LIDOCAINE OINTMENT MARKET ANALYSIS

Lidocaine belongs to the local anesthetic family. This drug prevents pain by blocking signals from nerve endings in the skin. Lidocaine is an anesthetic agent used to prevent and treat pain during some procedures such as surgery. This drug is also used to treat minor burns, scratches, and insect bites. Lidocaine is a common ingredient in topical medications that helps reduce pain; 5% topical lidocaine is used to numb the skin prior to tattooing and can also be used afterward while the skin is healing. The highest available concentration of topical lidocaine is 5%. Lidocaine medication can be applied to the itchy area to stop the patient from scratching and cure the condition.

The global Lidocaine ointment market is estimated to be valued at US$ 1,275.2 million in 2022 and is expected to exhibit a CAGR of 7.7% during the forecast period (2022-2030).

Figure 1. Global Lidocaine Ointment Market Share (%), by Formulation, 2022

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Global Lidocaine Ointment Market - Driver

Lidocaine ointment is used for various purposes it is used to treat minor burns, scratches, and insect bites. It is also used to prevent and treat pain during some procedures such as cosmetic surgery and dental surgery, which is expected to drive the market growth over the forecast period. Thus, the increasing prevalence of cosmetic surgeries is expected to drive the market growth over the forecast period. For instance, according to the data provided by the American Society for Aesthetic Plastic Surgery, in April 2022, non-surgical procedures saw a 44% increase over 2020. Moreover, surgical procedures increased by 54% in 2021 and the average U.S. plastic surgeon performed 320 surgeries in 2021 compared to 220 in 2020.

Figure 2. Global Lidocaine Ointment Market Share (%), by Region, 2022

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Increased technological advancement activity for the formulation of lidocaine ointment is expected to drive market growth during the forecast period. For instance, in September 2021, according to an article published by the National Library of Medicine, a 5% concentration of glycerol monostearate (GMS) helps lidocaine to penetrated deep into the dermis. The self-nanoemulsifying effect of GMS facilitated the release of lidocaine from the ointment. Thus self-nanoemulsification of GMS has been applied to improve the formulation of the local anesthetic lidocaine ointment.

Global Lidocaine Ointment Market – Impact of Coronavirus (COVID-19) Pandemic

Coronavirus disease 2019 (COVID-19) is a highly contagious infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). According to the World Health Organization (WHO), as of October 10, 2022, 44,614,437 people are affected worldwide.

 The COVID-19 impact created an opportunity for the global lidocaine ointment market growth, owing to the application of lidocaine ointment for the treatment of COVID-19-associated symptoms. For instance, in September 2022, according to an article published in the Journal of Cardiovascular Development and Disease, dysrhythmias due to SARS-CoV-2 infection exhibit high-grade atrioventricular block, atrial fibrillation, and ventricular tachycardia. Mortality in COVID-19 patients was due to cardiac movement with premature ventricular contractions and pulseless electrical activity. Thus, increasing demand for lidocaine ointment from COVID-19 patients due to the COVID-19 pandemic is expected to drive the global lidocaine ointment market growth.

According to an article published by the Best Practice & Research Clinical Anesthesiology Journal in November 2020, healthcare facilities all around the world were severely affected due to the COVID-19 pandemic. Medical items such as personal protective equipment (PPE) for healthcare workers, sanitizing supplies, toilet paper, hospital equipment, and water were in short supply. Furthermore, the same source stated that the Indian economy, especially the healthcare product manufacturing companies and service sector was negatively impacted due to nationwide lockdowns during the COVID-19 pandemic.

Global Lidocaine Ointment Market: Key Developments

In April 2022, Alembic Pharmaceuticals Limited, a pharmaceutical company, announced that its subsidiary Aleor Dermaceuticals Limited had received final approval from the U.S. Food and Drug Administration (USFDA) Abbreviated Marketing Authorization Application (ANDA) Lidocaine and Prilocaine Cream USP, 2.5%. Lidocaine is indicated as a local anesthetic for use on normal intact skin for topical analgesia and genital mucosa as a pretreatment for superficial minor interventions and infiltration anesthesia.

Global Lidocaine Ointment Market: Restraint

The major factors that can hamper the growth of the global lidocaine ointment market over the forecast period include product side effects, product recall, and government restrictions regulating the safety and efficacy of lidocaine ointment. For instance, in June 2022, according to an article published by Mayo Clinic, lidocaine ointment had various side effects such as cough, cracked, dry or scaly skin, fast heartbeat, and fever.

 Global Lidocaine Ointment Market: Key Players

Major players operating in the global lidocaine ointment market include 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., Alembic Pharmaceuticals Limited, Ascend Laboratories LLC, Liberty Pharmaceuticals, Inc., Hi-Tech Pharmaceuticals, Aspen Pharmacare Australia Pty Ltd., Sandoz AG, Zydus Healthcare Limited., Quagen Pharmaceuticals, Zuche Pharmaceuticals Private Limited., and SEPTODONT, Inc.