April 13, 2024
Cetirizine Hydrochloride Market

Cetirizine Hydrochloride Market Is Estimated To Witness High Growth Owing To Wide Range Of Applications In Pharmaceutical Industry

The cetirizine hydrochloride market has witnessed significant growth over the past few years owing to the wide range of applications of cetirizine hydrochloride in the pharmaceutical industry. Cetirizine hydrochloride is an antihistamine used for treating hay fever, hives, and other allergies. It helps relieve symptoms of seasonal and perennial allergic rhinitis, including sneezing, itching, runny nose, and red, itchy, watery eyes. Cetirizine hydrochloride is available over-the-counter in the forms of tablets and syrups and is usually used to temporarily relieve symptoms of hay fever and other upper respiratory allergies.

The Global cetirizine hydrochloride market is estimated to be valued at US$ 1486.04 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the cetirizine hydrochloride market are F. Hoffmann-La Roche Ltd., Amgen, Inc., Pfizer, Inc., GSK plc., Bristol-Myers Squibb Company, Abbott, AstraZeneca, Eli Lilly and Company, Gilead Sciences, Inc., and Johnson & Johnson Services, Inc. The increasing prevalence of allergic diseases and growing awareness regarding the available treatment options represent a major opportunity for players in the market. Technological advancements in drug delivery systems to achieve controlled and sustained release of cetirizine hydrochloride are expected to support the market growth over the forecast period.

Market drivers
The rising prevalence of allergic rhinitis and other allergic disorders globally is a key factor driving the growth of the cetirizine hydrochloride market. According to a report by the World Allergy Organization, allergic rhinitis affected approximately 600 million people worldwide in 2020. The increasing healthcare expenditure and economic development in emerging markets will support improved access to treatment, supplementing market growth. Growing awareness regarding new treatment options available for allergies among people will further propel the demand for cetirizine hydrochloride drugs over the next few years.

Current Challenges in Cetirizine Hydrochloride Market

The Cetirizine Hydrochloride Market Growth is facing few challenges currently which includes patent expiration of few blockbuster drugs, increasing generic competition and supply and demand fluctuations. Patent expiration of major drugs will increase the availability of low-cost generic versions in the market thereby intensifies competition. This can impact the market value and growth of innovator brands significantly. Further, global supply chain disruptions due to COVID-19 pandemic temporarily impacted the production and supply of cetirizine hydrochloride. The demand and supply balance in the market was distorted for few months. However, the industry is recovering from pandemic effects currently.

SWOT Analysis

Strength: Wide application for treating allergic disorders makes it one of the most prescribed antihistamine. Availability in generic and brand versions increase access and affordability.
Weakness: Increased generic competition is reducing prices and can impact sales of innovator brands. Supply chain disruptions can temporarily affect availability.
Opportunity: Developing economies and rural regions provide untapped growth potential. Novel drug delivery systems and fixed dose combinations with other drugs offer new opportunities.
Threats: Patent expiration of blockbuster brands facilitates entry of many generic manufacturers. Stringent regulations for approval of new branded products.

Geographical Regions

North America region currently holds the major share of over 30% in the global cetirizine hydrochloride market in terms of value due to well-established healthcare infrastructure and high treatment rates of allergic disorders. Asia Pacific region is anticipated to witness the fastest growth during the forecast period owing to rising incomes, increasing health awareness and access to healthcare in emerging countries like India and China.

The European region also captures a significant value share currently attributed to growing adoption of OTC cetirizine formulations particularly in the UK, Germany, France and Italy for self-medication of cold, allergies and rashes. However, demand is moderately growing in developed markets due to maturity.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it