Leading Lidocaine Patches Over-the-Counter Segment in the Global Lidocaine Patches Market
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lidocaine patches are transdermal patches that deliver topical anesthetic through the skin over the site of pain. They provide temporary relief from nerve pain associated with shingles, post-herpetic neuralgia pain, and other nerve pain conditions. The ease of lidocaine patches and non-systemic effect make them popular over-the-counter pain relief options.
Market key trends:
One of the key trends shaping the growth of the lidocaine patches market is the increasing demand for pain relief products without side effects. Continuous usage of pain medications like oral analgesics can cause severe gastrointestinal issues over the long run. Lidocaine patches provide localized pain relief without systemic absorption and side effects. They are also available over-the-counter, making them easily accessible for recurrent nerve pain conditions. Various sports medicine companies and clinics are also embracing lidocaine patches to provide fast-acting pain relief to athletes and active adults without impacting their performance or routine. This widespread adoption in self-medication and sports medicine is anticipated to drive the lidocaine patches market during the forecast period.
Market key trends:
One of the key trends in the Lidocaine patches market is the growing demand for topical lidocaine patches for pain management. Due to the growing geriatric population worldwide and rising incidences of arthritis, back pain and other chronic pain conditions, there is significant demand for effective over-the-counter pain relief medications. Lidocaine patches provide localized pain relief and have minimal systemic side effects. They are widely used for joint and muscle pain relief. With the increasing need for convenient self-administered pain management therapies, lidocaine patches market is expected to grow steadily over the forecast period.
SWOT Analysis
Strengths: Lidocaine patches provide effective relief for localized pain with minimal systemic side effects. They have low risk of drug interactions or other safety issues compared to oral pain medications.
Weaknesses: Lidocaine patches have a lower pain-relieving effect compared to other modalities like injections or oral medications. Their effect lasts for a shorter duration of only 12 hours.
Opportunities: Growing geriatric population worldwide and rising prevalence of arthritis and other conditions is increasing the demand for self-care pain relief options. This provides an opportunity to market lidocaine patches more extensively.
Threats: Increasing availability of generic lidocaine patches and entry of local players can lead to pricing pressure and competition in the market.
Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period of 2023-2030, due to increasing geriatric population worldwide and rising incidences of arthritis and other chronic pain conditions.
Regional analysis: North America dominated the global market in 2021 with highest revenue share of around 40% due to growing awareness about pain relief options. Asia Pacific is expected to witness fastest growth over the forecast period due to increasing healthcare expenditure and expanding medical infrastructure in major countries like China and India.
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. Major players are focusing on product development, strategic collaborations and partnerships to strengthen their market presence globally.
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