Global BenzocaineMarket, by Purity (95%, 98%, and Others), by Indication (Skin Irritation,Wounds, Ulcers, Hemorrhoids, and Others), and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa), is estimated to bevalued at US$ 128.9 million in 2020 and is expected to exhibit a CAGR of 2.70 %over the forecast period (2020-2027), as highlighted in a new report publishedby Coherent Market Insights.
The global benzocaine market isexpected to witness significant growth, as key companies are focusing onproduct launches and product approvals. For instance, in 2016, Randob Labs, Ltdlaunched Fire Out, a new roll-on that provides instant pain relief fromdifferent types of insect stings. Fire out roll is a combination of benzocaineand methanol active pharmaceutical ingredients, which is used for relievingpain and itching caused due to fire ant stings, and other insects bites.
Moreover, rising prevalence ofsexual disorders in men such as premature ejaculation are driving growth of theglobal benzocaine market, as benzocaine drugs are used for the treatment ofpremature ejaculation in males. According to the American Urological Association(AUA) report published in 2017, premature ejaculation is the most common formof male sexual dysfunction, affecting approximately one out of 3 males of agebetween 18 to 59 in the U.S.
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Global Benzocaine Market – Impactof Coronavirus (Covid-19)
The COVID-19 pandemic hasdrastically affected each and every market across the globe and it is expectedto affect the global benzocaine market as well
The outbreak of COVID-19 pandemichas affected the import and export of active pharmaceutical ingredients.Therefore, governments of various countries are taking initiatives to promotelocal domestic pharmaceutical ingredient manufacture to reduce the countrydependence on imports from various countries.
For instance, according to PressInformation Bureau (PIB) India, in September 2020, the Government of Indiaformed an inter-ministerial committee to address the impact of COVID-19 onimport and manufacturing of bulk pharmaceutical ingredients and initiated twonew government schemes, Production Linked Incentive (PLI) scheme and scheme forPromotion of Bulk Drug Parks, granting benefits for domestic bulk manufactureof API and reducing the country’s dependency on import of active pharmaceuticalingredients during the COVID-19outbreak.
Browse 33 Market Data Tables and32 Figures spread through 175 Pages and in-depth TOC on “Global BenzocaineMarket, by Purity (95%, 98%, and Others), by Indication (Skin Irritation,Wounds, Ulcers, Hemorrhoids, and Others), and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa)
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The market is expected to gain significantgrowth during the forecast period, as various key companies are focusing onresearch and development of benzocaine drugs due to its analgesic andantipyretic properties. For instance, in 2018, Janssen Pharmaceutica N.V.announced the completion of phase 3 trials on efficacy and safety of aBenzocaine Lozenge for the treatment of sore throat in adults.
Key Takeaways of the GlobalBenzocaine Market:
The global benzocaine market isexpected to exhibit a CAGR of 2.70 % over the forecast period, owing toincreasing prevalence of sexual disorders in males and key companies focusingon product launches
Among indication, the ulcerssegment is estimated to hold a dominant position in the benzocaine market in2020, owing to increasing prevalence of oral and esophageal ulcers in adults
Key players operating in theglobal benzocaine market include TCI Chemicals (India) Pvt. Ltd, Merck KGaA,ACETO Corporation, Alfa Aesar, Penta International Corporation, abcr GmbH,Indofine Chemical Co Inc, Jinzhou Jiutai Pharmaceutical Co., Ltd, ChangzhouSunlight Pharmaceutical Raw Material Co., Ltd, Fengchen Group Co., Ltd, andMahendra Chemicals
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