Propofol is a prescription, injectable anesthetic drug used to decrease the activity of brain and central nervous system. It is administered intravenously and is widely utilized in general anesthesia to perform minimally invasive surgeries.
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Propofol is also used in sedation procedures for mechanically ventilated adults, in procedural sedation, and for status epilepticus when other drugs have not produced desired results. Currently, Diprivan and Propoven brands are increasingly used for general anesthesia.
The global propofol market is projected to be driven by significant rise in demand for minimally invasive surgery procedures across the world. Increase in the number of general surgical procedures, cataract removal surgeries, and orthodontic and dental surgical procedures is anticipated to fuel the growth of the global propofol market during the forecast period. Research and development activities initiated by the leading players across the globe for new product development and commercialization are likely to drive demand for propofol during the forecast period. However, high cost and side effects such as reduced heart rate and low blood pressure are expected to restrain the global propofol market in the near future.
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The global propofol market can be segmented based on application, distribution channel, and region. In terms of application, the global market can be bifurcated into general anesthesia and procedural sedation. General anesthesia is used to achieve medically induced coma which leads to reversible loss of consciousness in patients, enabling surgeons to perform surgery. Propofol is widely used for general surgical procedures. The general anesthesia segment is projected to account for significant market share by the end of 2026.
Rise in the number of surgical procedures across the globe and easy availability are expected to boost the growth of the segment during the forecast period. Procedural sedation involves administration of sedatives or dissociating agents to induce reversible consciousness in patients by maintaining the cardio respiratory function. In terms of distribution channel, the global propofol market can be categorized into hospitals, ambulatory surgery centers, ophthalmic clinics, dental clinics, and specialty clinics. The hospitals segment is likely to dominate the global market during the forecast period.
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Geographically, the global propofol market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America is projected to account for the largest share of the global market owing to significant increase in the number of minimally invasive surgical procedures, well-established health care facilities and infrastructure, and easy availability of drugs in the region. Europe is anticipated to account for the second leading share of the global propofol market by 2026.
Increase in the geriatric population requiring dental and ophthalmic surgical procedures and rise in the number of general surgical procedures are likely to fuel the growth of the propofol market in the region during the forecast period. The market is Asia Pacific is expected to expand at the highest CAGR during the forecast period owing to large population base opting for general, dental, and ophthalmic surgeries in countries such as India and China, rise in awareness, increase in per capita health care expenditure, and rapidly improving health care facilities in the region.
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The global propofol market is highly consolidated, with small number of manufacturers holding prominent share. Key players operating in the global propofol market include Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Fresenius Kabi AG, B. Braun Melsungen AG, AstraZeneca plc, SGPharma Pvt. Ltd., and Baxter international, Inc.
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