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 commonly used as an oral antihistamine for treating allergies and hay fever. It blocks a natural substance called histamine that your body makes during an allergic reaction. Cetirizine is an H1 receptor antagonist and works by inhibiting the action of histamine. This helps provide relief from sneezing, itching, watery eyes and runny nose. Cetirizine hydrochloride is available as capsules, tablets and syrup that can be taken by mouth. It is widely prescribed due to its effectiveness and minimal sedative side effects.
Market key trends:
The Asia Pacific region is expected to witness fastest growth in cetirizine hydrochloride market owing to increasing burden of allergic diseases such as asthma, allergic rhinitis and atopic dermatitis in the region. According to an article published in International Forum of Allergy & Rhinology in January 2019, the prevalence of allergic rhinitis in Asia Pacific countries ranges from 11.6% to 40%. This rising prevalence is majorly attributed to environmental pollution and lifestyle changes in the region. Additionally, development of generic versions of branded drugs by regional players in Asia Pacific, availability of over-the-counter cetirizine products and increasing per capita healthcare expenditure are some other factors driving growth of cetirizine hydrochloride market in Asia Pacific.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Cetirizine Hydrochloride Market requires significant investment in R&D for new drug development.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of generic drugs and availability of substitute drugs. Buyers can easily switch between brand and generic drugs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple suppliers in the market providing active pharmaceutical ingredients (APIs) for cetirizine production.
Threat of new substitutes: The threat of substitutes is high due to availability of other antihistamine drugs for allergic conditions in the market.
Competitive rivalry: The competitive rivalry is high among major players to gain higher market share through new product launches and geographic expansion.
Key Takeaways
The global Cetirizine Hydrochloride Market is expected to witness high growth at a CAGR of 3.0% over the forecast period due to increasing prevalence of allergic disorders worldwide.
The Asia Pacific region is expected to dominate the global market owing to large population base, growing per capita healthcare expenditure, and presence of key generic drug manufacturers in India and China. According to estimates, China accounts for over 50% of the global active pharmaceutical ingredients production.
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. Major players are focused on expanding their geographic presence through new product launches and strategic acquisitions to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it