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.
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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Global Lidocaine Ointment Market, By Formulation:
Global Lidocaine Ointment Market, By Age Group:
Global Lidocaine Ointment Market By Application:
Global Lidocaine Ointment Market By Distribution Channel:
Global Lidocaine Ointment Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
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