South Korea General Anesthesia Market Report and Forecast 2024-2032

South Korea General Anesthesia Market Outlook

The South Korea general anesthesia industry is expected to grow at a CAGR of 4.5% between 2024 and 2032. Factors such as the increase in surgeries and diagnostic procedures due to the growing elderly population and the development of chronic diseases are primarily bolstering the market growth. As the older population grows, more procedures are being performed, which raises the need for general anaesthesia in South Korea.

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Key Trends in the South Korea General Anesthesia Market

A general anaesthetic is a medication that is given by an anesthesiologist via a mask or an IV that is inserted into a vein. While there are several varieties and strengths of anaesthesia drugs that can be used during surgery, Major operations including knee and hip replacements, heart surgeries, and a variety of surgical procedures to treat cancer are among the most frequent uses of general anaesthesia. 

The Development of the Pharmaceutical Sector is Boosting the General Anesthesia Market of South Korea

According to the Korea Health Industry Development Institute (KHIDI), U.S. office, the pharmaceutical industry in South Korea was estimated to be worth $20.9 billion in 2020 . Ensuring that new bio-startups, the core of the pharmaceutical industry ecosystem, are constantly formed and grown is crucial to the development of the Korean pharmaceutical sector. As a result, numerous assistance policies are being established, including R&D funding, open innovation prospects, and customised consulting for every growth stage.

During the general anaesthesia drugs market projection period, research and development activities in the pharmaceutical sector to develop innovative general anaesthetic pharmaceuticals are anticipated to offer lucrative prospects for market growth in South Korea. Additionally, the market for general anaesthesia medications is being driven forward by the existence of major manufacturing firms that produce and sell these items as well as the rise in healthcare spending. These factors drive the growth of anesthesia market in South Korea. 

Increased Geriatric Population and Technological Advances in the Medical Field Support the Growth of the South Korea General Anesthesia Market

South Korea has an ageing population due to which the country invests in good healthcare systems. Increased rates of chronic diseases and an ageing population have led to an increase in operations. As the older population grows, more procedures are performed, which raises the need for anesthetic medicines. Additionally, South Korea is spending more on healthcare.

Additionally, improvements in drug delivery technology, the creation of medications that are especially intended for a certain patient, the creation of equipment to track a patient's physiological parameters both during and after anesthesia, and a decrease in anesthetic side effects are the key aspects that will propel the market's expansion.

Market Analysis

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Based on drug type, the South Korea general anesthesia market is segmented into propofol, sevoflurane, desflurane, and dexmedetomidine, among others. Based on route of administration, the general anesthesia market of South Korea is divided into intravenous and inhalation. On the basis of surgery type, the South Korea general anesthesia market is bifurcated into heart surgery, cancer surgery, knee and hip replacements, and general surgery, among others. Based on end use, the general anesthesia market of South Korea is classified into hospitals and ambulatory surgical centres.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea general anesthesia market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Fresenius Kabi Korea Ltd

• Hana Pharm Co., Ltd.

• Daewon Pharmaceutical Co., Ltd

• Pfizer Ltd.

• Baxter International Inc.

• AbbVie Inc.

• Others

Market Share by Drug Type

Propofol and other intravenous medications are frequently used to maintain an appropriate level of anesthesia. On the other hand, the anestheic drug sevoflurane is a volatile anesthetic that is inhaled and is frequently used in paediatric anesthetic procedures. Since its invention, sevoflurane anesthesia has been associated with postoperative behavioural abnormalities called "emergence agitation" (EA) or "emergence delirium" (ED). Adults undergoing surgery are given desflurane to inhale to induce general anesthesia. It is also used in adults and children after other anesthetics have been administered before and during surgery. Desflurane has certain downsides, including a low potency, a pungency, and a higher cost, and at higher doses, it can result in tachycardia and irritation of the airways, which could pose some hinderance to the market growth.

Market Share by Route of Administration

Both inhalation and intravenous route of administration are prevalent in South Korea and are used depending upon the need. Intravenous anesthesia is however expected to secure a significant market share owing to surgeries and diagnostic procedures. Both the intravenous and the inhalation methods of administration have favourable recovery characteristics, and the prices vary very little between the two. With continuous research and development work in the medical field such as high-tech monitoring systems the market is expected to grow steadily during the projected timeframe.

Market Share by Surgery Type

Although there are many other kinds and concentrations of anaesthetic drugs available to protect patients from experiencing pain during surgery, general anesthesia is most frequently used for major surgical procedures, including heart surgeries, knee and hip replacements, and several surgical procedures used to treat cancer. Due to the pandemic, there was a significant decrease in the demand for anesthesia drugs, which resulted in delays or cancellations of procedures. However, as social activities begin again, all delayed surgical procedures are now being performed regularly, which implies that more anesthesia drugs are being used, progressively boosting the demand for anesthesia drugs in South Korea.

Market Share by End Use

A high number of patients visit hospitals for several treatments, including surgical procedures, which leads to the growth of this segment in the market. Moreover, doctors there have the authority, as per regulations, to use anesthesia drugs, and they can also monitor the vital signs of the patients when needed. Therefore, the hospital segment is anticipated to grow further during the forecast period in the South Korea anesthesia drugs market.

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Competitive Landscape

Pfizer Ltd.- Pfizer Inc. is a multinational pharmaceutical and biotechnology company with its main office in Manhattan, New York City, on 42nd Street. The firm develops, produces, and sells Biopharmaceuticals. The company sells drugs to treat a range of illnesses, including cancer, inflammation, immunological disorders, rare diseases, and ailments related to the heart, metabolism, and pain.

Daewon Pharmaceutical Co., Ltd.- Daewon Pharmaceutical Co., Ltd. manufactures and distributes pharmaceutical and medical products. The business offers anti-inflammatory analgesics, vitamins, and medications for chemotherapy, hyperlipidemia, respiratory, circulatory, antibiotic, and psychoneurosis purposes, as well as anaesthetic drugs. Aquafol Inj. and Pelubi Tab are brand names used by Daewon Pharmaceutical Co., Ltd. to market its goods. The business exports its goods to Asia, the Middle East, Latin America, and Africa. South Korea's capital city of Seoul is home to Daewon Pharmaceutical Co., Ltd. The corporation was established in 1961.

Key Highlights of the Report

South Korea General Anesthesia Market Report Snapshots

South Korea General Anesthesia Market Size

South Korea General Anesthesia Market Analysis

South Korea General Anesthesia Companies