Lidocaine ointment is widely used as a topical local anesthetic for relief from pain associated with minor burns, skin irritations, and sunburn. It helps treat nerve pain, act as an anesthetic for procedures like minor surgeries, dental work, and dermatological procedures by temporarily blocking sodium ion channels, preventing the generation and conduction of nerve impulses. The ointment provides cooling and soothing sensations and finds applications in treating cold sores, herpes, shingles, joint & muscle pain, post-herpetic neuralgia, and other dermatological conditions.
The global Lidocaine ointment market is estimated to be valued at US$ 1,275.2 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rising prevalence of conditions like arthritis, cancer, and post-surgical pain is driving demand for effective pain management solutions. Lidocaine ointment has shown great potential in alleviating various kinds of localized pains through its topical anesthetic properties. Its widespread availability without a prescription and cost benefits have made it a preferred choice over many prescription medications. Additionally, ointments lead in patient adherence over other dosage forms due to ease of use. With growing geriatric population prone to arthritis and limited side effects, lidocaine ointments promise lucrative opportunities for manufacturers over the forecast period.
Porter’s Analysis
Threat of new entrants: Entry into lidocaine ointment market requires specialized facilities and regulatory compliances. This represents entry barriers and lowers threat of new entrants.
Bargaining power of buyers: Lidocaine ointment has applications in dermatology and cosmetics. Presence of substitutes and requirement in bulk lower bargaining power of individual buyers.
Bargaining power of suppliers: Key raw materials include lidocaine and ointment bases. Availability of substitute materials and inputs from multiple suppliers reduces suppliers' bargaining power.
Threat of new substitutes: Alternatives include other anesthetics and analgesics but none match lidocaine's potency, price and performance in topical applications. Threat of substitutes is moderate.
Competitive rivalry: Market is dominated by large generics makers. Intense competition on pricing keeps rivalry high.
SWOT Analysis
Strength: Well established uses, regulatory approvals and brand recognition. Effective for localized pain relief without systemic side effects.
Weakness: Sensitive to temperature and light exposure. Ointment base may cause skin irritation in some.
Opportunity: Growing geriatric population and cases of minor injuries/aches create new demand. Untapped potential in cosmetic industry for skin numbing.
Threats: Price erosion due to competition. Slow market growth if new applications or delivery formats are not identified.
Key Takeaways
The global lidocaine ointment market is expected to witness high growth.
North America dominates the market currently due to developed healthcare infrastructure and higher awareness. However, Asia Pacific is expected to grow at the fastest pace given the rising medical tourism, rapidly improving access to healthcare facilities and growing population.
Key players operating in the lidocaine ointment market are 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.
