by Lidocaine patches are transdermal patches that contain lidocaine, a local anesthetic which is used to relieve pain locally. They are used for the treatment of post-herpetic neuralgia (PHN), which is a complication of shingles. The condition causes severe neuropathic pain along the dermatome that was affected by the shingles. Lidocaine patches provide pain relief by blocking sodium channels in nerve fibers, preventing the conduction of pain signals.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of post-herpetic neuralgia is a major factor contributing to the growth of the lidocaine patches market. According to the estimates of Centers for Disease Control and Prevention, approximately 1 million Americans suffer from post-herpetic neuralgia annually. Lidocaine patches provide non-invasive, localized pain relief to these patients and are preferred over oral analgesics which can have systemic side effects. Their ease of application and controlled drug delivery has further increased the adoption of lidocaine patches for treatment of PHN. With an aging global population at high risk of developing herpes zoster and post-herpetic neuralgia, the lidocaine patches market is expected to experience significant growth over the forecast period.
SWOT Analysis
Strength: Lidocaine patches provide localized pain relief and have fewer systemic side effects compared to oral pain medications. They are also easy to apply and remove.
Weakness: Lidocaine patches have a limited duration of pain relief, usually lasting up to 12 hours. Their effectiveness can also vary depending on the cause and location of pain.
Opportunity: The aging population is driving demand for alternative pain treatments. Lidocaine patches are particularly suitable for elderly patients who are at higher risk of side effects from oral medications.
Threats: Increased attention on the opioid crisis is leading some users to seek alternatives like lidocaine patches. However, regulatory scrutiny surrounding prescription drugs remains a challenge.
Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America currently dominates due to the aging population and prevalence of chronic pain conditions. However, Asia Pacific is poised to emerge as the fastest growing regional market due to improved access to healthcare.
Key players operating in the lidocaine patches market are Tilray, Canopy Growth Corporation, Aurora Cannabis, Aphria, Cronos Group, Acreage Holdings, MedMen Enterprises, Curaleaf Holdings, Trulieve Cannabis Corporation, and Organigram Holdings. These companies are engaging in new product launches, partnerships, and regional expansions to solidify their presence and leverage growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
