Lidocaine Ointment Market

Lidocaine Ointment Market Size & Growth (2023 to 2028)

The size of the global lidocaine ointment market is predicted to reach USD 2055 Million by 2028 from USD 1386 Million in 2023, exhibiting a CAGR of 8.2% from 2023 to 2028.

Food and Drug Administration (FDA) has approved several topical products, including the prescription NSAID Diclofenac in the form of gels, liquids, and plasters for the treatment of osteoarthritis. The Food and Drug Administration has approved SunGen Pharma for a 5% dose of lidocaine ointment. It is also useful as an anaesthetic lubricant to temporarily relieve pain associated with light burns such as intubation and sunburn, abrasions and insect bites. The market value of the product is approximately USD 60 million. Increased applications of lidocaine as an anti-itch and pain reliever associated with insect bites, small cuts, burns, skin blemishes, male and female urethra, and eczema have fuelled demand. They are providing a wide range of opportunities for the development of the global lidocaine ointment market. 

MARKET DRIVERS:

The global lidocaine ointment market is expected to grow due to lidocaine ointment in cosmetic operations for pain management associated with cutaneous treatments such as laser surgery, soft tissue augmentation, and other cosmetic procedures. The growing usage of lidocaine as a local anesthetic and cardiac depressant drives the growth of the Lidocaine ointment market. In addition, increased use of lidocaine as an anti-itching and pain reliever for insect bites, minor cuts, burns, skin scrapes, male and female urethra, and eczema has driven demand, propelling the market ahead. Also, the growing geriatric population globally is expected to influence the market growth.

Furthermore, due to an increase in dental operations and the rise in the prevalence of dental caries, the use of lidocaine in dentistry is increasing. Again, the worldwide lidocaine market is progressing owing to an increased diagnosis rate of periodontal diseases. In addition, the demand for pain treatment in cases involving laser surgery and soft tissue augmentation is expected to propel the lidocaine market forward in the coming years.

The factors such as growing disposable income in emerging nations and an increase in public knowledge of preventive healthcare are projected to boost market growth during the forecast period. Moreover, ongoing research and development activities on Lidocaine ointment are more likely to showcase lucrative opportunities for the market growth. Increase in government funding and investments in healthcare sector encourages the market growth.

MARKET RESTRAINTS:

Government restrictions regulating the safety and efficacy of lidocaine ointment, on the other hand, impede the market growth.

IMPACT OF COVID-19 ON LIDOCAINE OINTMENT MARKET:

COVID-19 is an infectious disease caused by the most recent novel coronavirus. As the World Health Organisation (WHO) publicly proclaimed the spread of the virus to be a pandemic, a combination of established pharmaceutical firms and small start-ups have come in to produce drugs and vaccines. As a result, the unexpected emergence of the COVID-19 pandemic has had a positive and negative effect on the pharmaceutical and life sciences industries.

The Lidocaine Ointment market has been negatively affected owing to the reduction in the supply chain, disruption in manufacturing activities, and stringent government guidelines. 

Numerous business players supplying goods and software to the industry have experienced a decrease in the selling of these products and some of the limitations on the imports and exports of the products; these trends have led to the reduction in the consumables and equipment used in the industry which has slowed down the growth of the market. However, with the uplift of the lockdown, the market has gained momentum and is most likely to account for the largest market share during the forecast period. 

REPORT COVERAGE:

This research report on the Global Lidocaine Ointment Market segmented and sub-segmented based on formulation, application and region.

Lidocaine Ointment Market Analysis – By Formulation:

• Internal Use
• Topical Use

Lidocaine Ointment Market Analysis – By Application:

• Cosmetics
• Medical
• Others

Based on application, the cosmetic market segment is leading the market due to the implementation of lidocaine ointment in laser surgeries, increasing demand among the public and the emergence of innovative products owing to an escalation in research and development activities in healthcare.

Regional Analysis:

Globally, North America is projected to have a significant share during the forecast period. Due to a rise in surgeries, increased R&D efforts, and increased demand for lidocaine prescriptions, the lidocaine market in North America is witnessing significant growth over the forecast period. Furthermore, due to a growth in the number of cosmetic and plastic surgeons and an increase in healthcare costs, the U.S. market is anticipated to dominate the market during the evaluation period. Healthcare services and medical tourism. The industry's major player focuses on expanding the market; for instance, MilanaPharm, a specialty pharmaceutical company focused on extending innovative, non-opioid pharmaceutical treatments for pain and wound care, received a Notice of Allowance from the United States Patent and Trademark Office. The innovation provides a considerably better administration of lidocaine over a long period, which has never been reported before.

Europe is expected to be the second-largest region for the Lidocaine Ointment Market. A rise in the number of surgical procedures, adoption of lidocaine injections as local anesthetics through the surgeries and a vast population, and major market players such as the UK, Germany, France, and Spain are majorly contributing to the European regional market growth. In 2017, the United Kingdom had a market share of 25.8% in the European lidocaine market.

Asia-Pacific is expected to be the fastest-growing market over the projected period. Due to the expanding elderly population, which is boosting the number of cosmetic treatments, dental procedures, and plastic surgeries. The need for medical tourism and rising healthcare spending is boosting the lidocaine ointment market in this area.

Recent developments in this industry:

In May 2019, MilanaPharm recently announced that it had received a US Patent and Trademark Authorization Notice. The invention provides a remarkably higher distribution of lidocaine over an extended period. The patent is on MilanaPharm's original drug delivery platform, TRI-726. This proprietary technology is to provide a sustained release of an active agent, locally, in a particular region.

In Dec 2018, Strides Pharma Global Pte. Limited has received approval to release 5% of USP lidocaine ointment from the US Food and Drug Administration (FDA). Lidocaine ointment is a standard version of AstraZeneca Pharmaceuticals LP ointment.

 Key market players leading the Global Lidocaine Ointment Market profiled in this report are

• AstraZeneca Plc.
• Glenmark Pharmaceuticals
• Teligent, Inc.
• Proficient Rx LP
• Septodont Healthcare India, Pvt. Ltd.
• Gemini Pharmaceuticals
• Amneal Pharmaceuticals LLC
• Taro Pharmaceuticals U.S.A. Inc.
• Novocol Inc.
• Centura Pharmaceuticals, Inc.