Global Lidocaine Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- November 21, 2022
- Lidocaine Market, Lidocaine Market Growth, Lidocaine Market Share, Lidocaine Market Size, Lidocaine Market Trends
- 0 Comments
The Global Lidocaine Market is expected to witness a CAGR of 7%, during the forecast period. Lidocaine topical is used to reduce pain or discomfort caused by skin irritations such as sunburn, insect bites, poison ivy, poison oak, poison sumac, and minor cuts, scratches, or burns. Lidocaine topical is also used to treat rectal discomfort caused by hemorrhoids. The extensive use in dental procedures as well as the rising number of dental patients is attributed to the market growth of the lidocaine market. For example, as per the CDC, the percentage of adults aged 18 and over with a dental visit in 2020 was 63.0%.
COVID-19 has a staggering effect on the global market. However, the market for lidocaine was not largely affected by the pandemic. This is mainly due to the aftermath of COVID-19 infections including long-term joint, muscular, and chest pain which rises the demand for lidocaine-based products.
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Based on the formulations, the market has been categorized into injections, creams, ointments, gels, and aerosols. Among them, the aerosol segment is expected to witness lucrative growth during the forecast period. The fast action in pain relief is attributed to the growth of the segment in the lidocaine market. Furthermore, the increasing number of surgeries that requires faster pain relief treatment increases the demand for aerosols. For instance, according to the National Institutes of Health (NIH), approx 310 million surgeries are performed each year in the U.S.
Based on the application, the market has been categorized into cardiac diseases, dentistry, cosmetics, and others. Among them, the cardiac disease segment is expected to have significant growth in the market. The rising prevalence of cardiac disorders and pain associated with it catalyzes the market growth of the cardiac disease segment in the lidocaine market. For instance, as per the CDC, every year, about 805,000 people in the United States have a heart attack.
Based on the distribution channel, the market is segmented into retail pharmacies, online pharmacies, hospital pharmacies, and others. Online pharmacies are expected to witness lucrative growth during the forecast period. This is mainly due to the rising adoption of the IoT and internet penetration attributed to the significant growth of online pharmacies. For instance, the global internet penetration rate is 62.5%.
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For a better understanding of the market adoption of the lidocaine industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a significant lidocaine market due to the increasing R&D activities for developing a better and more efficient method of pain management. For instance, the United State’s investments in R&D increased by 13% in 2020 in comparison with 2018 which accounted for US$ 586,959 in 2018 and reached US$ 664,058 in 2020.
Some of the major players operating in the market include SCILEX Pharmaceuticals Inc., Hisamitsu Pharmaceutical Co. Inc., Jiangsu Tianji Pharmaceutical Co. Ltd., SOFMEDICA, Perkin Elmer, Medline Industries Inc., SonoScape Medical Corp., Pfizer, Inc., KARL STORZ, and Teikoku Pharma USA Inc.
Global Lidocaine Market Segmentation
Market Insight, by Formulations
Market Insight, by Application
• Cardiac disease
Market Insight, by Distribution Channel
• Online Pharmacies
• Retail Pharmacies
• Hospital Pharmacies
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- SCILEX Pharmaceuticals Inc.
- Hisamitsu Pharmaceutical Co. Inc.
- Jiangsu Tianji Pharmaceutical Co. Ltd.
- Perkin Elmer
- Medline Industries Inc.
- SonoScape Medical Corp.
- Pfizer Inc.
- KARL STORZ
- Teikoku Pharma USA Inc