Global Local Anesthetic Therapeutics Market: Introduction
Local anesthetics interrupt neural conduction by inhibiting the influx of sodium ions through channels or ionophores within neuronal membranes. Local anesthetics have greater affinity for receptors within sodium channels during their activated and inactivated states than when they are in their resting states. Local anesthetics produce anesthesia by inhibiting excitation of nerve endings or by blocking conduction in peripheral nerves. Local anesthesia involves loss of sensation in one area of the body by the blockage of conduction in nerves. The global local anesthetic therapeutics market has witnessed strong growth in the past few years. Increase in number of surgical procedures such as cosmetic, dental, and plastic surgeries is a key factor boosting the growth of the global local anesthetic therapeutics market.
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Key Drivers of Global Local Anesthetic Therapeutics Market
Increase in number of surgical procedures
Surgical care is essential for managing diverse health conditions such as injuries, obstructed labor, malignancies, infections, and cardiovascular diseases, and an indispensable component of a functioning health care system. The number of surgeries performed globally has been estimated at 234 million per year, and a conservative estimate shows that 11% of the world’s disability-adjusted life-years are from conditions that require surgical interventions.
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Surge in number of plastic & cosmetic surgeries and rise in number of burns, trauma, and accidents, and sports-related injuries
According to the American Society of Plastic Surgeons’ annual plastic surgery procedural statistics, 17.5 million surgical and minimally invasive cosmetic procedures were performed in the U.S. in 2017, an increase of 2% over that in 2016. The statistics also revealed a rise in new trends in body-shaping procedures, with a spike in non-invasive fat reduction, as well as surgeries such as breast augmentation. An estimated 1.2 million people are killed in road crashes each year, and as many as 50 million are injured, occupying 30% to 70% of orthopedic beds in hospitals in developing countries. Nearly 30 million children and adolescents participate in youth sports in the U.S.
North America to Account for Major Share of Global Local Anesthetic Therapeutics Market
In terms of region, the global local anesthetic therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, due to availability of high diagnostic and research capabilities. The trend is projected to continue during the forecast period.
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Key Players Operating in Global Local Anesthetic Therapeutics Market
The global local anesthetic therapeutics market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global local anesthetic therapeutics market include:
- Baxter International, Inc.
- Fresenius SE & Co. KGaA
- Glenmark Pharmaceutical, Inc.
- Mylan N.V.
- Pacira Pharmaceuticals, Inc.
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
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