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Lidocaine ointment is used as a local anaesthetic for temporary pain relief from minor burns, cuts, scrapes, minor skin irritations, and surgical procedures. It provides fast pain relief by preventing the propagation of pain signals towards the brain. 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 incidence of minor burns, cuts, sports injuries and other painful medical conditions that require temporary pain relief has propelled the demand for lidocaine ointment. As lidocaine ointment provides fast and effective pain relief, it is increasingly being used for minor procedures including dressing changes, debridement, injections etc. performed in hospitals as well as at-home settings. With growing health awareness and preference for topical over oral medications due to lesser side effects, the lidocaine ointment market is expected to witness steady growth over the forecast period.
SWOT Analysis
Strength: Lidocaine ointment helps reduce minor skin irritation and itching caused by insect bites, poison ivy, sunburn, etc. due to its numbing properties. It provides fast acting relief from pain.
Weakness: Overapplication of lidocaine ointment can cause serious health issues such as seizures. Prolonged use may lead to dependency and tolerance.
Opportunity: Rising cases of arthritis, joint pains and sports injuries have increased the demand for pain management products. Growing awareness about benefits of lidocaine ointment presents an opportunity for market players.
Threats: Availability of substitute products like diclofenac gel and availability of generic alternatives pose threats to branded lidocaine ointments. Stringent regulations associated with use of lidocaine can hamper market growth.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth between 2023-2030 due to increasing incidences of minor injuries, burns and joint pains. The market size is projected to reach US$ 1,275.2 Mn by 2024.
Regional analysis: North America is currently the dominant regional market for lidocaine ointment owing to high awareness levels and healthcare expenditure. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by growing medical tourism industry and improving access to healthcare in developing nations.
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., Hi-Tech Pharmaceuticals, Aspen Pharmacare Australia Pty Ltd., Sandoz AG, Zydus Healthcare Limited., Quagen Pharmaceuticals, Zuche Pharmaceuticals Private Limited., and SEPTODONT, Inc. These players are focused on new product launches and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
