Lidocaine ointment is a local anaesthetic which is applied to the skin to relieve pain from minor skin conditions and injuries. It contains the active ingredient lidocaine which belongs to a class of drugs called local anaesthetics. It works by preventing the conduction of pain signals in the nerve fibers by blocking the movement of sodium ions through cell membranes. Lidocaine ointment is used to treat hemorrhoids, minor burns, skin irritations, insect bites and pain associated with minor surgical procedures.
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 Dynamics:
Increasing cases of minor surgical procedures such as removal of skin lesions, biopsies and dental surgeries are a major driver impacting growth of the lidocaine ointment market over the forecast period. According to the American Society of Plastic Surgeons, there were over 17 million surgical and minimally-invasive cosmetic procedures performed in the United States in 2021, a 4% increase compared to 2020. Lidocaine ointment provides effective local anesthesia for pain management during such minor surgical procedures. In addition, rise in prevalence of hemorrhoids, insect bites and other minor skin injuries among populace also contributes to demand for lidocaine ointment as an analgesic agent. According to the Centers for Disease Control and Prevention (CDC), over 4.4% of US adults aged 20 years and older report having piles or hemorrhoids. This increasing prevalence provides opportunities for growth of lidocaine ointment in the market.
SWOT Analysis
Strength: Lidocaine ointment offers fast onset of action in terms of numbing or anesthetizing the outer layer of skin and relieving itching, burning sensation. It acts as an excellent first-line treatment for relieving discomfort associated with various superficial dermatological conditions. The product enjoys wide acceptance from healthcare professionals and patients alike.
Weakness: Lidocaine ointment has limitations in treating conditions affecting the inner layers of the skin or those requiring deep anesthetization. Long-term or excess usage of the product may lead to possible side-effects like skin rashes, itching, or irritation in some individuals.
Opportunity: Transition from prescription to over-the-counter (OTC) status for lidocaine ointments in various geographies presents an attractive commercial opportunity. Increasing prevalence of neuropathic pain, sunburn, and other superficial skin conditions that trigger itching and pain open potential gates for market expansion.
Threats: Stiff competition exists from low-cost generic/store-brand alternatives offering comparable effects. Industry consolidation has made the market more competitive. stringency of regulations in certain regions may also restrict market growth to some extent.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising healthcare spending and increasing demand for effective dermatological drugs. 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.
Regional analysis
The Asia Pacific region dominates the global lidocaine ointment market and is poised to grow at a high CAGR over the forecast period. This can be attributed to the large patient population, increasing healthcare awareness, and rising healthcare spending in APAC countries especially India and China. Additionally, growing generic drug markets, and transition of several brands to over-the-counter (OTC) status in these countries supplement market growth.
Key players
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.
