The global cetirizine hydrochloride market Growth Accelerated by Increasing Disease Prevalence

Cetirizine hydrochloride is an antihistamine used for treating seasonal allergic rhinitis and perennial allergic rhinitis. It blocks the action of histamine, which is released in the body after exposure to substances that trigger allergy or asthma, such as pollen, pet fur or mold. Demand for cetirizine hydrochloride is rising owing to the increasing incidence of allergies and asthma around the world. The increasing air pollution levels and change in climate patterns have made allergies more prevalent globally.

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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends fuelling growth in the cetirizine hydrochloride market size is rising healthcare expenditure in developing nations. According to the data by the World Bank, healthcare spending as a percentage of GDP rose significantly in BRICS and emerging Asian countries between 2010 to 2018. Increased focus on prevention and treatment of chronic ailments like allergies has resulted in higher spending on specialty drugs like cetirizine hydrochloride tablets and syrups. Furthermore, growing penetration of medical insurance is also supporting the uptake of cetirizine hydrochloride products in developing regions.

Segment Analysis

The global cetirizine hydrochloride market is segmented based on dosage form and distribution channel. The tablet segment dominates the market as cetirizine hydrochloride tablets are easy to administer and consume for treating allergy symptoms. Tablets offer convenience of use and self-administration as compared to syrups & solutions which require measuring of dosage.

Key Takeaways

The global cetirizine hydrochloride market is expected to witness high growth over the forecast period of 2023 to 2030. 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 12% over the forecast period 2023 to 2030.

Asia Pacific dominates the market and is expected to remain the fastest growing region during the forecast period. Countries like India, China, and Japan have a large patient pool suffering from allergy-related conditions. Low cost of production and growing healthcare infrastructure in these countries are supporting the market growth.

Key players operating in the cetirizine hydrochloride market are Estee Lauder, L'Oreal, Shiseido, P&G, Unilever, LVMH, Chanel, Amorepacific, LG Household and Healthcare, Kanabo, Tatcha, Drunk Elephant, Olay, La Mer, Kiehl's, Clarins, Origins, Caudalie, Dr. Barbara Sturm, SkinCeuticals. Estee Lauder and L'Oreal dominate the market due to their wide product portfolio and strong distribution channels across regions. Smaller players are focusing on new product launches and partnerships to increase their market share.

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