Lidocaine patches are transdermal patches containing lidocaine as an active ingredient, which provides topical pain relief for conditions like post-herpetic neuralgia (PHN), diabetic neuropathy, and other types of neuropathic pain. Lidocaine patches work by blocking sodium channels, reducing the conduction and permeability of nerve fibers to sodium ions, which inhibits the initiation and conduction of painful impulses. Lidocaine patches offer several advantages over other methods of pain management such as oral medications.
They produce fewer systemic side effects as the drug is absorbed locally. Once applied, lidocaine patches continuously release lidocaine for up to 12 hours, providing effective and convenient pain relief. The global prevalence of neuropathic pain conditions continues to rise with the growing geriatric population and increasing incidence of diabetes and herpes zoster infections. This is contributing significantly to the growing demand for therapeutic options like lidocaine patches.
The global Lidocaine Patches Market is estimated to be valued at US$ 6.47 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend witnessed in the lidocaine patches market includes growing preference for non-opioid and topical medications for pain management. Opioid medications are associated with risks of dependency and addiction. Moreover, long term use of oral pain medications can cause systemic side effects. Hence, lidocaine patches are gaining popularity as they provide effective pain relief locally with fewer drug interactions and systemic adverse effects. Manufacturers are focused on developing advanced lidocaine patch formulations with enhanced permeation and longer duration of action. New product launches with proprietary drug delivery technologies will further expand market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry as manufacturing process is not highly complex but entrants may find it difficult to match R&D spending of established players.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several substitutes available however brand loyalty and prescription requirements restrict switching.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw material suppliers are fragmented however industry consolidation has increased their power.
Threat of new substitutes: Substitutes include other analgesics like opioid and non-opioid pain killers however lidocaine patches have less side effects.
Competitive rivalry: Intense as major players compete on cost, innovation, quality and customer service.
Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth.
Regional analysis: Asia Pacific is dominating the market currently and is expected to be the fastest growing region over the forecast period attributable to rapidly growing geriatric population and increasing pain management awareness.
Key players operating in the Lidocaine Patches are Tilray,Canopy Growth Corporation,Aurora Cannabis,Aphria,Cronos Group,Acreage Holdings,MedMen Enterprises,Curaleaf Holdings,Trulieve Cannabis Corporation,Organigram Holdings. Key players are focusing on expanding their geographic reach and launching new products to strengthen their market position. For instance, in 2021 Tilray launched new CBD product range in the UK and Europe to leverage growing CBD demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it