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Lidocaine ointment is a local anesthetic used to numb surface areas of the body before medical procedures, minor surgeries, or to relieve itching, burning, or pain from skin conditions. It is widely used for procedures such as minor surgeries, intravenous catheter placement, injections, wound dressings, dental procedures, and many others. Some key applications of lidocaine ointment include treatment of hemorrhoids, postherpetic neuralgia, relief from pain caused by shingles, and relief from genital and anal pain.
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
Rise in number of surgeries: One of the key drivers for the lidocaine ointment market is the increasing number of surgeries taking place globally. According to the American Society of Plastic Surgeons, around 18.1 million surgical and minimally-invasive cosmetic procedures were performed in the United States in 2020 alone, growing 2% compared to 2019. Similarly, global surgical procedure volumes are also growing across specialties such as orthopedics, neurosurgery, cardiology, and others. As lidocaine ointment is widely used for numbing the area before surgical procedures, this increase in volume of surgeries performed globally is expected to drive the demand for lidocaine ointment over the forecast period.
Segment Analysis
The lidocaine ointment market is segmented into prescription and over-the-counter (OTC). Currently the prescription segment dominates the market accounting for around 60% share, as it is usually recommended by physicians for procedures such as cryotherapy and laser ablation where stronger potency is required. However, the OTC segment is expected to witness faster growth during the forecast period owing to high adoption for minor skin irritations, sunburns, and post-waxing pain relief which are considered safe to use without prescription.
PEST Analysis
Political: Drug approvals and stringent regulations pertaining to pharmaceutical industry particularly ointments classification impact the market.
Economic: Rising disposable income and healthcare spending is fueling market growth in emerging economies.
Social: Growing awareness about skincare and availability of OTC products for minor irritations are driving demand.
Technological: Advanced formulations providing longer duration of pain relief and improved stability are gaining traction.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth at a CAGR of 7.7% during the forecast period due to wide applications in surgical procedures and availability of OTC products.
Regionally, North America dominates the market currently owing to robust healthcare infrastructure and availability of advanced treatments. However, Asia Pacific is expected to emerge as the fastest growing region due to large patient pool, rising medical tourism, and increasing uptake of lidocaine ointments.
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., and Zuche Pharmaceuticals Private Limited SEPTODONT, Inc. Rising healthcare expenditure in emerging nations and new product launches are the key strategies adopted by major players to strengthen their market position.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
