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| Global Lidocaine Patches Market Size |
Lidocaine patches are used to treat ongoing pain caused by shingles or joint pain.
They work by blocking nerve signals and reducing sensation of pain when placed
on the skin above the area where the pain is occurring. Lidocaine patches
provide effective relief from postherpetic neuralgia, which is chronic nerve
pain caused by shingles, and also reduces joint pain associated with conditions
like arthritis.
The global
Lidocaine Patches Market is estimated to be valued at US$ 5.61 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing prevalence of neuropathic pain and arthritis is a primary factor
driving the growth of the lidocaine patches market. Neuropathic pain affects
around 7-10% of the population globally and requires long-term treatment with
pain-relieving medications or therapies. Similarly, arthritis which causes
joint pain affects over 300 million people worldwide. Lidocaine patches provide
effective and convenient pain relief for such conditions without the side
effects of oral medications. The ease of use of lidocaine patches and the fact
that they deliver pain relief locally at the site of pain has increased their
demand over topical creams or oral drugs. Rising awareness among patients and
physicians about alternative pain management options also contributes to the
growing adoption of lidocaine patches. Innovation in patch formulation and
technology to improve patch adhesion and drug delivery is another key trend in
the market.
Segment Analysis
The global Lidocaine patches market is segmented by product type into fixed
combinations and monotherapy. Among these, the monotherapy segment holds a
major share owing to the high preference for monotherapy patches among
consumers and healthcare professionals for local pain relief and management.
Key Takeaways
The Global
Lidocaine Patches Market Size is expected to witness high growth over
the forecast period of 2023 to 2030. The global Lidocaine Patches Market is
estimated to be valued at US$ 5.61 Mn
in 2023 and is expected to exhibit a CAGR
of 4.0% over the forecast period 2023 to 2030.
Regional analysis
North
America dominates the global market currently and is expected to continue its
dominance over the forecast period. This is attributed to the rising prevalence
of chronic pain disorders such as lumbar pain, joint pain, and post-herpetic
neuralgia in the region. Additionally, favorable reimbursement policies for
lidocaine patches in the US and Canada are also contributing to market growth.
Key players:
Key players operating in the Lidocaine patches market are Avery Dennison
Corporation, CCL Industries Inc., Multi-Color Corporation, UPM Raflatac, 3M
Company, Brady Corporation, RR Donnelley & Sons Company, Mondi Group, WS
Packaging Group, Inc., Constantia Flexibles Group, Fuji Seal International,
Inc., Consolidated Label Co., Resource Label Group, LLC, Inland Label &
Marketing Services, LLC, Fort Dearborn Company. 3M Company is a dominant player
in the market due to its wide product portfolio and global market presence. The
company offers various lidocaine patch products under the brand name
"Lidoderm" for pain relief.
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