The global lidocaine market was valued at USD 1,482.78 million in 2020 and is expected to reach a market valuation of USD 3,058.92 million by 2029, owing to an 8.45% CAGR during the forecast period.
Lidocaine provides local anesthesia, which is an aminoethyl amide derived from xylidine. Its effect is long-lasting, more extensive, and prompt when compared to other anesthetics such as procaine.
The study of the scope of the global lidocaine market includes the market size analysis of the manufacturer’s products and strategies.
Factors contributing to oral diseases are the use of tobacco, excess sugar consumption, and unhealthy use of alcohol. According to the World Health Organization, oral diseases affect nearly 3.5 billion people globally. Moreover, it is estimated that more than 530 million children suffer from caries of primary teeth and 2.3 billion people suffer from caries of permanent teeth.
The majority of oral health conditions are periodontal diseases, oro-dental trauma, oral manifestations of HIV, and periodontal diseases. Oral diseases are a major burden for many countries and affect people throughout their lifetime, causing discomfort, pain, disfigurement, and even death. The growing incidences of dental care are anticipated to increase the demand for the lidocaine market.
Side effects associated with the drug, including idiosyncrasy and hypersensitivity, might limit the drug's adoption. Manufactures across Europe, the Americas, and others have different regulatory policies; due to that, the manufacturers are unable to align products on time. Such stringent regulatory policies may affect the growth of the market.
According to the World Health Organization, by 2050, around 2 billion people will be 60 and older, almost double that from 2020. An increase in the number of surgeries performed leads to an aging population that is more prone to chronic diseases such as cancer, cardiovascular disorders, neurological disorders, respiratory alignments, orthopedic, spinal problems, and others.
Lidocaine is used in elderly patients with postherpetic neuralgia. Postherpetic neuralgia (PHN) is a common debilitating complication of herpes zoster that significantly impacts the quality of life of patients. Treatment with 5% lidocaine medicated plaster reduces the use of tricyclic antidepressants (TCAs) and step 3 analgesics. The benefits of lidocaine in elderly patients increase its demand and are anticipated to grow the market.
The COVID-19 pandemic is likely to raise the demand for the lidocaine market, given the growing research and development activities in the market. For instance, in an article published by the U.S. National Library of Medicine in January 2021, a study was performed to study the impact of intravenous lidocaine on clinical outcomes of patients with Acute Respiratory Distress Syndrome ARDS during the COVID-19 pandemic.
The purpose of the study was to evaluate the effects of intravenous lidocaine on inflammation and gas exchange in acute respiratory distress syndrome (ARDS) due to COVID-19 pneumonia. That increases the demand for lidocaine, thus propelling the market's growth.
Based on the formulation, the segment is divided into injections, creams, ointments, gels, and others. Lidocaine hydrochloride comes in various forms, including a 2% viscous solution, a 2% gel, a 4% solution, and a 10% topical spray. Lidocaine base is available as a 5%, 2.5 percent, and 10% solution and ointment, as well as a 10% aerosol spray. Furthermore, the ointments segment is expected to have the highest growth during the forecast period. This is due to the growing use of lidocaine ointments as cosmetic surgery products.
Based on application, the segment is divided into dentistry, cardiac arrhythmia, epilepsy, cosmetic surgery, general surgery, and others. The dentistry segment is anticipated to hold the highest share in 2020. Its dominant position is attributed to the growing demand for lidocaine hydrochloride injectable solutions in dental surgical procedures. This, along with the rising incidence of dental problems and chronic and acute pain associated with dental operations, is expected to boost the market segment's growth. For instance, approximately 3.5 billion people are affected by oral diseases, as per World Health Organization, as of 2020.
Based on distribution channels, the segment is divided into hospital outlets, retail pharmacies, and others. The hospital outlets segment is accounted for the largest share of the global lidocaine market in 2020. This is majorly due to the availability of advanced infrastructure and facilities, rise in prevalence of dental, cosmetic, and general surgeries, growing awareness about disease diagnosis and treatment, and subsequent increase in the number of patients across the globe.
The emergence of hospital pharmacies in cardiology, neurology, and other conditions in developed and emerging economies, a rise in the number of hospitals, and adequate reimbursement scenarios will aid the market growth during the assessment period.
The North Americas lidocaine market has the highest revenue share and is expected to grow over the forecast period. The growth is expected due to the increasing dental and other surgeries, soaring demand for lidocaine formulations, the rising prevalence of dental disorders, increasing medical Research and Development programs, and mounting healthcare investments.
Also, the initiatives taken by the federal government for disease awareness, favorable reimbursement policies, rise in demand for better patient care, technological advancements, well-established medical infrastructure, and rise in the number of older age population are conclusively driving the market growth in North America region.
The competitiveness among major players in the global market is moderately high; however, we estimate that competitiveness to increase by margins as the market is saturated with increasing participation from new entrants.