Lidocaine Market Size

Lidocaine Market size was over USD 904.2 million in 2023 and is projected to exceed USD 1.76 billion by 2036, witnessing over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lidocaine is assessed at USD 942.54 million. The growth of the market can be attributed to the increase in the number of surgeries, and escalating demand for lidocaine formulations around the world. Along with these, surge in the prevalence of periodontal diseases, such as gingivitis and periodontitis, is expected to augment the sales of the product globally in the forthcoming years. According to the World Health Organization, as of 2020, oral diseases affect nearly 3.5 billion people worldwide. In addition, it is calculated that 2.3 billion people suffer from caries of permanent teeth. Rise in healthcare expenditure and growing population of the elderly across the globe are also crucial factors predicted to lead the expansion of market in the near future. Furthermore, massive investments in research and development in the pharmaceutical sector is projected to offer profitable opportunities to the market in the imminent time.