Benzocaine belongs to a class of benzoic acid esters which is a topical anesthetic agent that acts by preventing the transmission of impulses along the nerve fibers and the nerve endings. It binds to sodium channels and reverses the stability of neuronal membranes which decreases its permeability to sodium ions. It is currently available as over the counter products (OTC), like gels, ointments, creams, etc.
Topical anesthesia is spearheading the clinical application segment for the benzocaine market. A significant increase in the number of individuals complaining about acute pain associated with dental problems, hemorrhoids, sunburns, etc. primarily drives the benzocaine market. According to the latest research information presented by the World Health Organization (WHO), the global prevalence rate associated with sunburns is 35.3%. Premature ejaculation will be garnering comfortable market growth during the forecast period owing to the rising prevalence of premature ejaculation worldwide. According to the latest statistics presented by the National Institute of Health (NIH), the prevalence rate associated with premature ejaculation is 19.5% across the globe. Certain condoms are manufactured using benzocaine in order to inhibit the sensitivity of the penis and prolong the erection time by delaying the ejaculation.
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Hospital pharmacy is currently leading the distribution channel segment for the benzocaine market. Mandatory drug compounding needs to be done in the presence of hospital pharmacists in order to prevent the occurrence of unwanted side effects associated with benzocaine drug formulations. It is expected that in the near future retail pharmacy will be showcasing exemplary market performance owing to the flourishing generic drugs market and ability to cater to medicinal requirements of households residing in the remote locations.
North America is reigning the geography segment for the benzocaine market. The rising prevalence of hemorrhoids primarily drives the benzocaine market growth in the region. As per the latest research citings provided by the Center for Disease Control and Prevention (CDC), approximately 50% of the population above the age of 50 years are suffering from hemorrhoids in the United States. The nurturing regulatory environment provided by the USFDA for the sale and distribution of benzocaine products further accentuates the market growth in the region. Europe is placed 2nd in the regional segment for the benzocaine market on account of the favorable reimbursement scenario associated with the use of benzocaine products in the region. The Asia Pacific is anticipated to be the fastest-growing regional segment for the benzocaine market on account of the rising prevalence of dental pain in the geriatric population and the flourishing generic drugs market.
Pharmaceutical manufacturers actively engaged in the production of benzocaine are Merck KGaA., Reckitt Benckiser Healthcare., Septodont., Henry Schein, Inc., Honeywell Safety Products USA, Inc., Glenmark Pharmaceuticals Ltd., Pfizer, Inc., Innovus Pharmaceuticals, Inc., Krka Pharma., and ICPA Health Product Ltd.
Key Market Movements:
Rising prevalence of acute pain worldwide
Affordable reimbursement associated with the use of benzocaine drug formulations
The nurturing regulatory environment provided by the regulatory agencies for the sale and distribution for benzocaine products accentuates the market growth