Lidocaine Hydrochloride Market Size

Lidocaine Hydrochloride Market Analysis

The lidocaine hydrochloride market size is expected to record a CAGR of 4.1% during the forecast period.

COVID-19 had an impact on the growth of the market during the pandemic period owing to the potential anesthetic and anti-inflammatory properties of lidocaine in COVID-19. For instance, according to the Springer article published in March 2021, it was proposed that nebulized lidocaine might be beneficial in reducing cytokines, protecting patient's lungs, and improving outcomes in COVID-19 patients when administered via inhalation as an adjunctive treatment for severe respiratory symptoms in patients fighting the novel coronavirus. Thus, the potential benefits of lidocaine hydrochloride in the treatment of COVID-19 patients had an impact on the growth of the market. Moreover, the relaxation of strict regulations on surgical procedures in the post-pandemic period and the resumption of services are expected to drive the demand for lidocaine hydrochloride, thereby boosting market growth over the forecast period.

The increase in the number of surgical procedures performed worldwide, including dental procedures, cosmetic surgeries, and plastic surgeries, is expected to promote growth owing to the vast anesthetic usage of lidocaine hydrochloride in the surgeries. In addition, the rise in chronic and acute pain-related disorders and various benefits associated with lidocaine hydrochloride are some of the major factors driving the market growth. For instance, as per the Aesthetics Society 2021 report, there were around 3.2 million aesthetic procedures performed in 2021 in the United States. Additionally, the prevalence of pain-related disorders such as epilepsy and heart arrhythmia among the global population is also one of the driving factors for the growth of the market owing to the anti-inflammatory and pain reduction properties of lidocaine hydrochloride. For instance, as per the WHO data published in February 2022, around 50 million people worldwide have epilepsy, and an estimated 5 million people are diagnosed with epilepsy each year. Furthermore, additionally, the NCBI article published in May 2021 mentioned that in Europe, prevalent atrial fibrillation cases were expected to reach 14 million by 2060. Such prevalence of target diseases among the global population is expected to drive the growth of the studied market over the forecast period.

Additionally, the rising product launches by various market players are also expected to contribute to the growth of the market over the forecast period. For instance, in April 2022, Alembic Pharmaceuticals, wholly-owned Aleor Dermaceuticals, received final approval from the United States Food and Drug Administration for Lidocaine for use on normal intact skin for local analgesia and genital mucous membranes for superficial minor surgery. Further, owing to their safety profile and proven efficacy, lidocaine patches have been recommended as first-line therapy for the treatment of neuropathic pain in older patients, as well as those suffering from shingles, and this is expected to boost the market growth during the forecast period. Therefore, due to the aforementioned factors, the lidocaine hydrochloride market is expected to grow over the forecast period. However, the risk associated with lidocaine hydrochloride is expected to restrain the growth of the market during the forecast period.