Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a cooked research report on the Global Lidocaine Market.
The global lidocaine market is expected to register a CAGR of 8.40 % during the forecast period and is anticipated to account for a market value of USD 1,476.09 million by 2021. Lidocaine is a local anesthetic and cardiac depressant which is used as an antiarrhythmic agent. The growing geriatric population, increasing application of lidocaine in several dental procedures, and rising incidence of dental caries and other periodontal diseases are expected to propel the growth of the global lidocaine market over the forecast period.
The rising adoption of the lidocaine formulations such as lidocaine ointment in various cosmetic procedures such as laser surgery, soft tissue augmentation, among others for pain relief is anticipated to fuel the market growth. Similarly, increasing disposable income in developing countries and increase in awareness of preventive healthcare among the population are anticipated to boost the market growth. On the other hand, strict regulatory policies may hamper the growth of the market during the assessment period.
The global lidocaine market has been segmented into formulation, application, and distribution channel. On the basis of formulation, the lidocaine market can be segmented into injections, creams, ointments, gels, aerosol liquids, and others. Based on application, the global lidocaine market has been segmented into dentistry, cardiac arrhythmia, epilepsy, cosmetics, and others. The lidocaine market on the basis of distribution channel has segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment is accounted for a market value of USD 596.76 million in 2017.
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Geographically, the Americas is expected to dominate the global lidocaine market. The market growth in the region is due to the growing number of surgeries, increasing R&D activities and rising demand for lidocaine formulations in dental and cosmetic procedures. Europe showed a significant amount of growth in the market owing to the increasing adoption of lidocaine injections as local anesthetics during the surgeries and huge patient population. As per MRFR analysis, the UK accounted for a market share of 25.8% in the Europe lidocaine market in 2017. Asia-Pacific is anticipated to be the fastest growing region in the market and expected to grow with a CAGR of 9.21% over the forecasted period. The market growth in the region is due to the rising number of cosmetic procedures, dental procedures, and plastic surgeries. On the other hand, the Middle East & Africa has the least share of the global lidocaine market due to the low disposable income and poorly developed healthcare infrastructure, especially in the African region.
Key Findings of the Study
This research report provides insights, on various levels of analysis such as industry analysis, market share analysis, leading market players, and their profiles. This report also helps in studying the target segments by providing views on emerging and high-growth segments and market conclusion. Together the market data comprises and discusses basic assessments on the competitive scenarios and strategies of the global lidocaine market, including the high-growth regions and their political, economic, and technological environments. Furthermore, the project report also provides views over historical market values as well as, pricing and cost analysis of the same.