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Neuromuscular Blocking Drug Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033
Neuromuscular Blocking Drug Market Share
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According to The Business Research Company's, The neuromuscular blocking drug market size has increased by grown strongly in recent years. It will grow from $3.68 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increased prevalence of conditions, increased awareness and training, increased healthcare spending, improved drug reversibility, and rise emphasis on patient safety.
The neuromuscular blocking drug market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to regulatory approvals, growth in outpatient and day surgeries, the expansion of medical tourism and strategic alliances, the growing prevalence of musculoskeletal disorders, and the increasing prevalence of surgical procedures. Major trends in the forecast period include the development of non-sedative formulations, the development of new NMBDs, advances in personalized medicine, the development of combination therapies, and patient-centric drug development.
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Market Drivers and Trends:
The increasing number of surgical procedures is expected to propel the growth of the neuromuscular blocking drug market going forward. Surgical procedures are medical operations involving incisions, excisions, or other techniques to treat injuries, diseases, or conditions. The increasing number of surgical procedures is due to improved diagnostic tools, greater access to healthcare, a focus on the quality of life, and rising patient awareness and expectations. Neuromuscular blocking drugs are used in surgical procedures to induce muscle relaxation and facilitate various aspects of the operation. For instance, in September 2023, according to a report published by the American Society of Plastic Surgeons, a US-based professional society, in 2022, a total of 26.2 million surgical and minimally invasive cosmetic and reconstructive procedures were carried out in the United States. Therefore, the increasing prevalence of surgical procedures drives the growth of the neuromuscular blocking drug market.
Major companies operating in the neuromuscular blocking drug market focus on broadening their product offerings through strategic collaborations to expand their market reach and drive innovation in drug formulations and delivery methods. Strategic collaborations involve partnerships between companies to share resources and expertise, enhancing product development and market reach. For instance, in May 2022, BDR Pharma, an India-based pharmaceutical company, partnered with Varenyam Healthcare, an India-based certified pharmaceutical manufacturing company, to launch Sugmadex, a pioneering anesthesia drug that offers safe, rapid, and complete reversal of shallow, moderate, and deep neuromuscular block (NMB), effectively removing the anesthesia effect on the body. Unlike existing agents, Sugmadex effectively addresses profound NMB and reduces post-operative respiratory complications. Available in 2 ml and 5 ml single-dose vials, Sugmadex promises enhanced efficiency and patient safety, improving recovery rates.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co Inc., AbbVie Inc., Bayer AG, Fresenius Kabi AG, AstraZeneca PLC, Novartis AG, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Limited, Baxter International Inc., Astellas Pharma Inc., Daiichi Sankyo Company Limited, UCB Pharma S.A., Eisai Co Ltd., Ipsen S.A., B. Braun Melsungen AG, Aurobindo Pharma Limited, Hikma Pharmaceuticals PLC, Mallinckrodt Pharmaceuticals plc, Mylan N.V., Nippon Shinyaku Co Ltd., Sagent Pharmaceuticals Inc., Osmosis Inc., Cadila Healthcare Limited
Neuromuscular Blocking Drug Market 2024 Key Insights:
• The neuromuscular blocking drug market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Increasing Prevalence Of Surgical Procedures Is Driving The Growth Of The Neuromuscular Blocking Drug Market
• Advancements In Neuromuscular Blocking Drug Enhanced Market Growth
• North America was the largest region in the neuromuscular blocking drug market in 2023
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