North America Anesthesia Drugs Market Size

North America Anesthetic Drugs Market Analysis

The North America Anesthesia Drugs Market size is estimated at USD 2.96 billion in 2024, and is expected to reach USD 3.58 billion by 2029, growing at a CAGR of 3.40% during the forecast period (2024-2029).

COVID-19 had a profound impact on the North American anesthesia devices market due to the use of inhalation anesthetics for sedation during longer-term breathing with anesthesia machines in hospitals. Additionally, in the early phase of the pandemic, due to the increasing cases of COVID-19, all hospitals globally canceled their scheduled and elective surgeries, and it highly impacted the anesthesia drug market. For instance, according to the research study published in September 2022 in ScienceDirect, the COVIDSurg Collaborative study showed that worldwide, 28.4 million procedures got canceled or delayed within 12 weeks of the peak COVID-19 disruption. However, as the restriction was lifted, North America's anesthesia drug market is expected to witness growth in the coming years due to the increase in surgical procedures and the rise in healthcare research and development in the region.

The increasing number of surgeries and growing investment in research and development (R&D) by major market players are the primary factors contributing to the market's growth. For instance, according to the Cancer Facts and Figures published by the ACS in 2022, the estimated number of new cancer cases in the United States was 1.9 million. In addition, according to National Cancer Institute data updated in May 2022, breast cancer is the most common cancer, with 290,560 new cases projected in the United States. Prostate cancer and lung cancer are the next most frequent cancers in the country. This burden of cancer is anticipated to increase the number of surgeries related to cancer. This is expected to contribute to the generation of demand for anesthesia drugs, further driving the market's growth over the forecast period.

Moreover, an increase in product launches and strategic acquisitions by the key players and approval by the government in North America are expected to boost market growth over the forecast period. For instance, in March 2022, Health Canada issued a Notice of Compliance (NOC) to commercialize ZYNRELEF (bupivacaine and meloxicam extended-release solution) of Heron Therapeutics, Inc., for instillation into the surgical wound for postoperative analgesia after a bunionectomy, open inguinal herniorrhaphy, and total knee arthroplasty surgical procedures.

Therefore, due to the increase in chronic diseases that require anesthesia drugs for surgery and the rise in product launches across North America, the market studied is expected to witness growth over the forecast period. However, a strict regulatory process and the side effects associated with the drugs are expected to restrain the market's growth.