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
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Market Highlights
The global lidocaine market is expected to register a CAGR of 8.40 % during the forecast period and is anticipated to account for a market value of USD 1,476.09 million by 2021. Lidocaine is a local anesthetic and cardiac depressant which is used as an antiarrhythmic agent. The growing geriatric population, increasing application of lidocaine in several dental procedures, and rising incidence of dental caries and other periodontal diseases are expected to propel the growth of the global lidocaine market over the forecast period.
Segment analysis
The global lidocaine market has been segmented into formulation, application, and distribution channel. On the basis of formulation, the lidocaine market can be segmented into injections, creams, ointments, gels, aerosol liquids, and others. Based on application, the global lidocaine market has been segmented into dentistry, cardiac arrhythmia, epilepsy, cosmetics, and others. The lidocaine market on the basis of distribution channel has segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment is accounted for a market value of USD 596.76 million in 2017.
Regional Analysis
Geographically, the Americas is expected to dominate the global lidocaine market. The market growth in the region is due to the growing number of surgeries, increasing R&D activities and rising demand for lidocaine formulations in dental and cosmetic procedures. Europe showed a significant amount of growth in the market owing to the increasing adoption of lidocaine injections as local anesthetics during the surgeries and huge patient population. As per MRFR analysis, the UK accounted for a market share of 25.8% in the Europe lidocaine market in 2017. Asia-Pacific is anticipated to be the fastest growing region in the market and expected to grow with a CAGR of 9.21% over the forecasted period. The market growth in the region is due to the rising number of cosmetic procedures, dental procedures, and plastic surgeries. On the other hand, the Middle East & Africa has the least share of the global lidocaine market due to the low disposable income and poorly developed healthcare infrastructure, especially in the African region.
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