Lidocaine Market: Current Analysis and Forecast (2021-2027)

Report Description

The lidocaine market has captured significant market demand and is expected to grow at a CAGR of 7% during the forecast period. Lidocaine is a local anesthetic and can be used as an injectable or it can be applied superficially over the skin. The rising global prevalence of chronic disease along with the rising geriatric population is attributed to the rising demand for pain relief medications. For instance, as per CDC, about 43.5% (23.7 million) of the 58.5 million adults with doctor-diagnosed arthritis have limitations in their usual activities due to their arthritis. Furthermore, the rising hospitalization and increasing number of surgeries also significantly contribute to the market growth of lidocaine. Additionally, the growing number of periodontal diseases resulted in a rise in the number of dental procedures. Therefore, the demand for lidocaine from dental clinics also increases.

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.

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. are some of the key players in the market. Several strategic measures have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst formulations, aerosol category is expected to witness considerable growth during the forecast period”

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. This is mainly due to the faster mode of action and efficiency in the pain relief management of the category owing to the uniform spread of the medicine over the applied area and its effective targeted drug delivery system.  Furthermore, the rising incidence of sports injury that requires quick pain relief treatment which increases the market size of lidocaine aerosol sprays. For example, as per John Hopkins Medicine, in the U.S., about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year.

“Amongst application, cardiac disease category held a significant share in 2020”

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 surging cases of different heart and related disorders are responsible for the considerable market share of the segment in pain management treatment. For instance, according to CDC, 20.1 million adults aged 20 and older have coronary artery disease (about 7.2%) and 3,82,820 people died in 2020 due to coronary artery disease. Furthermore, cardiac diseases are largely associated with the geriatric population and the surging old-aged population is another factor responsible for the increasing cases of cardiac diseases. Hence, the market for lidocaine is expected to witness growth during the forecast period.

“Amongst distribution channel, Online pharmacies to lead growth in the global lidocaine market”

Based on the distribution channel, the market is segmented into retail pharmacies, online pharmacies, hospital pharmacies, and others. Online pharmacies are predicted to witness the fastest market growth during the forecast period. This is mainly due to the rising adoption of the IoTs by the people and the increasing investments in online medicines start-ups. For instance, in May 2020, the Tata group invested in the online pharmacy startup named Generic Aadhar. It supplies quality generic drugs from reputed manufacturers at lower costs. Furthermore, with the rise of the q-commerce businesses, online pharmacies such as Apollo are also working towards the fast delivery of medicines. Therefore, it increases the market of online pharmacies.

“North America to witness significant growth during the forecast period”

North America grabbed a significant market share of the global lidocaine market in 2020. It is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as the presence of healthcare infrastructure and the increasing geriatric population attributed to the growth of the region in the lidocaine market. For instance, as per the Administration for Community Living U.S., In 2019, the population age 65+ was 54.1 million—30 million women and 24.1million men. People age 65+ represented 16% of the population in 201 which is expected to be 21.6% by 2040. Furthermore, the higher health insurance is also responsible for the increase in the number of surgeries that results in the rising demand for drugs in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Global Lidocaine Market Analysis (2021-2027)

Analyzing the historical market, estimating of the current market, and forecasting the future market of the global lidocaine market were the three major steps undertaken to create and analyze the adoption of lidocaine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global lidocaine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the lidocaine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the lidocaine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as formulations, applications, and distribution channels. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the lidocaine market. Further, we conducted factor analysis using dependent and independent variables such as formulations, applications, and distribution channels of lidocaine equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the lidocaine market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global lidocaine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the lidocaine market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global lidocaine market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global lidocaine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of formulations, applications, and distribution channels in the global lidocaine market.

The main objective of the Global Lidocaine Market Study

The current & future market trends of the global lidocaine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the lidocaine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of formulations, applications, and distribution channels.
• Define and analysis of the regulatory framework for the lidocaine market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the lidocaine market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the lidocaine market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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