Global Lidocaine Patches Market, by Strength (5%, 4%, and Others (10%, 20%, etc.)), by Adhesive Material (Aqueous and Non-aqueous), by Application (Post Herpetic Neuralgia (PHN) and Pain Indications), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,055.6 Mn in 2022 and is expected to exhibit a CAGR of 7.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increase in demand for generic version of lidocaine patches is expected to drive growth of the market. Thus, key players are investing in developing generic patches to strengthen their market position. For instance, generic version of Endo Pharmaceutical's Lidoderm is manufactured by Mylan. Moreover, increase in focus of key players to enhanced the lidocaine patch products presence in emerging economies in Asia Pacific, Latin America, and Middle East to cater the untapped markets is expected to create opportunities in the market. For instance, SALONPAS LIDOCAINE PAIN RELIEVING 4%, Ztlido, Aspercreme Lidocaine Patches are available in India through online pharmacies manufactured by Hisamitsu Pharmaceuticals Co. Inc., Sorrento Therapeutics, Inc, respectively
Global Lidocaine Patches Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 has affected the development of lidocaine patches. Emergence of COVID-19 resulted in limited production of lidocaine patches during the pandemic. Coronavirus pandemic has negatively impacted the development, production, and supply of medicines and also affected growth of the pharmaceutical businesses of various companies across the globe, as COVID-19 pandemic has led to lockdown in several countries, globally.
Browse 40 Market Data Tables and 34 Figures spread through 202 Pages and in-depth TOC on “Global Lidocaine Patches Market”- Forecast to 2030, Global Lidocaine Patches Market, by Strength (5%, 4%, and Others (10%, 20%, etc.)), by Adhesive Material (Aqueous and Non-aqueous), by Application (Post Herpetic Neuralgia (PHN) and Pain Indications), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), 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 Lidocaine Patches Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/lidocaine-patches-market-1805
Increasing adoption of inorganic growth strategies by key players is expected to drive growth of the market. For instance, in May 2018, Teikoku Pharma USA Inc. (TPU), a wholly-owned subsidiary of Teikoku Seiyaku Co., LTD. of Japan, announced that it had entered into an exclusive license agreement with Link Health Group LTD, a leading China-based pharmaceutical company to develop market, sell, and distribute TPU’s flagship product, Lidoderm, in China. Lidoderm offers relief of the pain associated with post-herpetic neuralgia (PHN). It is a combination of lidocaine in a soft hydrogel plaster combining efficacious treatment with proven tolerability, safety, and simple handling.
Key Takeaways of the Global Lidocaine Patches Market:
- The global lidocaine patches market is expected to exhibit a CAGR of 7.8% during the forecast period. Increase in awareness about the innovative products for pain management is expected to drive growth of the market.
- Among strength, others (10%, 20%, etc.) segment is expected to exhibit the highest CAGR in the global lidocaine patches market over the forecast period. Minimum adhesion rate affects the quality of transdermal patches. Thus, advantage with significant adhesion is likely to drive demand for the product and thereby drive the growth of segment. For instance, Ztlido 1.8% lidocaine topical delivery system offered by Sorrento Therapeutics, Inc helps to maintain maximum skin contact and sustain the drug delivery.
- In terms of adhesive material, non-aqueous segment is expected to exhibit highest CAGR in the global lidocaine patches market. The non-aqueous patch with a low lidocaine content does not lead to abnormal skin penetration or rapid increase in blood levels after a long period of attachment. Thus, safe and effective use of non-aqueous patch in management of muscle pain is expected to drive growth of the segment.
- Among application, pain indications segment is expected to exhibit the highest CAGR in the global lidocaine patches market during the forecast period. The limited number of lidocaine patch product options for pain indication is leads to creates significant opportunity for key market players to increase the presence and expand the indications of patch, and introduce newer products.
- Among distribution channel, retail pharmacies segment is expected to exhibit higher CAGR in the global lidocaine patches market. Availability of prescription based as well as OTC lidocaine patches at retail pharmacies is likely to augment growth of the segment.
- Among regions, North America is expected to account for major share in the market during the forecast period. Early approval of lidocaine patch products is expected to support growth of the market in the region.
- Major players operating in the global lidocaine patches market include 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.