Lidocaine ointment, also known as topical lidocaine, is a local anesthetic which temporarily numbs the area of skin or mucous membrane where it is applied. It stops or reduces pain signals from being sent to the brain. Lidocaine ointment is used to provide temporary relief of pain associated with minor burns, skin irritations, insect bites, sunburn, anal fissures and other conditions.

The global lidocaine ointment market is estimated to be valued at US$ 1,275.2 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity: The increase in aging population and subsequently higher incidences of pain disorders will drive the lidocaine ointment market growth over the forecast period. As per the United Nations, by 2050 about 16% of the world's population will be aged 65 years or older. Further, according to Global Burden of Disease study in 2017, low back pain and neck pain collectively accounted for 603 million disabled people worldwide. The growing geriatric population susceptible to pain disorders will increase the demand for lidocaine ointment significantly. The other drivers include rise in number of surgeries performed globally each year, and increasing preference for topical drugs over oral pain medications due to better efficacy and less systemic side effects of the former.

Porter's Analysis
Threat of new entrants: The threat of new entrants is low as it requires high capital investment and intellectual property protection. Also, established key players dominate most of the market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like alternative ointments from other companies.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and differentiated products available in the market.
Threat of new substitutes: Threat of substitutes is moderate as brands keep developing newer formulations for improved results.
Competitive rivalry: Competition is high among the key established players like Glenmark Pharmaceuticals U.S. Inc., Teligent Inc., Taro Pharmaceutical Industries Ltd.

SWOT Analysis
Strength: Lidocaine ointment provides fast pain relief for minor skin injuries and surgeries. It has well established brand presence.
Weakness: Frequent new product launches by competitors. Need for heavy investments in R&D, marketing and brand awareness.
Opportunity: Expanding application scope in dentistry and dermatology. Growing demand in emerging markets of Asia Pacific and Latin America.
Threats: Stringent regulatory approvals and safety standards. Threat from cheaper generic formulations.

Key Takeaways
The global Lidocaine Ointment market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 1,275.2 Mn and projected to grow at a CAGR of 7.7% during the forecast period.

Regional analysis - North America currently dominates the global market due to growing cases of minor injuries and surgeries. However, Asia Pacific is expected to grow at fastest rate owing to rising medical tourism and healthcare infrastructure development in countries like China, India and South Korea.

Key players - Key players operating in the Lidocaine Ointment market are Glenmark Pharmaceuticals U.S. Inc., Teligent Inc., Taro Pharmaceutical Industries Ltd., CENTURA PHARMACEUTICALS INC., Neon Laboratories Ltd., ASTRAZENECA CANADA INC., Novocol Pharma, Amneal Pharmaceuticals LLC., Alembic Pharmaceuticals Limited, Ascend Laboratories LLC, Liberty Pharmaceuticals, Inc., Hi-Tech Pharmaceuticals, Aspen Pharmacare Australia Pty Ltd., Sandoz AG, Zydus Healthcare Limited., Quagen Pharmaceuticals, Zuche Pharmaceuticals Private Limited., and SEPTODONT, Inc. These players are focused on new product development and geographical expansion strategies to enhance their market presence.