LOCAL ANESTHESIA DRUGS MARKET ANALYSIS

Market Challenges And Opportunities

Market Drivers:

1. Increasing number of surgeries (dental procedures, cosmetic surgeries, and plastic surgeries, as local anesthesia is widely used in such procedures) across the globe is expected to augment the growth of the global local anesthesia drugs market over the forecast period. For instance, according to the American Society of Plastic Surgeons, around 2,314,720 cosmetic procedures were performed in the United States in 2020, including 211,067 procedures of liposuction.
2. Increase in development of novel local anesthesia drugs and high demand for local anesthesia drugs is expected to boost growth of the global local anesthesia drugs market over the forecast period. For instance, in December 2021, Hikma Pharmaceuticals PLC announced it launched Bupivacaine HCl Injection. Bupivacaine HCl Injection is indicated in adults for the production of local anesthesia or analgesia for surgery, dental and oral surgery procedures, diagnostic and therapeutic procedures, and for obstetrical procedures.

Market Restraints:

1. Side effects of anesthetic drugs is expected to hinder growth of the global local anesthesia drugs market during the forecast period. Local anesthetics are much safer to use, but they have fewer side effects than general anesthetics. Common side effects include numbness, dizziness, twitching, a metallic taste in the mouth, and ringing in the ears.
2. Regulatory framework is expected to hamper the growth of the global local anesthesia drugs market over the forecast period. For instance, the regulatory guidelines may vary from country to country, and pharmaceutical companies must follow them in order to get product approvals.

Market Opportunities:

1. Increase in prevalence of chronic diseases is expected to offer lucrative growth opportunities for players in the global local anesthesia drugs market. For instance, according to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading cause of death and disability in the United States, accounting for 70% of all deaths.
2. Growing geriatric population worldwide is expected to offer significant growth opportunities for players in the global local anesthesia drugs market. For instance, according to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the number of people aged 60 years is expected to reach 2.1 billion by 2050.