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)
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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:
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