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% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Lidocaine patches are transdermal patches used for blocking nerve impulses (neuralgia) and relieving pain associated with post-herpetic neuralgia (PHN), shingles and diabetic neuropathy. The patches deliver the numbing agent lidocaine through the skin directly to the site of pain. As the medication is applied locally, minimal side effects are reported as compared to oral pain medications. Lidocaine patches provide effective long lasting relief for up to 12 hours with a single application.
Market key trends:
One of the key trends in the Lidocaine Patches market is the rapid growth in prevalence of neuropathic pain disorders. According to the National Institutes of Health, neuropathic pain affects approximately 8 million people in the U.S. annually. Neuropathic pain stems from damaged or dysfunctional nerves and is often chronic and debilitating. Rising geriatric population which is more susceptible to conditions such as diabetes, post-herpetic neuralgia and other nerve damage related disorders is boosting the neuropathic pain cases. Moreover, favorable reimbursement policies and new product launches with enhanced formulation are also propelling the market growth. For instance, in 2021, Excipient Health, Inc. announced the launch of AdvenTM Patch Dose technology which self-adjusts drug delivery based on individual patient’s physiology.
Threat of new entrants: The threat of new entrants is moderate as the Lidocaine Patches market requires high capital investment and has the presence of major established players.
Bargaining power of buyers: The bargaining power of buyers is high as there are substitutes available and buyers can easily switch to alternative products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers in the market that manufacturers can source raw materials from.
Threat of new substitutes: The threat of new substitutes is high as alternate pain relief patches, gels, and sprays are available in the market.
Competitive rivalry: Intense competition among existing players.
Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period 2023-2030, due to increasing prevalence of postoperative pain and neuropathic pain conditions.
The North America region is expected to dominate the Lidocaine Patches market during the forecast period. This is attributed to the rising geriatric population, increasing incidence of diabetic neuropathy, cancer pain, and postoperative pain in the region.
The Asia Pacific region is anticipated to exhibit the fastest growth rate over the forecast period owing to improving healthcare infrastructure and rapidly growing medical tourism industry in countries such as China, India, and South Korea.
Key players operating in the Lidocaine Patches market are 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.