July 21, 2024

Lidocaine Ointment Market is Expected to Grow due to growing elderly population

The lidocaine ointment market is driven by increasing cases of neuropathic pain and post-herpetic neuralgia. Lidocaine ointment is available over-the-counter and provides topical anesthetic relief for surface pain caused by shingles, minor skin irritations, and other conditions. It contains the active ingredient lidocaine which belongs to the class of local anesthetics and works by reversibly blocking sodium channels in nerve fibers, interrupting the conduction of pain signals to the brain.

Lidocaine ointment offers a safe alternative to oral analgesics for minor aches and pains affecting the skin. It penetrates the outer layer of the skin to numb surface nerves, decreasing sensitivity to pain. Common conditions treated include joint and muscle pain, strains, sprains, skin irritations, and sore nipples. The numbing effect typically lasts 2-4 hours after application.

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.

Market key trends: The growing elderly population is one of the key trends driving the lidocaine ointment market. Older individuals have a higher risk of developing neuropathic pain conditions such as post-herpetic neuralgia. Side effects from long-term use of oral analgesics also make topical lidocaine appealing for pain management in the elderly. Telehealth has also emerged as an important trend, enabling virtual consultations for minor pain issues that can often be effectively treated with over-the-counter lidocaine ointments instead of prescription medications. This reduces healthcare costs and the risk of drug interactions or adverse reactions in vulnerable groups.
Porter’s Analysis

Threat of new entrants: Low due to high capital requirement and stringent regulations.
Bargaining power of buyers: Moderate due to availability of substitutes.
Bargaining power of suppliers: Moderate due to availability of substitute ingredients.
Threat of new substitutes: Moderate threat from medicated bandages and gels.
Competitive rivalry: High due to presence of many established players.

Key Takeaways
The global Lidocaine Ointment market is expected to witness high growth. 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.

North America region currently dominates the market and is expected to continue its dominance over the forecast period. Factors such as high prevalence of arthritis and presence of major players in the region will contribute to its large market share.

The Asia Pacific region is expected to witness fastest growth in the Lidocaine Ointment market owing to increasing healthcare expenditure, large patient pool, and rising awareness regarding pain management in the region. China and India are expected to be the major revenue contributors to the Asia Pacific Lidocaine Ointment market.

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. Companies are focusing on new product launches and strategic collaborations to strengthen their presence in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it