Benzocaine Market to Surpass US$ 155.3 Million by 2027
Global Benzocaine Market, by Purity (95%, 98%, and Others), by Indication (Skin Irritation, Wounds, Ulcers, Hemorrhoids, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 128.9 million in 2020 and is expected to exhibit a CAGR of 2.70 % over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The global benzocaine market is expected to witness significant growth, as key companies are focusing on product launches and product approvals. For instance, in 2016, Randob Labs, Ltd launched Fire Out, a new roll-on that provides instant pain relief from different types of insect stings. Fire out roll is a combination of benzocaine and methanol active pharmaceutical ingredients, which is used for relieving pain and itching caused due to fire ant stings, and other insects bites.
Moreover, rising prevalence of sexual disorders in men such as premature ejaculation are driving growth of the global benzocaine market, as benzocaine drugs are used for the treatment of premature ejaculation in males. According to the American Urological Association (AUA) report published in 2017, premature ejaculation is the most common form of male sexual dysfunction, affecting approximately one out of 3 males of age between 18 to 59 in the U.S.
Global Benzocaine Market – Impact of Coronavirus (Covid-19)
- The COVID-19 pandemic has drastically affected each and every market across the globe and it is expected to affect the global benzocaine market as well
- The outbreak of COVID-19 pandemic has affected the import and export of active pharmaceutical ingredients. Therefore, governments of various countries are taking initiatives to promote local domestic pharmaceutical ingredient manufacture to reduce the country dependence on imports from various countries.
- For instance, according to Press Information Bureau (PIB) India, in September 2020, the Government of India formed an inter-ministerial committee to address the impact of COVID-19 on import and manufacturing of bulk pharmaceutical ingredients and initiated two new government schemes, Production Linked Incentive (PLI) scheme and scheme for Promotion of Bulk Drug Parks, granting benefits for domestic bulk manufacture of API and reducing the country’s dependency on import of active pharmaceutical ingredients during the COVID-19 outbreak.
Browse 33 Market Data Tables and 32 Figures spread through 175 Pages and in-depth TOC on “Global Benzocaine Market, by Purity (95%, 98%, and Others), by Indication (Skin Irritation, Wounds, Ulcers, Hemorrhoids, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global benzocaine market, click the link below:
https://www.coherentmarketinsights.com/market-insight/benzocaine-market-4249
The market is expected to gain significant growth during the forecast period, as various key companies are focusing on research and development of benzocaine drugs due to its analgesic and antipyretic properties. For instance, in 2018, Janssen Pharmaceutica N.V. announced the completion of phase 3 trials on efficacy and safety of a Benzocaine Lozenge for the treatment of sore throat in adults.
Key Takeaways of the Global Benzocaine Market:
- The global benzocaine market is expected to exhibit a CAGR of 2.70 % over the forecast period, owing to increasing prevalence of sexual disorders in males and key companies focusing on product launches
- Among indication, the ulcers segment is estimated to hold a dominant position in the benzocaine market in 2020, owing to increasing prevalence of oral and esophageal ulcers in adults
- Key players operating in the global benzocaine market include TCI Chemicals (India) Pvt. Ltd, Merck KGaA, ACETO Corporation, Alfa Aesar, Penta International Corporation, abcr GmbH, Indofine Chemical Co Inc, Jinzhou Jiutai Pharmaceutical Co., Ltd, Changzhou Sunlight Pharmaceutical Raw Material Co., Ltd, Fengchen Group Co., Ltd, and Mahendra Chemicals
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