On the basis of geographical analysis, the global lidocaine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness the fastest growth over the forecast period on the back of the spiraling number of dental and cosmetic procedures, along with plastic surgeries. In addition, rapid increase in the region’s geriatric population, rise in production of oral care products, and large patient pool are also assessed to drive the region’s market growth in the coming years. Another report by the WHO depicts that the proportion of people aged 60 or above was 9.8% in 2017, and is calculated to increase up to 13.7% and 20.3% by 2030 and by 2050, respectively. Moreover, the market in North America is projected to acquire the largest share during the forecast period owing to the high demand for lidocaine formulations, and rising investments in the healthcare sector, especially in the United States. Apart from these, strong presence of major market players is also evaluated to fuel the progress of market in the region.
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The global lidocaine market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global lidocaine market includes the following segments:
August 2021- Scilex Holding Company, which is a subsidiary of Sorrento Therapeutics, Inc., announced that ZTlido, 1.8%, a lidocaine topical system, has been added to multiple formularies, including two national PBMs (Pharmacy Benefit Managers), a national health plan and two regional health plans.
May 2018- Teikoku Pharma USA Inc. entered into an exclusive license agreement with Link Health Group LTD for the development and distribution of TPU’s flagship product Lidoderm in China.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth are increasing number of surgeries worldwide and surge in the prevalence of periodontal diseases globally.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Ans: Stringent regulatory framework regarding medical approval in several countries is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the spiraling number of dental and cosmetic procedures, and plastic surgeries in the region.
Ans: The major players in the market are Pfizer, Inc., Hisamitsu Pharmaceutical Co., Inc., Jiangsu Tianji Pharmaceutical Co. Ltd., Teikoku Pharma USA, Inc., Sorrento Therapeutics, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by formulation, application, and by region.
Ans: The dentistry segment is anticipated to hold largest market size in value and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.