Lidocaine Patches Market Growing Application in Pain Management Drives Growth

 

Lidocaine Patches Market


Lidocaine patches provide pain relief to patients suffering from post-herpetic neuralgia (PHN), also known as shingles pain, and other neuropathic pain conditions. Lidocaine patches work by delivering numbing agent lidocaine through the skin directly to the skin and nerves where it is needed. This reduces pain signals from being sent to the brain without circulating through the bloodstream and causing systemic side effects.

The global lidocaine patches market is estimated to be valued at US$ 6.47 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased research collaborations between market players: Lidocaine patches market has witnessed increased focus on research collaborations and partnerships between market players. For instance, in 2021, Durect Corporation and CASI Pharmaceuticals, Inc. announced a licensing agreement and strategic collaboration to develop and commercialize DURECT's SABER-Lidocaine depot technology for long-acting pain relief in China. Such collaborations help companies to develop advanced lidocaine patch products and gain increased market share. This is aiding the growth of the overall lidocaine patches market.

Segment Analysis
The global lidocaine patches market is dominated by lidocaine patch 5%. This segment holds more than 50% market share as lidocaine patch 5% is highly effective in treating post-herpetic neuralgia. It is approved by regulatory authorities for back pain, joint pain and neuropathic pain reducing stimulation of pain receptors.

Key Takeaways
The global lidocaine patches market is expected to witness high growth. Global Lidocaine Patches Market Size is projected to increase from US$ 6.47 Bn in 2024 to US$ 12.31 Bn by 2031, registering a CAGR of 10% during the forecast period.

Regional analysis: North America region currently dominates the global lidocaine patches market. Higher prevalence of nerve pain disorders and presence of leading manufacturers in the US and Canada are driving the market growth. However, Asia Pacific region is expected to offer lucrative opportunities due to rising geriatric population suffering from joint pain and neuropathic conditions.

Key players operating in the lidocaine patches market are Tilray,Canopy Growth Corporation,Aurora Cannabis,Aphria,Cronos Group.These companies are investing in R&D to develop advanced patches with lower lidocaine concentration for pediatric use and enhanced permeation rate for faster pain relief.

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