Lidocaine ointment is a topical anesthetic for the temporary relief of pain from minor burns, cuts, scrapes, insect bites, sunburn, tattoos, sores and skin irritation. It works by blocking the conduction of pain signals to the brain and is advantageous as a local anesthetic that can be safely applied to open wounds and skin lesions.
The global Lidocaine Ointment Market is estimated to be valued at US$ 1,275.2 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for pain management treatments is one of the key trends fueling growth of the lidocaine ointment market. Due to rising cases of chronic pain disorders such as arthritis and bone cancer, there is growing adoption of pain relieving medications. Topical lidocaine provides quick and effective relief from minor aches and pains without any side effects. This drives its preference over oral pain killers. Additionally, lidocaine formulations offer localized pain relief and their repeated usage has not shown any addictive potential. These advantages coupled with an aging global population prone to joint pains are leading to higher demand and sales of lidocaine ointments globally.
SWOT Analysis
Strength: Lidocaine ointment has a well-established use for providing localized pain relief. It is considered safe and effective for treating minor skin irritations, sunburn, and shingles when applied to intact skin.
Weakness: Lidocaine ointment has little or no ability to treat pain internal tissues or deep pain. It often needs to be re-applied frequently to maintain its pain-relieving effects.
Opportunity: Growing geriatric population suffering from conditions like postherpetic neuralgia and arthritis indicates opportunities to expand the use of lidocaine ointment. Technological advancements can help develop formulations for prolonged and delayed drug release.
Threats: Competition from other topical and oral analgesics poses threats. Strict regulatory norms pertaining to synthetic drugs can also restrict market growth.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth. The market size for 2023 is pegged at US$ 1,275.2 Mn and is forecast to reach US$ 2,190.8 Mn by 2030 at a CAGR of 7.7%.
North America currently dominates the lidocaine ointment market owing to rising prevalence of neuropathic pain conditions and growing elder population. However, Asia Pacific region is poised to grow at the fastest pace during the forecast period with increasing healthcare awareness and healthcare expenditure.
Key players operating in the lidocaine ointment market are Glenmark Pharmaceuticals U.S. Inc., Teligent Inc., Taro Pharmaceutical Industries Ltd., CENTURA PHARMACEUTICALS INC., Neon Laboratories Ltd., ASTRAZENECA CANADA INC., Novocol Pharma, Amneal Pharmaceuticals LLC., Alembic Pharmaceuticals Limited, Ascend Laboratories LLC, Liberty Pharmaceuticals, Inc., Hi-Tech Pharmaceuticals, Aspen Pharmacare Australia Pty Ltd., Sandoz AG, Zydus Healthcare Limited., Quagen Pharmaceuticals, Zuche Pharmaceuticals Private Limited., and SEPTODONT, Inc.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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