by Lidocaine patches are medicated adhesive patches that are used to treat pain associated with post-herpetic neuralgia, which is a neuropathic pain condition caused by shingles. They work by delivering lidocaine, a local anesthetic, through the skin directly to the painful area. Common uses include treating nerve pain from injuries like minor burns or joint or back pain. Lidocaine patches are easy to apply, non-invasive, and provide long-lasting pain relief for up to 12 hours. They are prescribed as a safer alternative to oral pain medications that can cause side effects like drowsiness, nausea, or constipation. The increasing prevalence of nerve pain disorders and greater awareness about non-opioid options for pain management are expected to drive demand for lidocaine patches.
The global Lidocaine Patches Market is estimated to be valued at US$ 5.61 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing elderly population is likely to increase the demand for lidocaine patches, as older individuals are more susceptible to conditions like post-herpetic neuralgia. According to the United Nations, the number of people aged 65 and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Additionally, manufacturers are focusing on developing advanced patch formulations that deliver lidocaine for a longer duration. For instance, in 2019, Infynita launched LIDOTAK 60, a lidocaine patch that provides pain relief for up to 60 hours. Such prolonged-action patches are expected to gain popularity among patients needing round-the-clock pain management.
Segment Analysis
The lidocaine patches market is dominated by prescription size patches segment. Prescription size patches segment accounted for over 90% market share in 2023 as lidocaine patches are generally prescribed by physicians or clinicians to patients for pain management. These patches dissolve slowly over time and deliver pain relief for 12 hours as compared to bandages and band-aids which deliver localized, temporary pain relief.
PEST Analysis
Political: Regulations regarding manufacturing and usage of prescription pain patches are well defined by regulatory bodies such as FDA to ensure safety and efficacy. This provides stability to market operations.
Economic: Rise in average disposable income has increased affordability of pain management products. Growing healthcare spending by governments further boosts market growth.
Social: Increasing awareness about various pain management options and demand for convenient pain relief products drives the adoption of lidocaine patches for arthritis, post-surgery, and other chronic pain conditions.
Technological: Advancements in patch technology help in developing innovative drug delivery systems for prolonged and controlled release of lidocaine to affected areas for superior pain relief. This encourages R&D investments.
Key Takeaways
The Global Lidocaine Patches Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Lidocaine Patches Market is estimated to be valued at US$ 5.61 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
North America region currently dominates the lidocaine patches market owing to increasing prevalence of arthritis and burden of post-surgical pain. The region accounted for over 40% market share in 2023. Asia Pacific region is anticipated to witness fastest growth through 2030 due to rising geriatric population, improving healthcare infrastructure and growing medical tourism in countries like India and China.
Key players: Key players operating in the lidocaine patches market are Avery Dennison Corporation, CCL Industries Inc., Multi-Color Corporation, UPM Raflatac, 3M Company, Brady Corporation, RR Donnelley & Sons Company. Avery Dennison Corporation and 3M Company are the leading players owing to their well-established brands and broader distribution networks worldwide. The companies are focused on enhancing their product portfolios as well as strengthening geographic presence through partnerships and mergers & acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
