by 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 topically applied patches that contain the local anesthetic lidocaine. They provide pain relief for post-herpetic neuralgia (PHN) and relieve pain associated with diabetic neuropathy. Lidocaine patches work by blocking sodium channels, thereby preventing the generation and conduction of nerve impulses associated with pain.
Market key trends:
One of the key trends in the lidocaine patches market is the growing adoption of transdermal drug delivery systems for pain management. Transdermal patches offer several advantages over other traditional methods of drug delivery such as oral administration. These include controlled and sustained release of drugs, non-invasiveness, ease of use, and direct delivery of drugs to target sites avoiding gastrointestinal absorption and first-pass metabolism. Owing to these benefits, transdermal patches have gained considerable acceptance for the delivery of lidocaine for localized pain relief and management of neuropathic pain.
Segment Analysis
The global lidocaine patches market is dominated by prescription segment. The prescription segment currently accounts for over 60% market share owing to the increasing reliance on prescription lidocaine patches for neuropathic pain conditions such as post-herpetic neuralgia. Lidocaine patches provide long lasting relief for up to 12 hours from neuropathic pain without any major side effects, thus its prescription by healthcare professionals remains high.
Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing cases of neuropathic pain conditions worldwide. North America is currently the largest market for lidocaine patches, accounting for over 45% share globally. The growth in the region is mainly driven by rising geriatric population suffering from neuropathic pain and post-herpetic neuralgia. 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.
Regional Analysis
In terms of regions, North America is expected to maintain its dominating position in the global lidocaine patches market over the forecast period. This is attributed to the growing geriatric and obese population suffering from neuropathic pain conditions such as post-herpetic neuralgia and diabetes in the region. Moreover, favorable reimbursement policies and doctor prescription patterns also drive the market growth. Europe is another major lidocaine patches market led by countries such as Germany and the UK, while Asia Pacific is expected emerge as the fastest growing market attributed to improving access to healthcare facilities and rising economy.
Key Players Analysis
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. Among them, Endo International plc, Teva Pharmaceutical Industries Ltd, and Viatris Inc. (Mylan N.V.) dominate the market with their wide product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
