economy.
The growing research on local anesthetics is also boosting the market growth. Istituti Ospitalieri di Cremona, Italy, started a clinical trial in 2017, in order to compare the effectiveness of blind local anesthetic infiltration with ultrasound-guided transversals fascia block and spinal anesthesia in patients undergoing inguinal hernia repair surgery. The results of the research are yet to be published. However, the side effects of these drugs and strict regulatory framework are expected to restrain the market studied.
Key Market Trends
Bupivacaine Expected to Register Significant Growth
North America Dominates the Market
The Local Anesthesia Drugs market is competitive and many of the global players are in the market. Companies are focusing on major collaborations, mergers, and acquisitions in order to enhance their market share. Market players are also focusing on R&D to improve product quality and minimize manufacturing costs, developing novel products to improve patient compliance and safety.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
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
5.2.2 Surface Anesthetic
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.3 Asia Pacific
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Baxter International Inc.
6.1.2 Fresenius SE & Co. KGaA
6.1.3 Glenmark Pharmaceutical Inc.
6.1.4 Mylan N.V.
6.1.5 Pacira Pharmaceuticals, Inc.
6.1.6 Pfizer Inc.
6.1.8 Teva Pharmaceutical Industries Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gv0lu4
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