by The global 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 a second-generation antihistamine drug commonly used for treating allergies, rhinitis and angioedema. It acts as an inverse agonist at peripheral H1 receptor sites and provides relief from symptoms such as sneezing, itching, watery eyes and runny nose.
Market key trends:
One of the key trends in the cetirizine hydrochloride market is the higher demand for over-the-counter antihistamine drugs for self-medication of various symptoms like nasal congestion, runny nose and sneezing associated with seasonal allergies. Cetirizine hydrochloride is a non-sedating antihistamine and is popular as OTC drug choice worldwide for quick relief from allergy symptoms without causing drowsiness. Its wide availability without prescription and proven efficacy is driving strong repeat sales in the OTC drugs segment.
Market Key Trends:
The global Cetirizine Hydrochloride market is witnessing rising demand driven by increasing prevalence of allergic diseases globally. According to a report by World Allergy Organization, allergic rhinitis affected approximately 10-30% of the global population in 2018. Moreover, the market is witnessing increasing uptake of generic drug formulations owing to their cost effectiveness compared to branded drugs. Rising healthcare awareness is also fueling demand for anti-allergic drugs like Cetirizine Hydrochloride.
SWOT Analysis
Strengths: Cetirizine Hydrochloride is an effective and prescribed drug for treating allergies. It has less sedative effects compared to other antihistamines.
Weaknesses: The patent exclusivity period for the drug has expired allowing increased competition from generic drugs. It may cause dry mouth as a common side effect.
Opportunities: Rising global incidence of allergic diseases presents an opportunity for market expansion in new regional territories. There exists scope for developing new delivery formulations.
Threats: Entry of several generic versions erodes brand loyalty and affects pricing of established brands. Stringent regulations associated with drug approval processes.
Key Takeaways
The global Cetirizine Hydrochloride market size was valued at US$ 1289.96 Mn in 2023. The market is projected to grow at a CAGR of 3.0% during the forecast period of 2023 to 2030. The rising prevalence of allergic diseases globally is expected to drive the market growth.
Regional Analysis: North America accounted for the largest share of over 30% of the global Cetirizine Hydrochloride market in 2023 owing to high healthcare expenditure and availability of advanced treatment options. Asia Pacific is estimated to witness the fastest growth during the forecast period supported by the rising incidence of allergic rhinitis and increasing healthcare awareness in the region.
Key Players: Some of the prominent 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. The market is fragmented with the presence of several domestic generic drug manufacturers particularly in Asian and European countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
