The Lidocaine Patches Market is estimated to be valued at US$ 1,055.6 million in 2022 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Lidocaine patches are transdermal patches formulated with lidocaine, which is used to treat postherpetic neuralgia (PHN) and neuropathic pain associated with diabetes mellitus, cancer treatment and other conditions. These patches are easy to apply and do not require administration by healthcare professionals. The local anesthetic effects of lidocaine provide targeted pain relief and have minimal systemic absorption.

Market Dynamics:
Increasing prevalence of postherpetic neuralgia is expected to be a major driver for the lidocaine patches market over the forecast period. Postherpetic neuralgia (PHN) is a painful condition that affects nearly 1 in 5 patients who have had a shingles episode. The condition is characterized by persistent nerve pain after the shingles rash has healed. Lidocaine patches provide effective relief for PHN, reducing reliance on oral medications.
Additionally, the diabetic population is also rising rapidly globally, driving the demand for neuropathic pain relief options. According to International Diabetes Federation, approximately 537 million adults aged 20-79 years suffered from diabetes in 2021 worldwide. Neuropathic pain affects over 20% people with diabetes and lidocaine patches offer a convenient option for pain management.

Segment Analysis
The global lidocaine patches market is dominated by the prescription segment due to higher efficacy of prescription lidocaine patches for pain management. Prescription lidocaine patches such as lidocaine topical patch 5% offer faster and longer lasting pain relief for acute and chronic pain conditions like post-herpetic neuralgia as compared to over-the-counter patches.

PEST Analysis
Political: Regulations regarding clinical trials and approval process for new pain patches by regulatory bodies like FDA influence new product launches.
Economic: Rise in healthcare spending in emerging countries and growing disposable incomes drive market growth.
Social: Increasing incidence of neuropathic pain disorders due to aging population and lifestyle changes boosts demand.
Technological: Advancements in patch technology for controlled and long-lasting lidocaine delivery benefit market.

Key Takeaways
Global Lidocaine Patches Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing geriatric population worldwide more prone to neuropathic pain conditions.

North America dominates the market and is expected to remain the highest revenue generating region during the forecast period. High healthcare expenditure, presence of major players, and growing availability of advanced patches drive the regional market.

Europe holds the second largest position in the lidocaine patches market supported by rising incidence of diabetic neuropathy and post-herpetic neuralgia.

Key players operating in the lidocaine patches market are Endo International plc, Teva Pharmaceutical Industries Ltd, Viatris Inc. (Mylan N.V.), Teikoku Pharma USA, Inc., Hisamitsu Pharmaceuticals Co. Inc., Galen Limited, Sorrento Therapeutics, Inc., Amneal Pharmaceuticals, Inc., Rhodes Pharmaceuticals L.P., 6iPain Healthcare Private Limited, and Sanofi S.A. Major players focus on new product approvals and launches to strengthen their market position.
 

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