Seattle, Aug. 21, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cetirizine hydrochloride market is estimated to be valued at US$ 1,100 million in 2017 and is projected to exhibit a CAGR of 3.2% over the forecast period (2018–2026).
Key Trends and Analysis of the Cetirizine Hydrochloride Market:
The global cetirizine hydrochloride market is expected to be driven by increasing incidence of allergic conditions including allergic rhinitis, allergic conjunctivitis, and eczema. According to the National Health Interview Survey (NHIS), 2014, around 8.4% of U.S. children under age 18 suffered from hay fever, 10% from respiratory allergies, 5.4% from food allergies, and 11.6% from skin allergies. Furthermore, market players are actively investing into research for developing innovative products, thus bolstering the market growth. For instance, in May 2017, the U.S. Food and Drug Administration (FDA) approved the ophthalmic solution named Zerviate developed by Aciex Therapeutics, Inc., acquired by Nicox S.A. Zerviate is a second-generation histamine-1 (H1) receptor antagonist used for topical application in treating ocular itching associated with allergic conjunctivitis.
Moreover, market players are focused on mergers and acquisition agreements to expand the product offerings. For instance, in September 2017, Nicox Ophthalmics, Inc., a subsidiary of Nicox S.A., entered into an exclusive licensing agreement with Eyevance Pharmaceuticals LLC, for the commercialization of Zerviatetm (cetirizine ophthalmic solution) 0.24%, in the US, thereby pursuing the expansion of the product into additional markets. However, adverse effects caused by the drug such as drowsiness, diarrhea, vomiting and excessive tiredness are expected to hinder the market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cetirizine-hydrochloride-market-2069
Key Market Takeaways:
- The cetirizine hydrochloride market is expected to exhibit a CAGR of 3.2% during the forecast period (2018–2026), attributed to increasing number of pediatric patient population associated with allergic conditions such as allergic rhinitis, allergic conjunctivitis, and eczema
- Market growth is attributed to the increasing incidence of allergic conditions and the launch and approval of novel formulation of cetirizine for topical application indicated for the treatment of allergic conjunctivitis
- Some of the 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
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