Lidocaine Hydrochloride Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The lidocaine hydrochloride market size is expected to record a CAGR of 4.1% during the forecast period. An increase in the number of surgical procedures performed across the world, including dental procedures, cosmetic surgeries, and plastic surgeries, is expected to promote growth. The global rise in chronic and acute pain related disorders and various benefits associated with lidocaine hydrochloride are some of the major factors driving the market growth.
A key trend observed in the market is a significant rise in the demand for post-operative pain relief options, on the heels of an increasing number of surgical procedures. This trend is likely to continue to positively influence the demand for lidocaine hydrochloride. As per the study of "Postoperative Pain Control", around 75% of patients who undergo surgery experience acute postoperative pain, which is often medium-high in severity, which further bolsters the overall growth.
Also, lidocaine patches are available for the treatment of chronic and acute pain. Owing to their safety profile and proven efficacy, lidocaine patches have been recommended as a first-line therapy for the treatment of neuropathic pain in older patients, as well as those suffering from shingles, and this is expected to boost the market growth during the forecast period. However, side effects, such as idiosyncrasy and hypersensitivity, may restrict the market.
North America is leading, owing to the presence of major market players. Increasing incidences of pain and pain-related disorders, coupled with the escalating prevalence of epilepsy and dental procedures in the United States, are among the factors driving the market in this region. This has been adding to the healthcare expenditures of the nations in the region. The incremental rise in the number of patients and increasing product cognizance and adoption have also been accelerating market growth in the region.
Asia-Pacific is expected to witness the fastest growth over the forecast period. The growth is attributed to the increasing volume of dental and cosmetic surgeries, advancements in surgical procedures, and growing use of lidocaine hydrochloride in post-operative pain management. Moreover, the expanding geriatric population is anticipated to drive the number of surgical procedures performed in the region, thereby promising growth over the forecast period.
The lidocaine hydrochloride market is consolidated and consists of a selective number of major players. Some of the key players include companies, such as Alanza Inc, Amphastar Pharmaceuticals, Inc., Cirondrugs, Mahendra Chemicals, Medexim India, Merck KGaA, Nortec Qumica, and Pfizer Inc. Investment for the development of effective and long-acting products with lesser adverse effects and improving geographical penetration through partnerships and collaborations are the key strategies adopted by the companies to increase their market shares.