Market Research Future examinations the Lidocaine Market Size was valued at USD 0.8 billion in 2022 and is projected to grow from USD 0.8472 Billion in 2023 to USD 1.19 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2030).The widening range of application of lidocaine as an anti-itching and pain relief drug for the treatment of insect’s bites, eczema, minor cuts, skin scrapes, burns, etc. is likely to fuel demand in the market.
Some of the important factors that are aiding the proliferation of the lidocaine market include increasing healthcare expenditure, exponential patient population, developments in the healthcare sector, etc. However, government enforcement regulating the efficacy as well as the safety of lidocaine are likely to restrict the expansion of the market in the forthcoming years.
Market Segmentation
By formulation, the lidocaine market Outlook has been segmented into internal use and topical use. The internal use segment has been further sub-segmented into injection and others. The topical use segment is sub-segmented into powder, gel, cream, ointment, patch, and others.
By application, the global market is segmented into medicines, cosmetics, and others.
By distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, and e-commerce.
Regional Analysis
By region, the global lidocaine market has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas is expected to hold a dominant share of the market towards the end of the forecast period. The growth is attributable to the increasing research development activities, and the presence of a developed healthcare sector. The increasing healthcare expenditure is likely to have a favorable impact on the growth of the lmarket. As per the National Center for Health Statistics, the national health care expenditure of the U.S. accrued up to USD 3.2 Tn in 2015.
Europe is poised to secure the second spot in the global lidocaine market during the assessment period. The factors that are favoring the growth of the regional market include the rising count of surgeries, increasing healthcare expenditure, and growing demand for lidocaine formulations.
Asia Pacific is estimated to strike a relatively higher CAGR over 2021. The growth can be ascribed to the increasing patient pool, rising healthcare expenditure, developing healthcare sector, etc. Meanwhile, the Middle East Africa accounts for the least share of the market and is expected to exhibit steady growth over the next couple of years. The factors that remain impediments to the regional market growth are lack of technical know-how and unavailability of standard medical facilities, especially in the African regions.
Competitive Dashboard:
Lidocaine Market Players are AstraZeneca Plc, Glenmark Pharmaceuticals, Pfizer, Inc., Amneal Pharmaceuticals LLC, Taro Pharmaceuticals USA, Inc., Centura Pharmaceuticals, Inc., Endo Pharmaceutical Inc., Mylan Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., Teligent, Inc., and Sorrento Therapeutics, Inc.
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