April 16, 2024
Lidocaine Patches Market

Lidocaine Patches Market is Expected to driven by growing need for pain relief

Lidocaine patches are adhesive patches that contain an anesthetic called lidocaine. Lidocaine works by causing reversible numbness in small nerve fibers that transmit pain signals and is commonly used to treat post-herpetic neuralgia which is chronic nerve pain caused by shingles. An ageing population is more prone to nerve pain conditions like shingles as the body’s ability to fight the varicella-zoster virus that causes chickenpox and shingles declines with age. This has generated greater demand for pain relief products like lidocaine patches that provide localized and targeted pain relief without significant systemic side effects that are commonly associated with oral medications. The global lidocaine patch market also benefits from the non-invasive nature of patches which promotes compliance especially for patients who have difficulty swallowing pills.

The global Lidocaine Patch Market is estimated to be valued at US$ 5.61 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the lidocaine patches market is the introduction of new strengths and formulations by manufacturers. For example, Endo Pharmaceuticals Inc. launched Qutenza, the first prescription strength lidocaine patch approved by the FDA for treating neuropathic pain associated with post-herpetic neuralgia. Qutenza contains a much higher concentration of 8% lidocaine compared to over-the-counter patches which contain only 3-5% lidocaine. Higher concentrations allow for more effective pain relief. Manufacturers are also exploring alternate formulations and delivery mechanisms for lidocaine. For example, patches embedded with microneedles that allow transdermal delivery of lidocaine. This promotes better absorption of lidocaine into the skin and underlying tissues for targeted pain relief.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. Significant capital is required to enter the lidocaine patches market. Established players have strong brand recognition and large production capacities.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a variety of lidocaine patches brands to choose from. Buyers can also opt for generic alternatives which exert downward pressure on prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials such as lidocaine and patch materials have few substitutes and suppliers have some control over pricing. However, established players have robust supply chains to mitigate dependencies.

Threat of new substitutes: The threat of new substitutes is low. There are limited alternatives that provide targeted lidocaine delivery for pain relief. New substitutes require significant R&D investments to gain market recognition.

Competitive rivalry: The competitive rivalry is high. The lidocaine patches market is consolidated with few global players. Players compete based on product innovation, brand, and marketing. Private labels from pharmaceutical retailers further intensify competition.

Key Takeaways

The Global Lidocaine Patches Market Size is expected to witness high growth over the forecast period. The global Lidocaine Patch Market is estimated to be valued at US$ 5.61 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.

Geographically, North America is expected to dominate the market. The large base of neuropathic pain patients, favorable reimbursement policies, and presence of major players in the region contribute to its sizeable share. Asia Pacific is expected to be the fastest growing region for lidocaine patches attributed to rising healthcare expenditure, rapidly aging population, and growing incidence of diabetic neuropathy in countries like China and India.

Key players comprising:

Key players operating in the Lidocaine Patches market are Avery Dennison Corporation, CCL Industries Inc., Multi-Color Corporation, UPM Raflatac, 3M Company, Brady Corporation, RR Donnelley & Sons Company, Mondi Group, WS Packaging Group, Inc., Constantia Flexibles Group, Fuji Seal International, Inc., Consolidated Label Co., Resource Label Group, LLC, Inland Label & Marketing Services, LLC and Fort Dearborn Company. These companies have strong distribution networks and focus on new product launches to consolidate their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it