Lidocaine Patches Market Therapeutics 2021: Top Company Profiles Global Size, Global Opportunity, Demand and Competitive Share Analysis Till 2026
SEATTLE, April 01, 2021, (PHARMIWEB) — Lidocaine is an aminoethylamide local and topical anesthetic medication, which caused numbness or loss of sensation in the area of application and is mainly used to relive pain by blocking the voltage-gated sodium channels of nerve membranes, thereby preventing the generation and conduction of nerve impulses and providing analgesic relief. Lidocaine patch 5% comprises a soft, stretchy adhesive patch containing 5% lidocaine for the topical treatment of pain associated with Post Herpetic Neuralgia (PHN). The first FDA approved transdermal lidocaine patch was Lidoderm, in 1999, by Endo Pharmaceuticals Inc. Moreover, rising incidence of neck pain and back pain is the major factors fueling the growth of the market. On the other hand, availability of alternatives for the pain management such as other pain killer drugs are expected to hamper the growth of the lidocaine patches market growth.
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Lidocaine Patches Market Dynamics
Growing number of generic approved product in the market are expected to augment the lidocaine patches market growth. Patent expiry of Endo Pharmaceuticals for Lidoderm is expected to offer lucrative growth opportunity for market players to develop generic version of the lidocaine patch. For instance, in 2015, Mylan Pharmaceuticals, Inc., launched the generic version of Endo Pharmaceutical’s Lidoderm in the U.S. market. In 2014, Galen US Incorporated receive FDA approval for Synera, lidocaine and tetracaine topical patch for domestic use. Moreover, companies are introducing advanced technologies in lidocaine patches in order to maintain leading position in market, For instance, in 2016, Gregory Pharmaceutical Holdings, Inc. launched Lidocare, which is first and only patch that is water-free. Lidocare is the new over-the-counter/non-prescription lidocaine pain patch and the technology is under the patenting process. In February 2018, Sorrento Therapeutics, Inc., a subsidiary of Scilex Pharmaceuticals Inc., received U.S. FDA approval for ZTlido 1.8%, with the company’s proprietary adhesion technology. Furthermore, companies are also working on clinical trials for expanding the application of lidocaine patch for disease and conditions such as Endo Pharmaceuticals, Inc., is conducting clinical trial for the use of lidocaine patch in osteoarthritis, chronic lower back pains, Carpal Tunnel Syndrome etc.
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Rising incidence of the shingles is projected to fuel growth of the lidocaine patches market over the forecast period. Shingles, also known as herpes zoster, which cause chronic pain known as Post Herpetic Neuralgia (PHN) and it can be relieved by applying lidocaine patches. According to Centers for Disease Control and Prevention (CDC), January 2018, an estimated one third of the total U.S. population develops shingles during their lifetime, which suggests nearly 1 million Americans experiences shingles infection annually. Furthermore, CDC estimated that around 10 to 15% people with shingles infection experience PHN.
Lidocaine Patches Market – Regional Analysis
Regional segmentation of lidocaine patches market by Coherent Market Insights includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America lidocaine patches market holds dominant position, and this can be attributed to rising number of product launches by the regional players and increasing strategic collaborations among market players to introduce their product in regional market. For instance, Galen’s acquisition of Synera patch, a product of Nuvo Research, to commercialize the product in U.S. lidocaine patches market. Furthermore, favorable reimbursement policies in North America for lidocaine patch are supporting the market growth. At the same time, Asia Pacific Lidocaine Patches Market is expected to witness fast growth attributed to increasing incidence of herpes zoster in these region and lack of preventive vaccination against projected to boost the lidocaine patches market growth.
Lidocaine Patches Market – Competitive Analysis
This market is highly fragmented, with the presence of Mylan Pharmaceuticals Inc., Endo Pharmaceutical Inc., Teva Pharmaceutical, Inc., Teikoku Pharma USA, Hisamitsu Pharmaceuticals Co. Inc., Galen US Inc., Sorrento Therapeutics, Inc. and Actavis Labs UT Inc. market players.
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Moreover, manufacturers are focused on acquisition of complementary companies to enter the market with advanced products in lidocaine patches. For instance, in 2013, Galen entered into a product acquisition and license agreement with Nuvo Research Inc. pharmaceutical company dedicated to building a portfolio of products for the topical treatment of pain. Acquisition offers exclusive rights to market and sell Nuvo’s Synera patch throughout the U.S. for its current indication. Under these agreement Nuvo Research Inc. will receive royalties of 10% of net sales.
Lidocaine Patches Market Taxonomy
Based on strength of active ingredient:
Based on adhesive material:
Based on application:
- Back Pain
- Neck Pain
- Shoulder Pain
- Knees & Elbow Pain
Based on end user:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Based on region:
- North America
- Latin America
- Asia Pacific
- Middle East
Table of Content
Global Lidocaine Patches Market Research Report
Section 1: Global Lidocaine Patches Industry Overview
Section 2: Global Economic Impact on Lidocaine Patches Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Lidocaine Patches Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Lidocaine Patches Market Forecast
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