Demand Projected to Boost the growth of Cetirizine Hydrochloride Market

Cetirizine Hydrochloride Market

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 an antihistamine drug used for treating watery eyes, itchy skin, runny nose and sneezing caused by allergies. It acts by blocking histamine receptors in the body and provide temporary relief from symptoms of seasonal allergies, itching, skin reactions and other conditions.

Market key trends:

One of the key trends fueling the growth of cetirizine hydrochloride market is the increasing adoption of cloud computing technologies by pharmaceutical companies to manage clinical trials and supply chain network. Companies in cetirizine hydrochloride market are using cloud platforms to securely store and process large amounts of data being generated during clinical trials. This is helping them optimize operations, streamline processes and accelerate drug development. This trend is expected to continue driving market growth over the forecast period.

Segment Analysis

The global cetirizine hydrochloride market is segmented into oral solution, tablet, and capsule. Among these, the tablet segment holds the largest market share owing to rising preference of tablets over other dosage forms as they are easy-to-carry, easy-to-consume and have lesser side effects. The tablet segment dominates the global cetirizine hydrochloride market.

Key Takeaways

The global cetirizine hydrochloride market is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing prevalence of allergic diseases worldwide.

Regional Analysis

Asia Pacific dominates the global cetirizine hydrochloride market and is expected to continue its dominance during the forecast period. This is attributed to rising healthcare expenditure, growing population suffering from allergy and presence of key players in the region. China and India are the fastest growing markets in the Asia Pacific region.

Key Players

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, and HAILISHENG. J & J is the market leader due to its huge portfolio of Cetirizine hydrochloride drugs.

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