Global Lidocaine Ointment Market to Surpass US$ 2,315.75 Million by 2030, Says Coherent Market Insights (CMI)

Burlingame, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global lidocaine ointment market is estimated to be valued at US$ 1,275.2 million in 2022 and is expected to exhibit a CAGR of 7.7% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Lidocaine Ointment Market:

Increasing research and development activities for lidocaine ointment is expected to aid in the market growth over the forecast period. For instance, in June 2021, the University of Calgary, Canada, initiated a clinical trial on the assessment of efficacy and side effects of dlitiazem ointment with lidocaine vs. diltiazem ointment with lidocaine for the treatment of chronic anal fissure. 2% diltiazem ointment with 1.5% lidocaine was in phase 2 and 0.3% Nifedipine ointment with 1.5% lidocaine was in the phase 3 of clinical trial. The estimated date of completion was December 2021.

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Key Market Takeaways:

The global lidocaine ointment market is expected to exhibit a CAGR of 7.7% during the forecast period. Due to the increasing approval of new drug for lidocaine ointment formulation. For instance, in October 2019, SunGen pharma, a pharmaceutical company, announced it had received the U.S. Food and Drug Administration (FDA) approval for Lidocaine Ointment USP, 5%, Package size 1 ½ oz. tube (35.44 g). This drug product is used for the production of anesthesia of accessible mucous membranes of the oropharynx.

Among formulation type, the internal use segment is dominant. Lidocaine ointment is used for various purposes such as sun burn and minor cut. Thus, the increasing use of lidocaine ointment is expected to drive the segment growth over the forecast period. For instance, in January 2022, according to an article published by Memorial Sloan Kettering Cancer Center, lidocaine ointment was utilized for the treatment of diseases such as rectal irritation and nerve disease.

On the basis of distribution channel, the hospital pharmacies segment is expected to hold a dominant position over the forecast period. In July 2022, according to data provided by Sista, a company providing market and consumer data, the number of U.S. hospital pharmacies increased from 224,000 in 2001 to over 315,000 in 2020.

Competitive Landscape:

Key players operating in the global lidocaine ointment market include Glenmark Pharmaceuticals U.S. Inc., Teligent Inc., Taro Pharmaceutical Industries Ltd., CENTURA PHARMACEUTICALS INC., Neon Laboratories Ltd., ASTRAZENECA CANADA INC., Novocol Pharma, Amneal Pharmaceuticals LLC., Alembic Pharmaceuticals Limited, Ascend Laboratories LLC, Liberty Pharmaceuticals, Inc., Hi-Tech Pharmaceuticals, Aspen Pharmacare Australia Pty Ltd., Sandoz AG, Zydus Healthcare Limited., Quagen Pharmaceuticals, Zuche Pharmaceuticals Private Limited., and SEPTODONT, Inc.

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Market Segmentation:

Global Lidocaine Ointment Market, By Formulation:

Internal Use

Topical Use

Global Lidocaine Ointment Market, By Age Group:

Children

Adult

Global Lidocaine Ointment Market By Application:

Insect Bite

Sun Burn

Minor Cut

Mouth Sore

Others

Global Lidocaine Ointment Market By Distribution Channel:

Hospital Pharmacies

Retail Pharmacies

Online Pharmacies

Global Lidocaine Ointment Market, By Region:

North America

By Country:

U.S.

Canada

Latin America

By Country:

Brazil

Mexico

Argentina

Rest of Latin America

Europe

By Country:

Germany

U.K.

France

Italy

Spain

Russia

Rest of Europe

Asia Pacific

By Country:

China

India

Japan

ASEAN

Australia

South Korea

Rest of Asia Pacific

Middle East

By Country:

GCC

Israel

Rest of Middle East

Africa

By Country/Region:

South Africa

Central Africa

North Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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