Global Lidocaine Market: Information by Formulation (Injections, Creams, Ointments, Gels, Aerosol Liquids and others), by Application (Dentistry, Cardiac Arrhythmia, Epilepsy, Cosmetics and others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Others) by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Worldwide topical lidocaine market size is relied upon to acquire market development in the gauge time of 2021 to 2028. Market Research Future examinations the market is developing with a CAGR of 8.40%
Market Outlook
The escalated usage of lidocaine as a local anesthetic and cardiac depressant is increasing the market share considerably. As per a report present by Market Research Future, the market is anticipated to capture a CAGR of 8.40 % while earning revenues worth USD 1,476.09 million by the end of the forecast period. With the amplified usage of lidocaine for treating insect bites, minor cuts, and sunburn, among others, the market is expected to develop considerably in the coming years.
The escalation in the aging patient population is one of the major contributing factors for the development of the lidocaine market. Moreover, the mounting application of lidocaine in dentistry is rising due to the surge in dental procedures, along with an increased incidence of dental caries. Furthermore, an increased detection rate of periodontal diseases is driving the progress of the lidocaine market globally. Also, the need to ensure pain relief in cases related to laser surgery and soft tissue augmentation is anticipated to encourage the advancement of the lidocaine market in the forthcoming period. The incidence of factors such as rising disposable income in emerging countries and the upsurge in awareness of preventive healthcare among the population is expected to improve the market growth in the forthcoming forecast period.
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Competition Analysis
The competitors adding to the development of the lidocaine market are Amneal Pharmaceuticals LLC (US), Glenmark Pharmaceuticals Limited (India), Teligent (US), Septodont Holding (France), AstraZeneca (US), Cambrex Corporation (Sweden), Taro Pharmaceutical Industries Ltd (US), Centura Pharmaceuticals (US), and Proficient Rx LP (US).
Industry News
May 2019 MilanaPharm, a specialty pharmaceutical company concentrating on the expansion of advanced, non-opioid pharmaceutical solutions for pain and wound management, recently announced that it got a Notice of Allowance from the US Patent and Trademark Office. The invention offers a remarkably superior delivery of the lidocaine over a protracted period of time, which is not documented previously. The patent is founded on MilanaPharm’s original drug delivery platform, TRI-726. This exclusive technology is planned to offer sustained release of an active agent, topically, to a specific area.
Dec 2018 Strides Pharma Global Pte. Limited, has received consent for its Lidocaine Ointment USP 5% from the United States Food & Drug Administration (US FDA). The Lidocaine Ointment is a basic version of Xylocaine® Ointment of AstraZeneca Pharmaceuticals LP.
Market Segmentation
The segmentation of the lidocaine market has been carried out on the basis of formulation, application, region, and distribution channel. On the basis of formulation, the market for lidocaine is segmented into creams, injections, ointments, aerosol liquids, gels, and others. Based on the application, the lidocaine market has been segmented into cosmetics, cardiac arrhythmia, dentistry, epilepsy, and others. Based on the distribution channel, the lidocaine market has been segmented into hospital pharmacies, retail pharmacies, and others. The regions included in the lidocaine market are the Middle East, the Americas, Europe, Asia Pacific, and Africa.
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Increasing Demand For Pain Management Products Is Expected To Motivate The Lidocaine Market
The regional assessment of the lidocaine market is based on regions such as the Middle East, the Americas, Europe, Asia Pacific, and Africa. As per the analysis, the Americas region is likely to control the lidocaine market owing to the growing number of surgeries, rising R&D activities, and mounting demand for lidocaine formulations. The European region presented a considerable amount of growth in the market due to the increasing number of surgical procedures in the region, elevated adoption of lidocaine injections as local anesthetics through the surgeries and a vast patient population. The UK is responsible for a market share of 25.8% in the European lidocaine market in 2017. The Asia Pacific region is projected to be the fastest rising region in the market due to the growing number of cosmetic procedures, dental procedures, and plastic surgeries. On the other hand, the Middle East and African region have the smallest share of the Lidocaine Market owing to the low disposable income levels.
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