Cetirizine Hydrochloride Market Is Projected to Be Around US$ 1.4 Billion With Healthy CAGR of 3.2% by 2026 – Coherent Market Insights
SEATTLE, April 09, 2021, (PHARMIWEB) — Cetirizine hydrochloride belongs to the antihistamine drug class which reduces the natural chemical, histamine, in the body. Histamine induces symptoms such as sneezing, watery eyes, and runny nose. Cetirizine hydrochloride is used for treating cold, allergy symptoms, itching and swelling caused by hives. It is available on prescription, however, it is also available over-the-counter in pharmacies and supermarkets.
The global cetirizine hydrochloride market size was valued at US$ 1,100 million in 2017, and is expected to exhibit a robust CAGR of 3.2% over the forecast period (2018 – 2026).
The global cetirizine hydrochloride market growth is expected to be driven by increasing incidence of allergic conditions such as allergic rhinitis, allergic conjunctivitis, and eczema.
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Figure 1. Global Cetirizine Hydrochloride Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2018)
Increasing incidence of allergic rhinitis is expected to drive growth of the market
High prevalence of allergic conditions such as allergic rhinitis, also known as hay fever, is expected to propel growth of the cetirizine hydrochloride market. According to the American Academy of Allergy Asthma and Immunology, 2015, allergic rhinitis affects around 10 to 30% of the population worldwide. Moreover, according to the International Study of Asthma and Allergies in Childhood (ISAAC), 2016, the prevalence of pollen allergy or hay fever in children between the age group of 12-14 years was 22.1% worldwide, registering the highest rate of 33.3% in North America.
North America holds a dominant position in the global cetirizine hydrochloride market, owing to the high prevalence of hay fever and allergic conjunctivitis in the U.S. According to the American Academy of Allergy Asthma and Immunology, around 7.8% of the U.S. population aged 18 and above suffers from hay fever. The National Health Interview survey of 2016 further stated that around 6.5% (or 16.0 million) adults and 7.5% (or 5.5 million) children under 18 years of age were diagnosed with hay fever in 2015.
Moreover, the cetirizine hydrochloride market in North America is expected to witness significant growth owing to the increasing economic burden caused due to allergic diseases on the affected population. According to the American College of Allergy, Asthma and Immunology, in 2018, allergies were the sixth leading cause of chronic illness in the U.S., with over 50 million people suffering from allergies annually, which accounted for an expenditure of US$ 18 billion.
However, the drug can induce severe to moderate side effects which include insomnia, hyperactivity, uneven heartbeat, nausea, constipation, and headache, which is expected to limit the adoption of the drug and hamper the market growth.
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Figure 2. Global Cetirizine Hydrochloride Market Share (%), by Dosage Form, 2018 and 2026
Source: Coherent Market Insights Analysis (2018)
Increasing incidence of allergic eye symptoms and eczema is expected to propel the market growth
The growing risk of developing allergic eye conditions with the onset of allergic rhinitis or hay fever is also a major factor driving the market growth. According to a survey conducted by the Virtual Medical Center, around 97% children diagnosed with allergic rhinitis or hay fever also have allergic eye symptoms. Moreover, the survey stated that around 56% children with asthma experience allergic eye symptoms, whereas 33% of children with eczema have allergic eye symptoms. The signs and symptoms include redness of eyes, excessive watering, itchy burning eyes, discharge, blurred vision and increased sensitivity to light. Furthermore, according to a study published in Clinical Review and Education Journal in 2013, around 40% of the global population suffered from allergic conjunctivitis.
According to the Nutrition and Health Department, in 2015, atopic dermatitis (AD) or atopic eczema, is a common chronic inflammatory skin disease affecting 15-20% of children and 1-3% of adults worldwide. Thus, the increasing prevalence of allergic conjunctivitis and eczema is a major factor driving the market growth.
Key players in the market are focused on new product launches to enhance the market share. For instance, in 2014, McNeil Consumer Healthcare — a Johnson and Johnson Company — launched a convenient oral, dissolvable tablet to the Zyrtec portfolio of allergy-relief products.
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Major players operating in the global cetirizine hydrochloride market include, Johnson and Johnson, Mylan, Inc., Nicox S.A., Strides Shasun, Apotex, Inc., Teva UK Limited, Aurobindo Pharma Limited, Jubilant Life Sciences, Tris Pharma, Inc., and Cipla Ltd.About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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