SEATTLE, May 18, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, 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% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Lidocaine Patches Market:
In pharmaceutical drug delivery system, topical and transdermal formulations are common route of administration. This exhibits potential advantages over the oral administration such as ability to deliver a drug to a peripheral target site and more stable and sustained plasma levels. Thus, topical patch system potentially reduce the side effects caused by oral administration. Besides, prolonged application of lidocaine patch for better pain management is likely to boost demand for the products and thereby expected to drive growth of the market.
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Key Market Takeaways:
The global lidocaine patches market is expected to exhibit a CAGR of 7.8% during the forecast period. Among strength, 5% segment is expected to account for largest market share in the global lidocaine patches market over the forecast period. Availability of 5% lidocaine patch products offered by key players such as Endo Pharmaceutical Inc., Teva Pharmaceuticals USA, Inc., and Mylan N.V., among others, contributes to hold major share of the global lidocaine patch market over the forecast period.
In terms of adhesive material, aqueous segment is expected to account for major share of the market in 2022. Commercial availability of wide range of aqueous lidocaine patch is support to hold the major share of market.
Among applications, post herpetic neuralgia (PHN) segment is expected to hold major share of the market in 2022. Increasing prevalence of PHN due to acute pain intensity, aging, and underlying diseases are expected to drive growth of the segment. For instance, according to an article published in Infectious Diseases Society of America in 2020, a study conducted from 1994 to 2018, the overall incidence rate of PHN was 57.5 cases per 100,000 person-years in the U.S.
Among distribution channels, retail pharmacies segment is expected to hold dominant position in the market during the forecast period. Lidocaine patches are available on prescription as well as over-the-counter (OTC). This is expected to drive growth of the retail pharmacies segment.
Among regions, North America is expected to dominate the global lidocaine patches market over the forecast period. Presence of key market players, well established healthcare infrastructure, and early approval of technologically advanced lidocaine patch products are the factors that are expected to drive growth of the market in the region. For instance, ZTlido lidocaine topical system manufactured by was approved by the U.S. Food and Drug Administration in 2018.
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Competitive Landscape:
Key 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.
Market Segmentation:
- Global Lidocaine Patches Market, By Strength:
- 5%
- 4%
- Others (10%, 20%, etc.)
- Global Lidocaine Patches Market, By Adhesive Material:
- Aqueous
- Non-aqueous
- Global Lidocaine Patches Market, By Application:
- Post Herpetic Neuralgia (PHN)
- Pain Indications
- Global Lidocaine Patches Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Lidocaine Patches Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- North America
- Africa
-
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
-
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