by The Lidocaine Patches Market is estimated to be valued at US$ 1,055.6 million in 2022 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lidocaine patches are topical drug delivery system used for temporary relief of pain associated with post-herpetic neuralgia, painful diabetic peripheral neuropathy and other neuralgias affecting the distal extremities. The lidocaine patches are easy to use, non-invasive option for pain relief and provide relief from localized and topical pain.
Market key trends:
The growth of lidocaine patches market is majorly driven by the high prevalence of pain disorders among geriatric population worldwide. As per the Global Burden of Disease Study 2017, back pain and neck pain are among the top 15 causes for disability globally. Increasing incidences of diabetic neuropathy and post-herpetic neuralgia is also fueling the adoption of lidocaine patches for pain management. As per International Diabetes Federation, in 2019, around 463 million adults aged between 20-79 years were living with diabetes and by 2045 this number is projected to increase to 700 million. Hence, growing geriatric population and rising prevalence of diabetes has resulted in high demand for effective and non-addictive pain relief options which is benefitting the lidocaine patches market.
Porter’s Analysis
Threat of new entrants: Low as this is an established market that requires high capital investment for R&D of new drugs. Bargaining power of buyers: Moderate as buyers have some bargaining power due to availability of substitute products. Bargaining power of suppliers: Moderate as there are many suppliers and raw material suppliers in this market. Threat of new substitutes: Moderate as there always exist the threat of new and innovative substitutes entering the market. Competitive rivalry: High as the key established players compete on the basis of pricing, quality, and innovation.
SWOT Analysis
Strengths: Well known efficacy and safety profile of lidocaine patches for pain relief. Strong brand presence of major players.
Weaknesses: Presence of substitute treatment options limits market potential. Requirement of prescription limits self-medication scope.
Opportunities: Increasing incidence of arthritis and sports injuries creates market opportunities. Growing geriatric population prone to muscle and joint pain augurs well.
Threats: Stringent regulations for new drug approvals. Patent expiries of major drugs enable entry of generic versions.
Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing incidence of arthritis and sports injuries. The high incidence of osteoarthritis worldwide due to sedentary lifestyles and obesity is also expected to drive the demand for lidocaine patches.
Regionally, North America is expected to dominate the lidocaine patches market owing to increasing awareness regarding pain management therapies and rising healthcare expenditure in the region. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period due to rapid economic development as well as the evolving healthcare infrastructure in emerging countries such as India and China.
Key players operating in the lidocaine patches market are Endo International plc, Teva Pharmaceutical Industries Ltd, Viatris Inc. (Mylan N.V.), Teikoku Pharma USA, Inc., Hisamitsu Pharmaceuticals Co. Inc., Galen Limited, Sorrento Therapeutics, Inc., Amneal Pharmaceuticals, Inc., Rhodes Pharmaceuticals L.P., 6iPain Healthcare Private Limited, and Sanofi S.A. The established players compete on the basis of new product launches, strategic partnerships and mergers & acquisitions to expand their geographic presence and strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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