Hydroxyzine, widely used to treat allergies, is also effective in managing anxiety and tension caused by nervous and emotional conditions. As awareness of its versatile applications grows, the demand for hydroxyzine is expected to increase significantly.
NEWARK, Del, July 04, 2024 (GLOBE NEWSWIRE) — The global hydroxyzine market value is estimated to total USD 829.9 Million in 2024 and US$ 1430 Million by 2034. Global demand is projected to increase at a CAGR of 5.6% throughout the forecast period, fueled by the increasing prevalence of allergic diseases and anxiety disorders.
Tablets remain the popular dosage form in the market, accounting for a dominant value share of 38% in 2023. This is attributable to the convenience, ease of use, and longer shelf life of tablets than other forms.
Hydroxyzine has become a widely used antihistamine medication for treating itchiness, nausea, anxiety, and insomnia. Thus, increasing the incidence of these health conditions is anticipated to boost the growth of the hydroxyzine industry during the assessment period.
According to the European Academy of Allergy and Clinical Immunology (EAACI), allergic diseases affect over one billion people worldwide. Further, emerging trends estimate the total number of people suffering from allergic diseases to reach around 4 billion by 2050. This will likely uplift the demand for hydroxyzine.
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Another prominent factor influencing sales growth is the growing geriatric population, coupled with rising mental health awareness. As the incidence of anxiety and related conditions continues to increase, the need for medications like hydroxyzine is set to grow steadily for managing them.
Leading companies are constantly innovating to discover new therapeutic applications of hydroxyzine as well as improve its efficacy. This will further boost market growth during the next ten years.
Key Takeaways from the Hydroxyzine 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 5.4% 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 6.3% 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 Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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.
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
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.
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Atopic Contact Dermatitis Segment is Anticipated to Witness Growth Over the Forecast Period:
The Atopic Contact Dermatitis segment is anticipated to witness growth over the forecast period. Exposure to a chemical that irritates the skin or triggers an allergic reaction results in atopic contact dermatitis. The material might be one of the tens of thousands of known irritants and allergens. People frequently experience both allergic and irritating reactions simultaneously, with irritant contact dermatitis being the most typical type. Due to the increasing geriatric population, the rise in atopic dermatitis (AD) cases, and other external factors, the prevalence of contact dermatitis is increasing. Thus, the segment is expected to witness growth.
Want More Insights?
Future Market Insights (FMI) brings a comprehensive research report on projected revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The global hydroxyzine market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights based on dosage form (tablets, capsules, injection, and syrup) and indication type (histamine-mediated pruritus, urticaria, and atopic contact dermatitis) across seven key regions.
Key Segments of the Hydroxyzine 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.
Report Preview: https://www.futuremarketinsights.com/reports/hydroxyzine-market
Authored by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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