The global hydroxyzine market is set to witness substantial growth, with an estimated value of USD 829.9 million in 2024, projected to soar to USD 1430 million by 2034. This surge is attributed to the escalating demand driven by the rising prevalence of allergic diseases and anxiety disorders worldwide.
According to recent market analysis, the global demand for hydroxyzine is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 5.6% throughout the forecast period. This growth trajectory underscores the pressing need for effective treatments to address allergic reactions and anxiety-related ailments, further propelling the market forward.
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Tablets emerge as the preferred dosage form within the hydroxyzine market, capturing a significant value share of 38% in 2023. This preference can be attributed to the convenience, ease of use, and extended shelf life of tablets compared to other forms. As consumers seek convenient and reliable medication options, tablets continue to dominate the market landscape, driving substantial revenue growth.
The projected growth of the hydroxyzine market underscores the importance of pharmaceutical innovation and meeting evolving consumer needs. Manufacturers are expected to focus on product development and strategic collaborations to capitalize on emerging opportunities and address the growing demand for hydroxyzine globally.
Key Takeaways from the Market Report:
- The global market is projected to reach USD 1430 million by 2034, registering a 5.6% CAGR.
- Based on dosage form, the tablets segment is set to record a CAGR of 4% through 2034.
- By indication type, the atopic contact dermatitis segment dominates the industry with a share of 42% in 2023.
- China is estimated to record a CAGR of 3% between 2024 and 2034.
- Sales in the United States are predicted to total USD 258.2 million by 2034.
“Escalating demand for antihistamines due to increasing incidence of allergic disease is anticipated to boost sales growth during the next decade,” says a lead Future Market Insights (FMI) analyst.
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Who is Winning?
The global industry is becoming highly competitive, with top players like Teva Pharmaceuticals, Pfizer, Inc., and GSK, plc accounting for significant shares. Leading players are heavily investing in research and development to enhance hydroxyzine formulations, explore new indications for the drug, and develop new delivery methods.
Companies are also implementing strategies like mergers, partnerships, acquisitions, and distribution agreements to stay ahead of the competition. Several players are also establishing new drug production facilities in attractive regions to expand their footprint and meet the growing demand for antihistamine medications.
Industry Update-
- In April 2023, Israel-based Teva Pharmaceutical established a new research and development facility in Hungary to speed up production and get medicines to patients faster.
Leading Hydroxyzine Brands:
- Teva Pharmaceuticals
- Pfizer, Inc.
- GSK, plc
- Alliance Pharma PLC
- Piramal Group (Piramal Healthcare UK Limited)
- Impax Laboratories, Inc
- Novartis AG
- Shanghai Ruizheng Chemical Technology Co., Ltd
- N&R Industries
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Key Segments of the Market Report:
By Dosage Form:
In terms of dosage form, the industry has been categorized into tablets, capsules, injections, and syrup.
By Indication Type:
Based on indication type, the industry is segmented into histamine-mediated pruritus, urticaria, and atopic contact dermatitis.
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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