Lidocaine Market Opportunities, Trends and Future Outlook By 2030
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Lidocaine
Market Overview
Market Research Future (MRFR)’s latest
analysis reveals that the global
lidocaine market is poised to grow substantially during the forecast period 2020
to 2027. The widening range of application of lidocaine as an anti-itching and
pain relief drug for the treatment of insect’s bites, eczema, minor cuts, skin
scrapes, burns, etc. is likely to fuel demand in the market.
The large-scale adoption of lidocaine
as local anesthetics is a major factor
responsible for driving the growth of the Lidocaine Market through
the assessment period. Additionally, investments are likely to flow towards
research and development associated with lidocaine which is projected to
augment the global market over the next couple of years.
Some of the important factors that are aiding the proliferation of the
lidocaine market include increasing healthcare expenditure, exponential patient
population, developments in the healthcare sector, etc. However, government enforcement
regulating the efficacy as well as the safety
of lidocaine are likely to restrict the expansion of the market in the
forthcoming years
Market Segmentation
By formulation, the lidocaine market
has been segmented into internal use and
topical use. The internal use segment has
been further sub-segmented into injection and others. The topical use segment is sub-segmented into
powder, gel, cream, ointment, patch, and others.
By application, the global market is segmented into medicines, cosmetics, and
others.
By distribution channel, the market
has been segmented into hospital
pharmacies, retail pharmacies, and e-commerce.
Regional
Analysis
By region, the global lidocaine market
has been segmented into Americas, Europe, Asia Pacific, and the Middle
East and Africa. Americas is expected to hold a dominant share of the market
towards the end of the forecast period. The growth is attributable to the
increasing research & development activities, and the presence of a
developed healthcare sector. The increasing
healthcare expenditure is likely to have a favorable impact on the growth of
the lmarket. As per the National Center for
Health Statistics, the national health
care expenditure of the U.S. accrued up to USD 3.2 Tn in 2015.
Europe is poised to secure the second
spot in the global lidocaine market during the assessment period. The factors
that are favoring the growth of the regional market include the rising count of surgeries, increasing
healthcare expenditure, and growing demand for lidocaine formulations.
Asia Pacific is estimated to strike a
relatively higher CAGR over 2021. The growth can be ascribed to the increasing
patient pool, rising healthcare expenditure, developing healthcare sector, etc.
Meanwhile, the Middle East & Africa accounts for the least share of the
market and is expected to exhibit steady growth over the next couple of years.
The factors that remain impediments to the regional market growth are lack of
technical know-how and unavailability of
standard medical facilities, especially in the African regions.
Competitive
Dashboard:
Lidocaine Market Players are AstraZeneca Plc, Glenmark
Pharmaceuticals, Pfizer, Inc., Amneal Pharmaceuticals LLC, Taro Pharmaceuticals
USA, Inc., Centura Pharmaceuticals, Inc., Endo Pharmaceutical Inc., Mylan
Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., Teligent, Inc., and
Sorrento Therapeutics, Inc.
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