May 18, 2024
Cetirizine Hydrochloride Market

The Global Cetirizine Hydrochloride Market is Driven by Increasing Prevalence of Allergies

Cetirizine hydrochloride is an effective antihistamine primarily used for treating allergies and relieving symptoms of hay fever and rashes. As an antihistamine, it blocks the effects of histamine, a chemical released in the body during an allergic reaction. It is available over the counter and by prescription for the treatment of hay fever, rhinitis, urticaria (hives), and angioedema. Cetirizine hydrochloride is available as tablets and syrup for oral administration and is commonly used for the temporary relief of sneezing, runny nose, itchy/watery eyes and skin rashes caused by hay fever (also known as seasonal allergic rhinitis) and hives.

The global Cetirizine Hydrochloride Market is estimated to be valued at US$ 858.7 million in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The prevalence of various types of allergies such as rhinitis, urticaria and other respiratory allergies has increased significantly across the globe, driving the demand for anti-allergy drugs like cetirizine hydrochloride. According to a report by the American Academy of Allergy Asthma & Immunology, allergic rhinitis affects 10-30% of the global population and is one of the most common chronic diseases in the United States. Increasing pollution levels, changing lifestyle patterns and climate change are contributing to the rising incidence of allergies. Extended patent protection and absence of therapeutic alternatives are prompting pharmaceutical companies to invest more resources in the development and marketing of cetirizine hydrochloride.

Porter’s Analysis

Threat of new entrants: The global cetirizine hydrochloride market is moderately difficult for new companies to enter due to the requirement for extensive research and development as well as regulatory approvals.

Bargaining power of buyers: Buyers have moderate bargaining power in the global cetirizine hydrochloride market due to the availability of generic alternatives.

Bargaining power of suppliers: A small number of suppliers control the global supply of key raw materials for cetirizine hydrochloride which gives them significant bargaining power.

Threat of new substitutes: There exist substitute drugs for antihistamines with fewer side effects which pose a moderate threat to the cetirizine hydrochloride market.

Competitive rivalry: The global cetirizine hydrochloride market is moderately competitive due to the presence of large generics players and branded drug manufacturers.

Key Takeaways

The Global Cetirizine Hydrochloride Market share is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America is expected to dominate the global cetirizine hydrochloride market over the forecast period owing to rising allergies in the region. Asia Pacific is anticipated to be the fastest growing market for cetirizine hydrochloride due to increasing healthcare expenditure and growing generics industry in countries like India and China.

Key players: Key players operating in the cetirizine hydrochloride market are UCB Pharma SA, J & J, GSK, Teva, Lunan Pharma, Mylan, Apotex, Hairui Pharma, Hainan Poly Pharm, and SNPH. UCB Pharma SA is the leading supplier of cetirizine globally.

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