Global Lidocaine Ointment Market, by Formulation (Internal Use and Topical Use), by Age Group (Children and Adult), by Application (Insect Bite, Sun Burn, Minor Cut, Mouth Sore, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Lidocaine ointment is used for pain relief after various medical procedures such as cosmetics surgery. Thus, an increase in the number of cosmetic surgeries can increase the demand for lidocaine ointment over the forecast period. For instance, in February 2022, according to the data provided by the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), the association of facial plastic surgeons, 1.4 million surgical and non-surgical procedures had been done in 2020. The number of cosmetic procedures was increased by 40% in 2021.
Global Lidocaine Ointment Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) that first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019," or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and health of every country in the world.
The COVID-19 had a positive impact on the global lidocaine ointment market, owing to its application in the COVID-19-pandemic-associated symptoms such as atrial fibrillation and supraventricular tachycardia. For instance, in May 2020, according to an article published by the National Library of Medicine, there was 355 COVID-19 patients in Italy among them 24.5% patients had atrial fibrillation symptom. Thus, COVID-19 had a positive impact on the lidocaine ointment market.
Global Lidocaine Ointment Market: Key Developments
In August 2022, Scilex Holding Company, a subsidiary of Sorrento Therapeutics, Inc., announced that the U.S. Food and Drug Administration (FDA) had granted Fast Track designation to investigational drug and product candidate SP-103. Scilex was developing SP-103 as a non-opioid, triple strength, non-aqueous lidocaine topical system for the treatment of lower back pain.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Lidocaine Ointment Market”- Forecast to 2030, by Formulation (Internal Use and Topical Use), by Age Group (Children and Adult), by Application (Insect Bite, Sun Burn, Minor Cut, Mouth Sore, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/lidocaine-ointment-market-5434
Key Takeaways of the Global Lidocaine Ointment Market:
- The global lidocaine ointment market is expected to exhibit a CAGR of 7.7% during the forecast period. Owing to the increasing use of lidocaine ointment for pain relief after cataract surgery, an increase in the number of cataract surgeries can increase the demand for lidocaine ointment over the forecast period. For instance, in June 2022, according to the data provided by PLOS global public health journal, a total of 8,424,521 cataract surgeries were performed from 2000 to 2019, a significant increase from 228,145 in 2000 to 663,186 in 2019. This represents a change in the cataract surgery rate per 10,000 from 13.15 to 32.28.
- Among Distribution Channel, the Hospital Pharmacies segment is estimated to hold a dominant position in the global lidocaine ointment market over the forecast period. Owing to, increasing number of hospital pharmacies. For instance, in January 2022, according to an article published by the U.S. Census Bureau, there were 249,804 pharmacists and 248,368 pharmacy technicians in the U.S.
- On the basis of regions, North America is estimated to account for the largest market share in the global lidocaine ointment market over the forecast period, owing to increasing research and development activities by market players in the region. For instance, Bell International Laboratories located in Lexington Ave S, Eagan, U.S., developing personal care and consumer health products. Initiated a clinical trial on the study of an over-the-counter lidocaine ointment to treat rectal itching. The estimated date of completion was December 2021.
- 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.
