May 26, 2024

Lidocaine Ointment Market Dynamics: Innovations in Local Anesthetic Formulations

Lidocaine Ointment Market

Lidocaine ointment is commonly used as a topical anesthetic for pain relief from minor burns, skin irritation, and surgical trauma. It works by blocking sodium channels in nerve cell membranes, thereby stopping the conduction of pain signals. Lidocaine ointment has various applications such as treatment of muscle ache, pain from shaving, herpes zoster infection, wounds and minor skin grafts. It provides temporary relief from pain and irritation. The growing geriatric population and rising sports injuries are key factors contributing to muscle aches and pains. As per WHO estimates, over 1.71 billion people suffer from musculoskeletal conditions globally. This increases the demand for lidocaine ointment as a safe and effective topical analgesic.

The global Lidocaine Ointment Market is estimated to be valued at US$ 1,275.2 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the lidocaine ointment market is the launch of combination products for enhanced pain relief. For example, companies are launching lidocaine ointment in combination with other ingredients like menthol, camphor or prilocaine for synergistic action. Menthol provides a cooling sensation when applied topically, along with numbing by lidocaine. Such combo products offer dual mode of action for more effective pain relief. Another emerging trend is the shift towards herbal lidocaine alternatives. With growing preference for herbal medicines, pharmaceutical companies are developing topical creams from natural ingredients like arnica, calendula, ginger etc. that provide comparable analgesic effect to lidocaine. This is expected to open new avenues of growth in upcoming years.

Porter’s Analysis
Threat of new entrants: Low costs of production and high capital requirement in the pharmaceutical industry create barriers for new players to enter the lidocaine ointment market.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitute generic drugs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative raw material suppliers globally.

Threat of new substitutes: Threat of new substitutes is low as lidocaine ointment has well-established efficiency for topical pain relief.

Competitive rivalry: The lidocaine ointment market is competitive with major players differentiating based on quality, price and geographic footprint.

Key Takeaways
The global lidocaine ointment market is expected to witness high growth over the forecast period 2023 to 2030. North America currently dominates the market followed by Europe and Asia Pacific. The USA dominated North American market accounting for over 50% market share in 2024.

Regional analysis: North America leads the market in terms of revenue generation owning to growing chronic pain cases and developed healthcare infrastructure. Europe is anticipated to witness steady growth aided by increasing tolerance for generic lidocaine drugs. Asia Pacific market is expected to grow at fastest pace lead by China and India. Rising healthcare awareness and expenditure will aid market growth in Asia Pacific.

Key players: Key players operating in the lidocaine ointment market are 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it