Lidocaine Patches Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Pain & Growing Geriatric Population
The global 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Lidocaine Patches Market Size are widely used for the treatment of chronic pain conditions, such as post-herpetic neuralgia, osteoarthritis, and diabetic neuropathy. These patches provide localized pain relief by numbing the affected area and reducing inflammation. Lidocaine patches offer several advantages over other pain relief options, such as oral medications or injections, as they are non-invasive, easy to use, and have minimal side effects. They also provide controlled and sustained release of medication, allowing for long-lasting pain relief. These factors contribute to the growing demand for lidocaine patches in the healthcare industry.
B) Market Dynamics:
1. Increasing Prevalence of Chronic Pain: Chronic pain conditions, such as arthritis, back pain, and neuropathy, are highly prevalent worldwide. According to the Global Burden of Disease study, chronic pain affects around 20% of adults globally. Lidocaine patches offer an effective and convenient treatment option for chronic pain management, driving their adoption in the market.
2. Growing Geriatric Population: The global geriatric population is rapidly expanding, leading to a higher incidence of age-related chronic pain conditions. Elderly individuals are more prone to chronic pain due to conditions like osteoarthritis and neuropathy. Lidocaine patches provide localized pain relief without the need for systemic medications, making them especially suitable for the elderly population.
C) Segment Analysis:
The lidocaine patches market can be segmented based on application and distribution channel. Among the application segments, the post-herpetic neuralgia segment dominates the market owing to the high incidence of this condition. Post-herpetic neuralgia is a chronic pain condition that occurs after an episode of shingles and can be effectively managed with lidocaine patches. The hospital pharmacies segment is the major distribution channel for lidocaine patches, as hospitals often prescribe these patches for patients suffering from chronic pain conditions.
D) PEST Analysis:
- Political: The regulatory landscape for lidocaine patches varies across different regions. Stringent regulations regarding the approval and distribution of pharmaceutical products can potentially impact market growth.
- Economic: Increasing healthcare spending, along with rising disposable incomes, supports the adoption of lidocaine patches in both developed and developing economies.
- Social: Growing awareness about the benefits of non-invasive pain management options, coupled with the increasing acceptance of lidocaine patches among patients, fuels market growth.
- Technological: Advances in transdermal drug delivery systems, such as the development of innovative patch designs and improved drug formulations, are expected to drive the market for lidocaine patches.
E) Key Takeaways:
- The global lidocaine patches market is expected to witness high growth, exhibiting a CAGR of 7.8%over the forecast period, due to increasing prevalence of chronic pain conditions and the growing geriatric population.
- North America is anticipated to be the fastest growing and dominating region in the lidocaine patches market, owing to the high incidence of chronic pain conditions and the presence of key market players in the region.
- Key players operating in the global lidocaine patches market include 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.. These players focus on strategic collaborations, product launches, and geographical expansion to strengthen their market position.
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