The Asia Pacific Lidocaine Ointment Market size was valued at USD 291.52 Million and is projected to reach USD 472.91 Million by 2027, to grow at a healthy CAGR of 10.16% from 2022 to 2027.
Lidocaine topical in ointment form reduces pain or discomfort caused by various conditions, namely eczema, sunburn, atopic dermatitis, insect bites, poison ivy, piles, minor cuts, and burns, etc. The growth of the APAC lidocaine ointment market is attributed to several favorable market parameters, including the rise in the prevalence of skin conditions and the growing population of elderly patients prone to more chronic health disorders such as hemorrhoids and periodontitis, among others. In addition, medical tourism is prevalent in APAC regions due to cheap healthcare costs, specialized doctors, and the availability of good medical facilities.
According to a 2018 report of statistics from the United Nations Population Fund, people aged 60 and over made up about 13.9% of the world's population that year. The report adds that the figure would increase by about 22% by 2050. Furthermore, with evolving pharmaceutical industries in the APAC region, the production of lidocaine ointment is significant and results in lower prices across the region. Successful production and distribution result in the broader reach of the products, which is expected to be a critical factor in the Asia-Pacific lidocaine ointment market.
Other fundamental factors contributing to the expansion of the market include the increasing incidence of dental caries, periodontics, and oral cancer in the region, high plastic/cosmetic surgeries rate, increasing soft tissue and laser surgeries are driving the market. The earliest estimate recorded by 1992 shows the high prevalence of periodontitis and poor periodontal health was estimated to be found in nearly 92% of residents aged 25 and over in the Kingdom of Saudi Arabia. The high prevalence of periodontitis in the African region follows clinical findings; the periodontitis prevalence was above 50%, especially in areas of Kenya and Tanzania during the year 2019.
Application of lidocaine ointment includes several side effects such as ulceration, drowsiness, confusion, tingling, vomiting, rigidity, and irregular heartbeat, especially when combined with epinephrine. Due to the large and over-expansion of pharmaceutical companies in the APAC regions, the pricing is not regulated. The presence of a vast production capacity has put pressure on the prices. Generics have captured most of the market, and the rise of counterfeit products has limited market growth.
This research report on the Asia Pacific Lidocaine Ointment Market segmented and sub-segmented into the following categories
Geographically, China lidocaine ointment market will account for a significant market share of 25% of the APAC lidocaine ointment market due to its large population, low production costs, and rapidly developing and expanding healthcare facilities. In 2019, China had a health expenditure of about 6.7% of the GDP, while in 2018, the numbers were at 6.5 %.
The increasing use of lidocaine ointment for veterinary, dental, and cosmetic surgeries is estimated to drive the future market, as China has increased healthcare awareness and excellent medical facilities. In addition, the significant unmet needs of populated countries such as Australia, China, and India are driving further growth of the lignocaine ointment market in the APAC regions.
The lidocaine ointment market is expected to be good in Bangladesh, Pakistan, Indonesia, and Thailand, mainly due to growing economic standards, higher unmet needs, faster healthcare facilities, and cheaper products. These factors are predicted to influence the market in these regions due to the low cost of raw materials and production rates. On the other hand, India is anticipated to grow reasonably due to less strict government regulations and an excellent medical tourism spot for foreigners.
KEY MARKET PLAYERS
Top Companies dominating the Asia Pacific Lidocaine Ointment Market Profiled in the Report are AstraZeneca Plc., Glenmark Pharmaceuticals, Teligent, Inc., Proficient Rx LP, ., Septodont Healthcare India Pvt. Ltd., Gemini Pharmaceuticals, Amneal Pharmaceuticals LLC, Taro Pharmaceuticals U.S.A. Inc., Novocol Inc. and Centura Pharmaceuticals, Inc.,
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