Lidocaine Market Services, Opportunities, Growth and Challenges Till 2027
Market Research Future (MRFR)’s latest analysis reveals that the global lidocaine market is poised to grow substantially during the forecast period 2020 to 2027. The widening range of application of lidocaine as an anti-itching and pain relief drug for the treatment of insect’s bites, eczema, minor cuts, skin scrapes, burns, etc. is likely to fuel demand in the market.
The large-scale adoption of lidocaine as local anesthetics is a major factor responsible for driving the growth of the lidocaine market through the assessment period. Additionally, investments are likely to flow towards research and development associated with lidocaine which is projected to augment the global market over the next couple of years.
Some of the important factors that are aiding the proliferation of the Lidocaine Market include increasing healthcare expenditure, exponential patient population, developments in the healthcare sector, etc. However, government enforcement regulating the efficacy as well as the safety of lidocaine are likely to restrict the expansion of the market in the forthcoming years.
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By formulation, the lidocaine market has been segmented into internal use and topical use. The internal use segment has been further sub-segmented into injection and others. The topical use segment is sub-segmented into powder, gel, cream, ointment, patch, and others.
By application, the global lidocaine market is segmented into medicines, cosmetics, and others.
By distribution channel, the lidocaine market has been segmented into hospital pharmacies, retail pharmacies, and e-commerce.
By region, the global lidocaine market has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas is expected to hold a dominant share of the market towards the end of the forecast period. The growth is attributable to the increasing research & development activities, and the presence of a developed healthcare sector. The increasing healthcare expenditure is likely to have a favorable impact on the growth of the lidocaine market. As per the National Center for Health Statistics, the national health care expenditure of the U.S. accrued up to USD 3.2 Tn in 2015.
Europe is poised to secure the second spot in the global lidocaine market during the assessment period. The factors that are favoring the growth of the regional market include the rising count of surgeries, increasing healthcare expenditure, and growing demand for lidocaine formulations.
Asia Pacific is estimated to strike a relatively higher CAGR over 2021. The growth can be ascribed to the increasing patient pool, rising healthcare expenditure, developing healthcare sector, etc. Meanwhile, the Middle East & Africa accounts for the least share of the market and is expected to exhibit steady growth over the next couple of years. The factors that remain impediments to the regional lidocaine market growth are lack of technical know-how and unavailability of standard medical facilities, especially in the African regions.
Some of the key players profiled in the report are AstraZeneca Plc, Glenmark Pharmaceuticals, Pfizer, Inc., Amneal Pharmaceuticals LLC, Taro Pharmaceuticals USA, Inc., Centura Pharmaceuticals, Inc., Endo Pharmaceutical Inc., Mylan Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., Teligent, Inc., and Sorrento Therapeutics, Inc.
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In February 2018, The US Food and Drug Administration (FDA) approved lidocaine 1.8% topical patch (ZTlido) for treating pain associated with post-herpetic neuralgia (PHN).
In June 2018, Massachusetts based leading medical device company, Spectra Medical Devices, Inc., obtained FDA approval for 1% Lidocaine HC1 Injection USP, and 1%, 5mL single use ‘Safety Snap’ ampules.
In July 2018, Teligent, Inc., a New Jersey-based specialty generic pharmaceutical company, received FDA approval for Lidocaine and Prilocaine Cream USP, 2.5%/2.5%.
In September 2018, Korean research team has concluded that Intraoperative IV lidocaine is a feasible analgesic alternative in children who are undergoing laparoscopic hernia repair.
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