by The Cetirizine Hydrochloride Market is estimated to be valued at US$ 1289.96 Mn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cetirizine hydrochloride is an antihistamine drug that helps in relieving the symptoms of seasonal allergies or hay fever such as sneezing, itchy/watery eyes, nose or throat. It works by blocking a natural chemical in the body called histamine that causes allergy symptoms. Cetirizine hydrochloride is available in tablet or syrup form without prescription for treatment of allergic conditions such as hay fever, urticaria and allergy symptoms.
Market Dynamics:
One of the key drivers propelling growth of the cetirizine hydrochloride market is increasing prevalence of various allergic diseases globally. According to World Allergy Organization, allergic rhinitis affects around 30% people worldwide every year. Growing pollution levels and change in climate are primary reasons for rise in allergic diseases. Additionally, online sales platforms is also fueling growth of the market. Availability of cetirizine hydrochloride products on various e-commerce websites with attractive discounts and offers is encouraging more people to purchase drugs online rather than visiting medical stores. However, availability of alternative treatment options is a major challenge for cetirizine hydrochloride market. Some patients opt for herbal or homeopathic remedies to treat allergies instead of conventional allopathic drugs.
Segment Analysis
The global cetirizine hydrochloride market is dominated by the oral solution sub-segment due to its ease of administration and absorption. Cetirizine hydrochloride is available in the form of tablets and oral solution, however, the oral solution sub-segment holds a major market share owing to better patient compliance. The oral solution is preferred for pediatric use as young children find it difficult to swallow tablets.
PEST Analysis
Political: Governments across various countries are supporting research and development activities in the pharmaceutical sector through funding. This is boosting innovation and new drug development.
Economic: Rising disposable income levels have increased healthcare spending globally. This growing healthcare expenditure is having a positive impact on the cetirizine hydrochloride market.
Social: Growing allergy cases worldwide due to changing environmental conditions and pollution is creating high demand for anti-allergy drugs like cetirizine hydrochloride.
Technological: Advancements in drug delivery technologies are leading to development of new formulations like orally disintegrating tablets for better patient convenience.
Key Takeaways
The global cetirizine hydrochloride market is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing pollution levels triggering allergies.
Regional analysis: Asia Pacific holds the major share in the global cetirizine hydrochloride market and is expected to witness the fastest growth during the forecast period. Increasing healthcare spending along with high prevalence of allergic diseases like asthma is driving market growth in the region.
Key players analysis: Key players operating in the cetirizine hydrochloride market are J & J, UCB Pharma, GSK, Teva, HUAPONT Pharm, Sun Pharma, Hunan Jiudian Pharm, Lunan Pharma, Mylan, Apotex, Jubilant Life Sciences, HAILISHENG. These players are focusing on new product launches and geographic expansion to consolidate their market position. For instance, in 2021, Teva launched a generic version of Cetirizine Hydrochloride oral solution in the US market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
