Global Lidocaine Market Highlights 2022 – 2030
The global lidocaine market is estimated to garner a sizeable revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increase in the number of surgeries, and escalating demand for lidocaine formulations around the world. Along with these, surge in the prevalence of periodontal diseases, such as gingivitis and periodontitis, is expected to augment the sales of the product globally in the forthcoming years. According to the World Health Organization, as of 2020, oral diseases affect nearly 3.5 billion people worldwide. In addition, it is calculated that 2.3 billion people suffer from caries of permanent teeth. Rise in healthcare expenditure and growing population of the elderly across the globe are also crucial factors predicted to lead the expansion of market in the near future. Furthermore, massive investments in research and development in the pharmaceutical sector is projected to offer profitable opportunities to the market in the imminent time.
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The market is segmented by application into dentistry, cardiac arrhythmia, epilepsy, cosmetics, and others, out of which, the dentistry segment is anticipated to hold the largest share in the global lidocaine market. This can be accounted to the extensive use of lidocaine hydrochloride injectable in various surgical dental procedures. Apart from this, increasing occurrence of dental disorders, coupled with chronic and acute pain associated with dental procedures are also assessed to bode well for the growth of the market segment. Additionally, on the basis of formulation, the ointments segment is evaluated to occupy the largest share during the forecast period ascribing to the burgeoning usage of lidocaine ointments in cutaneous procedures such as laser surgeries and soft tissue augmentation, and also as cosmetic surgery products.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Lidocaine Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global lidocaine market includes the following segments:
By Formulation
- Injections
- Creams
- Ointments
- Patches
- Gels
- Aerosol Liquids
- Others
By Application
- Dentistry
- Cardiac Arrhythmia
- Epilepsy
- Cosmetics
- Others
Growth Drivers
- Increasing Number of Surgeries Worldwide
- Surge in the Prevalence of Periodontal Diseases Globally
Challenges
- Stringent Regulatory Framework Regarding Medical Approval in Several Countries
Top Featured Companies Dominating the Market
- Pfizer, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Hisamitsu Pharmaceutical Co., Inc.
- Jiangsu Tianji Pharmaceutical Co. Ltd.
- Teikoku Pharma USA, Inc.
- Sorrento Therapeutics, Inc
- Olympus Corporation
- Endo Pharmaceutical Inc.
- Fujifilm Holdings Corporation
- Actavis Labs UT Inc.
- Dun & Bradstreet, Inc.
