Benzocaine Market size is forecast to reach $144 million by 2025, after growing at a CAGR of 2.7% during 2020-2025. Benzocaine is an effective numbing medicine used before surgical procedures. It blocks nerve signals from a specific part of the body to the brain. It is categorized as a local anesthetic medicine. It is used to reduce pain or discomfort caused by minor skin irritations, sore throat, sunburn, teething pain, vaginal or rectal irritation, ingrown toenails, hemorrhoids, and many other sources of minor pain on the body surface. Currently, due to COVID-19 pandemic, the Pharmaceutical industries and cosmetic sector have experienced huge loss due to shut down of production facilities, this tends to constrain the market growth.
By Application – Segment Analysis
Anesthetic segment includes the major share in the market. The growing demand of anesthetic in pharmaceuticals tends to increase the growth of the market. The demand for various anesthetics goes hand-in-handwith surgical procedures that are being performed. The application of anesthetic drugs in general surgeries are expected to continue to contribute significantly to the growth of the market. Hence with the increasing incidences of emergency surgeries, growing geriatric population, extensive usage of the drug, short-acting characteristic and a growing number of surgical procedures worldwide, are the major factors propelling the growth of the market.
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Geography – Segment Analysis
North America is dominating benzocaine market by region. The U.S benzocaine is the largest regional market in the world due to the growing demand of anesthetic. This market is driven by factors, such as the increasing number of surgeries, rising aging population with increasing chronic conditions, and advancements in anesthesia technologies. In addition, APAC is the second largest region due to growing cosmetic industry. The growing cosmetic ingredients production in APAC countries, specifically China, tends to increase the growth of the market.
Drivers – Benzocaine Acid Market
Growing demand of propofol anesthetic drug
Propofol is a common general anesthetic drug, and it is utilized for the starting and maintenance of general anesthesia, procedural sedation, etc. The drug has been used for a long time for various surgical procedures requiring anesthesia. Some of the companies who manufacture the propofol injections are Neon Laboratories Limited, Bharat Serums and Vaccines Limited, and Fresenius Kabi. The growing geriatric population, extensive usage of the drug, short-acting characteristic and a growing number of surgical procedures, tends to increase the growth of the market.
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Challenges – Benzocaine Acid Market
Regulations across the globe tends to constrain the growth of the market
According to FDA report, benzocaine contains a product that should not be used for the treatment of infants and children younger than 2 years. The FDA has found that the products delivered serious threats and has no benefit against treating sore gums in infants due to teething. Moreover, the FDA has warned the consumer against the use of benzocaine products. Therefore, restricted regulations against benzocaine are expected to hamper the growth of the market in the coming years.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Benzocaine Acid market. In 2019, the market of Benzocaine Acid has been consolidated by the top five players accounting for xx% of the share. Benzocaine Acid Market top 10 companies are Merck KGaA, Aceto Corporation, Alfa Aesar, Penta Manufacturing Company, Pure Chemistry Scientific, Oakwood Products, Indofine Chemical Company, Jiutai Pharmaceutial, Changzhou Sunlight Pharmaceutical, Energy Chemical, Jusheng, Changzhou Josen, and Eashu Pharmaceutical, among others.
The growing anesthetic in pharmaceuticals tends to increase the growth of the market. The key factors propelling the growth of this market are the increasing number of surgeries and new approvals of anesthetic drugs.
The increasing demand of pain killers among the consumers will increase the demand of benzocaine market in future. With the growing stress of people intake of pain killers is expected to increase with the increasing tensions and thus it will create a huge platform for the market in the near future.
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