Propofol Market size was over USD 989.4 million in 2023 and is poised to cross USD 1.91 billion by 2036, growing at more than 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of propofol is evaluated at USD 1.03 billion. As the number of medical procedures performed such as general surgical, orthodontic and dental surgical procedures, and cataract removal surgeries is increasing, the demand for propofol drug across the world is also projected to rise in the upcoming years. On an average, approximately 235 million surgeries are performed worldwide. According to the World Health organization (WHO), 58.9% of these surgeries occur in high-income countries. Along with this, growing requirement for minimally invasive surgery procedures globally is also expected to drive market growth in the coming years. Furthermore, research and development activities initiated by the top market players for commercialization as well as new product development is anticipated to offer ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.2% |
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Base Year Market Size (2023) |
USD 989.4 million |
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Forecast Year Market Size (2036) |
USD 1.91 billion |
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Regional Scope |
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The propofol market is segmented by application into procedural sedation and general anesthesia, out of which, the general anesthesia segment is estimated to hold a significant market share on the back of rising number of surgical procedures across the globe coupled with the easy availability of the drug. As per the U.S. National Institutes of Health, every day about 60,000 people in the nation undergo surgery under general anesthesia. Apart from this, the ability of anesthesia to enable painless medical procedures that lead to healthier and longer lives is also evaluated to boost growth of this market segment in the future. Additionally, on the basis of distribution channel, the segment for hospitals is expected to garner the largest market share over the forecast period, which can be ascribed to the high number of admissions and abundant availability of appropriate medical equipment in a hospital facility.
Our in-depth analysis of the global propofol market includes the following segments
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By Application |
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By Distribution Channel |
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By End-user
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North America Market Statistics
On the basis of regional analysis, the global propofol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is poised to account for largest revenue share by 2036, on the back of increase in the number of well-established healthcare facilities, high adoption of minimally invasive surgical procedures and easy availability of drugs in the region.
Europe Market Analysis
Furthermore, Europe is assessed to hold the second largest market share owing to the rising geriatric population in the region who need to be frequently operated with dental as well as ophthalmic surgical procedures. Additionally, increasing investments for drug development by market players in the region is also likely to fuel the propofol market growth in the region.
May 12th, 2020: Hikma Pharmaceuticals PLC, the multinational pharmaceutical company announced the launch of propofol injectable emulsion, USP, 20ml, 50ml as well as 100 ml vials, in the United States of America through its US affiliate, Hikma Pharmaceuticals USA Inc., by the approval of its supplemental Abbreviated New Drug Application by the U.S. Food and Drug Administration (FDA).
Author Credits: Radhika Pawar
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