Lidocaine Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

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%. Therefore, increasing demand for pain management is expected to drive the global lidocaine market at a CAGR of 7%, during the forecast period.

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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According to UnivDatos Market Insights (UMI)’ research report “global lidocaine market”, the market is expected to witness robust growth during the forecast period 2021-2027F. This is mainly due to the increasing demand for minimally invasive effective treatment for pain management.

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.

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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%.

North America to witness extensive growth

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.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Lidocaine market are 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” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1.      By Formulations (Injections, Creams, Ointments, Gels, and Aerosols)

2.      By Applications (Cardiac Diseases, Dentistry, Cosmetics, and Others)

3.      By Distribution Channel (Retail Pharmacies, Online Pharmacies, Hospital Pharmacies, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (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.)

Key questions answered in the study:

1.      What are the current and future trends of the global lidocaine industry?

2.      How the industry has been evolving in terms of formulations, applications, and distribution channel?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global lidocaine industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global lidocaine suppliers across various region and countries?