Propofol Market Size, Share, Growth, and Industry Analysis, By Type (Purity above 99.5% & Purity below 99.5%), By Application (Propofol Injectable Emulsion & Propofol MCT/LCT Injectable Emulsion), and Regional Forecast to 2032

PROPOFOL MARKET OVERVIEW

The global Propofol market size was USD 18 million in 2023 and is projected to touch USD 24.46 million by 2032, exhibiting a CAGR of 3.6% during the forecast period.

The Propofol Market is defined by the increasing need for proper sedation and anesthesia ranging from outpatient surgery to emergency medicine. Propofol is an intravenous anesthetic agent that is characterized by being very fast because it is used in surgeries and intensive care. It also finds usage in hospitals as well as in outpatient facilities, hence creating demand for it. The constant improvements of propofol formulations and delivery systems further back its effectiveness in today’s modern anesthetic practice.

GLOBAL CRISES IMPACTING PROPOFOL MARKETCOVID-19 IMPACT

Propofol Industry Had a Positive Effect Due to Market surge during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

As a result of the pandemic, the Propofol Market saw high growth because of its application in the treatment of patients on mechanical ventilators. The rise in Intensive Care Unit occupancy and the rising utilization of anesthesia in emergency procedures explain the increase in demand for propofol. The reasons for this are the need for fast sedation during intubation in patients suffering from COVID-19, which contributed to the growth of production and supply, thus boosting the market in a pandemic.

LATEST TREND

"Market growth is driven by enhanced delivery systems and safety"

A new development currently being witnessed in the Propofol Market is the shift towards enhancing drug delivery in line devices, especially automated infusion pumps. Such systems guarantee the appropriate measurement of the dosing levels and have efficient opportunities to avoid an overdose and increase patients safety, mainly in intensive care units. Besides it, there is the growing need for propofol in the outpatient operations and the trends towards the increase in the usage of the generic products, which also specify the market condition. The change towards the delivery of systems is improving the efficiency of anesthesia.

PROPOFOL MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Purity above 99.5% & Purity below 99.5%

• Purity above 99.5% of the Propofol Market; this is a high purity grade of Propofol that finds application mostly in operations and intensive care units, to name but a few. Its use is on the rise because of the rising concern with the safety of its patients, especially in critical procedures in the health facilities. It is popular in hospitals and the developing modern health care centers because of their quality and fewer side effects as compared to other segments.
• Purity below the 99.5% segment is for moderate or low requirement applications, mostly in such areas as acute treatment care facilities or nonurgent surgeries where high, though going ultra-high purity is not necessarily paramount. This grade is cheaper and more easily accessible than the previous grade, making it ideal for many more applications. The other grade has slightly lower purity and is enough for safety purposes, but it is absent in areas requiring serious control.

BY APPLICATION

Based on application, the global market can be categorized into Propofol Injectable Emulsion & Propofol MCT/LCT Injectable Emulsion

• Propofol Injectable Emulsion: is common in routine surgeries as well as for use in critical care and intensive care units. This makes it suitable for induction and maintenance of anesthesia in short-term procedures due to its rapid onset. This formulation is well-accepted, for it is relatively safe within hospitals and other controlled clinical settings.
• Propofol MCT/LCT Injectable Emulsion: is an enhanced formulation that has more and longer-chain triglycerides compared to its antecedent to enhance its stability and tolerance. It is preferred for the relief of injection site pain and the lessening of side effects when compared to conventional emulsions. This formulation is also utilized more frequently nowadays in outpatient and ambulatory surgery centers because of the superior risk of morbidity and mortality and patient satisfaction.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                          

DRIVING FACTOR

"Market growth is fueled by rising surgical procedures and propofol demand"

An increase in the surgical procedures, especially laminar and ambulatory procedures, is the leading factor leading to the use of propofol, which is a fast-acting anesthetic. This has made its use work in the induction and maintenance of anesthesia in various surgeries, embracing minor, complicated surgeries. And that is where this demand will persist as the overall healthcare infrastructure develops all around the world.

