Local Anesthesia Drugs Market Share

The local anesthesia drugs market is segmented into five regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in Asia Pacific is predicted to dominate majority revenue share by 2036, owing to an aging population that is likely to increase the number of surgical procedures performed in the region. According to the WHO, the population in WHO South-East Asia Region is ageing rapidly. While the proportion of people aged 60 or above was 9.8% in 2017, it will be increased to 13.7% and 20.3% by 2030 and by 2050, respectively. Furthermore, increased healthcare expenditure in the region, aided by pharmaceutical industry R&D investments, is also predicted to propel the market growth in the region. Furthermore, the market in North America is assessed to hold the largest share on the back of the the increased number of surgeries, and advances in anesthetic technologies in the region. In addition, the rising pharmaceutical expenditure to deliver effective and side-effect-free local anesthetic drugs is also evaluated to drive the market growth in the near future. For instance, according to the Congressional Budget Office (CBO) of the United States, the pharmaceutical industry devoted $83 billion to R&D expenditures in 2019.