Demand Projected to Boost the growth of Cetirizine Hydrochloride Market
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.
Cetirizine hydrochloride is an antihistamine used for treating symptoms of seasonal allergies, itching, sneezing, and watery eyes. It works by blocking a natural substance called histamine that your body makes during an allergic reaction. Cetirizine hydrochloride comes as a tablet and syrup to take by mouth. It provides effective relief from symptoms of seasonal allergies with minimal side effects.
Increasing adoption of generic drugs is a major trend driving growth of the cetirizine hydrochloride market. Patent expiration of branded drugs increases availability of cost effective generic alternatives such as cetirizine hydrochloride, thereby improving treatment accessibility. For instance, expiration of patents of Zyrtec and Xyzal in 2021 is expected to boost generic drug sales and foster cetirizine hydrochloride market growth in the forecast period. Moreover, rising pollen counts and increasing pollution levels have led to rising incidence of allergies globally, fueling the need for effective antihistamine drugs like cetirizine hydrochloride.
The global cetirizine hydrochloride market is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing prevalence of allergic rhinitis and chronic urticaria worldwide.
Regional analysis fastest growing region is Asia Pacific due to rising pollution, allergies exacerbated by changing lifestyle in major countries like India and China. North America and Europe are also sizable markets though growth rates are anticipated to be moderate.
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, and HAILISHENG. Key players are focusing on new launches, approvals and strengthening generic drug portfolios through inorganic growth strategies to consolidate their market shares.
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