"Market growth is driven by increased ICU admissions and COVID-19"

An increase in patients being admitted to health care facilities’ ICU due to critical illnesses such as respiratory diseases and those that experience emergencies requiring ventilation has favored the use of propofol. In intensive care units, it is often applied as maintenance sedation to mechanically ventilated patients. This has been however enhanced by the current COVID-19 situation, which has even boosted the market more which led to global Propofol Market growth.

RESTRAINING FACTOR

"Market growth is threatened by side effects, regulatory measures, and supply disruptions"

One of the major threats to the propofol market is the side effects of the drug and the possibility of abusing the drug, including respiratory depression and possible overdose. It is not widely used due to strict regulatory measures and precautionary measures while administering the same, which makes it seldom used outside hospitals. On the same note, the disruptions of its supply chain and restrictions on production may both pose a threat to the market’s growth as well.

OPPORTUNITY

"Market growth is driven by advancements in outpatient procedures and delivery systems"

A potential market can be found in the advancement of outpatient surgical procedures and non-hospital institutions, including ambulatory surgical centers, in the Propofol Market. Therefore, with the modern development of cost-effectiveness and easily accessible procedures, the need for a fast-acting anesthetic such as propofol has emerged. Its usefulness in these settings has been further extended by the development of new forms of the drug delivery system, like portable infusion pumps. It is expected that this trend will assist in market development since there is enrolment of outpatient care.

CHALLENGE

"Market growth is threatened by drug shortages and restrictive policies"

A major threat that is observed in the Propofol Market is the tendency toward the distribution of drug scarcity due to the low production capacity and highly restrictive policy. This was seen especially during the coronavirus period, whereby there was increased demand leading to the breakage of supply chains. However, one of the major issues for the manufacturers has been to maintain high production standards and, at the same time, guarantee the availability of high-purity formulations. Such shortages can have a devastating effect on the possibility of surgery and intensive treatments all over the globe.

PROPOFOL MARKET REGIONAL INSIGHTS

• NORTH AMERICA

North America controls the consumption of Propofol because of a well-developed health care system, increased surgical procedures, and increased use of medical technologies. The United States Propofol Market takes quite an important part because the USA uses a great deal of propofol in the healthcare centers, both inpatient and outpatient ones. The United States participates in market growth through supporting a durable healthcare industry, developing leading technologies, and a large need for high-quality anesthetics. In addition to these, there is continued research and development of propofol formulations to increase the compound’s dominance.

• EUROPE

The region of Europe also plays a remarkable role in the propofol market, particularly due to the excellent health care systems developed in European countries coupled with the high prevalence of surgical procedures. The growth of major pharmaceutical industries and research organizations in Europe nurtures the new trends and development of improved propofol formulations. Also, increased regulatory compliance and the focus on a patient-centric approach enhance the market growth as well. The focus of the region on enhancing the methods of anesthesia and raising awareness about the different opportunities for outpatient surgeries also strengthens the growth of the market.

• ASIA

The Asia-Pacific region also supports propofol market growth owing to modern healthcare systems and more numbers of surgical operations. Some of the factors that fuel the consumption of propofol include increased development of medical facilities across the region and increasing need for better forms of anesthesia. Moreover, the enhancement of interest in improving the quality and affordability of healthcare also contributes to the growth of the market. This is true given that the Asia market is full of potential in the emerging markets and the large patient populations that may offer the manufacturers of propofol market advantages.

KEY INDUSTRY PLAYERS

"Market growth is driven by strategic innovations and global expansions"

Players in the key industries are using strategic measures such as devising new staking methods that will make several drug delivery systems and even high-purity propofol formulations. Such investments in research and development increase propofol’s safety and efficacy; strategic partners and global expansions widen the market coverage. They assist in managing increased demand and responding to the increased need of the different areas of health care.

LIST OF TOP PROPOFOL COMPANIES

• Bachem (Switerland)
• Curia (U.S)
• SI Group (U.S)
• Neuland Laboratories (India)
• Harman Finochem (India)

KEY INDUSTRY DEVELOPMENT

April 2024: Fresenius Kabi introduced in the global market the product known as Propofol Injectable Emulsion. This product comes with better stability and fewer side effects. This development is one more step in enhancing patients’ safety in anesthesia, as well as increasing the efficiency of propofol formula since the company is focused on the development of this drug and the growth of market demand.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.