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. Lidocaine ointment is widely used topical pain reliever which provides temporary numbness on the skin. It helps in relieving pain associated with minor wounds, burns, skin irritation, and other conditions. Lidocaine ointment reduces sensitivity of nerves to pain without any pills or injections.
Market key trends:
The increasing demand for pain relief ointment is one of the key trends driving the growth of the Lidocaine Ointment Market. Lidocaine ointment is widely used to relieve pain associated with minor skin injuries, wounds, burns, etc. without any side effects. With growing geriatric population prone to minor wounds and injuries as well as musculoskeletal disorders causing pain, the demand for over-the-counter pain relief ointments like lidocaine is increasing significantly. Lidocaine ointment is an affordable and easily accessible pain relief option for a large population globally compared to other prescription medications. This increasing preference and demand for topical pain relief ointments like lidocaine is expected to fuel the market growth over the forecast period.
Segment Analysis
The global lidocaine ointment market is segmented based on drug class, route of administration, distribution channel and geography. Based on drug class, the market is segmented into internally and externally used lidocaine ointments. Externally used lidocaine ointments form the dominating sub-segment owing to increasing application for treatment of skin conditions like herpes zoster and post-herpetic neuralgia.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth over the forecast period. Lidocaine ointment is locally used to provide dermatological applications such as for pain management issues, inflamed skin, minor skin irritations and wounds relief.
The North America region currently dominates the global lidocaine ointment market and is expected to grow at a high rate during the forecast period. This is attributed to increasing incidence of skin infections and post-herpetic lesions in the region. Asia Pacific region is expected to emerge as the fastest growing regional market on account of rapidly improving healthcare facilities, growing medical tourism industry and rising affordability.
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. Glenmark Pharmaceuticals and Teligent Inc. currently capture major market share owing to their wide distribution network and innovative generic products.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it