As cited by the research report titled ‘Global Lidocaine Market Size study, by Type (Powder, Gel, Cream), by Application (Cosmetics, Medicine) and Regional Forecasts 2020-2027’, available with Market Study Report, global lidocaine market was worth USD 893.23 million in 2019 and is projected to grow with a CAGR of 4.2% over 2020-2027 to accumulate USD 1225.76 million by the end of study duration.
 

Increasing prevalence of chronic diseases, growing geriatric populace, and rising cosmetic surgical procedures are the factors driving the growth of global lidocaine market.
 

As stated by National Center for Biotechnology Information, commonly, 49% of Indian and 33% of Chinese surveyed people of the age 50 or above were diagnosed with at least one chronic illness. Moreover, according to Statista, in Australia, the number of people suffering from asthma increased from 2013.5 thousand in 2005 to 2705.1 thousand in 2018.
 

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For the record, lidocaine, also called as lignocaine, is a provincial anesthetic of the amino amide type that helps in reducing sharp burning pains and discomfort caused by skin irritations like scratches, sumac, poison, minor cuts, sunburns, and insect bites. Owing to its anti-inflammatory and local painkiller properties, lidocaine is prevalently used in cosmetic procedures and dental surgeries.
 

According to the Victorian Cosmetic Institute, in Australia, the total number of cosmetic surgical procedures increased from 1,790,832 in 2017 to about 1,811,740 in 2018. In the same way, neck lifting surgeries in Australia rose to 53,571 in 2019 from 53,028 in 2018.
 

Based on type, global lidocaine market is divided into powder, cream, and gel. Speaking of applications, the marketplace is segmented into cosmetics, and medicine.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the major revenue generators for overall lidocaine industry valuation. Of these, North America is expected to be a major growth hub for the market over 2020-2027, owing to increase in demand for lidocaine formulations, coupled with presence of business giants in the region.
 

Whereas, Asia Pacific market is likely to showcase remunerative growth over the forecast period, on account of rising cosmetic and dental procedures, along with awareness related to lidocaine among doctors in the developing countries like India and china.
 

Major companies in worldwide lidocaine industry sphere include Ciron Drugs & Pharmaceuticals Pvt. Ltd., Mahendra Chemicals, SCILEX Pharmaceuticals Inc., The Merck Group, Pfizer Inc., Taro Pharmaceutical Industries Ltd., Centaur Pharmaceuticals Pvt. Ltd., Teligent Inc., AstraZeneca plc, and Amneal Pharmaceuticals Inc.