Lidocaine Patches

Lidocaine Patches Market Is Estimated To Witness High Growth Owing To Increasing Pain Management Needs And Growing Geriatric Population

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The Lidocaine Patches Market is estimated to be valued at US$ 1,055.6 million in 2022 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Lidocaine patch is a topical analgesic containing the local anesthetic lidocaine. It is used to treat pain from shingles and joint pain caused by osteoarthritis. When applied to intact skin, it provides local analgesia by preventing the generation and conduction of nerve impulses. The patch releases lidocaine continuously for up to 12 hours, allowing patients to administration pain relief for an extended period.

Market Dynamics:

The growth of the Lidocaine Patches market is driven by the increasing prevalence of post-herpetic neuralgia and chronic pain disorders due to rising geriatric population globally. For instance, according to the U.S. Census Bureau, the U.S. elderly population aged 65 and over is projected to double from 52 million in 2018 to 95 million by 2060. In addition, lidocaine patches offer advantages over oral pain medications such as localized pain relief and reduced systemic side effects. This has increased the preference of healthcare professionals and patients for lidocaine patches over oral analgesics. Furthermore, ongoing research and development activities by key players to develop advanced lidocaine patches for various pain applications are expected to present lucrative growth opportunities for the market during the forecast period.

SWOT Analysis

Strength: Lidocaine patches provide localized pain relief and have less systemic side effects compared to oral pain medications. They are easy to apply and can effectively treat surface pain in a non-invasive manner. The convenience and targeted approach of lidocaine patches is preferred by many patients.

Weakness: Lidocaine patches have a limited duration of pain relief and need to be replaced periodically. Their adhesive nature can cause skin irritation in sensitive individuals.

Opportunity: The growing geriatric population who are prone to arthritis and other musculoskeletal conditions present a lucrative opportunity. Increasing awareness about minimizing opioid usage can boost the adoption of alternative pain therapies like lidocaine patches.

Threats: Strict regulatory requirements delay the launch of generic versions. Limited research into expanding approved indications and developing advanced formulations also restricts market growth.

Key Takeaways

Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing prevalence of musculoskeletal conditions like osteoarthritis. According to estimates, over 350 million people worldwide suffer from osteoarthritis. As the joints and tissues are affected, localized pain becomes a major issue reduced mobility and quality of life. Lidocaine patches provide effective relief in such cases without the side effects of oral medications.

The lidocaine patches market in North America is currently the largest due to growing opioid crisis and awareness about alternative pain management options. The regions holds over 40% market share owing to the presence of major players and early availability of brands. However, Asia Pacific is emerging as the fastest growing regional market for lidocaine patches. Rising geriatric population, growing access to healthcare facilities and increasing disposable incomes in developing countries are driving the growth of musculoskeletal therapeutics in Asia.

Key players operating in the lidocaine patches market are Endo International plc, Teva Pharmaceutical Industries Ltd, Viatris Inc. (Mylan N.V.), Teikoku Pharma USA, Inc., Hisamitsu Pharmaceuticals Co. Inc., Galen Limited, Sorrento Therapeutics, Inc., Amneal Pharmaceuticals, Inc., Rhodes Pharmaceuticals L.P., 6iPain Healthcare Private Limited, and Sanofi S.A. Major players are focusing on new product launches, expanding their manufacturing capacities and strengthening distribution networks to consolidate their presence and cater to the growing needs of pain patients.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it