by Cetirizine hydrochloride is an antihistamine medication used to relieve symptoms of seasonal and year-round allergies like hay fever as well as hives. It inhibits the natural chemical histamine that the body releases during an allergic reaction. Used widely in antihistamine tablets and syrups to cure cold, cough and various allergic symptoms, cetirizine hydrochloride acts as a competitive antagonist at peripheral H1 receptors. The global market has witnessed increased uptake of cetirizine hydrochloride owing to its efficacy and safety profile compared to other antihistamines.
The global Pharmaceutical Grade 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 in the cetirizine hydrochloride market size is the development of sustained- or extended-release formulations. This is done to improve adherence to therapy by reducing dosing frequency and also maintain therapeutic drug levels for longer duration. Another major trend is the increasing preference for generic versions of branded antihistamine drugs containing cetirizine due to their lower costs. This has propelled several local players to develop and commercialize generic cetirizine hydrochloride formulations. Moreover, with the growing awareness about allergic reactions, the market is witnessing increased demand for OTC cetirizine products too.
Porter’s Analysis
Threat of new entrants: The pharmaceutical industry requires large capital investments and strict regulatory approvals which act as barriers for new companies.
Bargaining power of buyers: The presence of many established brands increases bargaining power of buyers as they can choose from multiple substitutes.
Bargaining power of suppliers: A few major players dominate the active pharmaceutical ingredient supply which increases their bargaining power.
Threat of new substitutes: Alternative antihistamine drugs pose competition but cetirizine is one of the most effective and prescribed options.
Competitive rivalry: The market has major global players competing on the basis of price and product differentiation through innovative drug delivery systems.
Key Takeaways
The global Cetirizine Hydrochloride market is expected to witness high growth over the forecast period. The global Pharmaceutical Grade 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.
Regional analysis: The Asia Pacific region is the fastest growing market for cetirizine hydrochloride owing to rising allergies, growing medical infrastructures and increasing healthcare expenditure. Countries like India, China and Japan account for a major share of the regional market.
Key players: 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. Major companies are focused on product innovation through advanced formulations and combinations.
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