LIDOCAINE PATCHES MARKET ANALYSIS

Lidocaine patch is a transdermal formulation available through hospital, retail, and online pharmacies. It is most commonly prescribed for pain relief. Besides, it is used to treat pain related to nerve diseases, ease long-term pain problems, and to ease pain caused by shingles.

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% during the forecast period (2022-2030).

Figure 1. Global Lidocaine Patches Market, in Terms of Value (US$ Million), By Region, 2022

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Introduction of generic lidocaine patch products is expected to drive the global lidocaine patches market growth during the forecast period.

Generic lidocaine patch is significantly cheaper, compared to the brand version. Thus, increase in preference for generic lidocaine patch is expected to create opportunities for market players to launch new generic version of lidocaine patch and thereby drive growth of the market. For instance, Amneal Pharmaceuticals, Inc., a fully-integrated pharmaceutical company, announced that it received Abbreviated New Drug Application (ANDA) approval from the U.S. Food and Drug Administration (FDA) for a generic version of Lidocaine Patch, 5%, in August 2020.

Figure 2. Global Lidocaine Patches Market Share (%), By Strength, 2022

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Technological innovation in lidocaine patch is expected to drive the global market growth over the forecast period

Technological innovation with better adhesion is expected to drive demand for lidocaine patch products. Thus, key players are engaged in investing in research and development to introduce newer lidocaine patch products in the market and this is expected to drive growth of the market. For instance, in February 2018, Sorrento Therapeutics, Inc., a clinical-stage, antibody-centric, biopharmaceutical company, and its majority-owned subsidiary, Scilex Pharmaceuticals Inc., received approval from the U.S. Food and Drug Administration (FDA) for ZTlido (lidocaine topical system) 1.8%. ZTlido is a major advancement in analgesics because of its proprietary adhesion technology demonstrating 12-hour wear with efficient lidocaine delivery, even during exercise.

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

COVID-19 has resulted in several challenges in healthcare sector, especially to ensure continuity of treatment during this pandemic period. It has significantly affected healthcare systems and economies within a short timeframe. The pandemic is directly affecting the production and demand, creating disruptions in distribution channels of lidocaine patch, which resulted in decrease in revenue of manufacturer of lidocaine patch. Thus, COVID-19 pandemic has negative impact on global lidocaine patch market growth.

Global Lidocaine Patches Market: Restraints

Anticonvulsants, certain antidepressants, opioid painkillers, and others are the alternative options to treat pain associated with postherpetic neuralgia. For instance, opioids are highly used in the management of various other pain conditions. This is expected to limit the use of lidocaine patch and thereby expected to hinder growth of the market.

Key Players                   

Major 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.