PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437514
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437514
Loratadine Market size was valued at USD 155.5 Million in 2023, expanding at a CAGR of 2.8% from 2024 to 2032.
The short-term relief of hay fever symptoms, which are caused by allergies to dust, pollen, or other airborne particles, is achieved with the use of loratadine. Sneezing, runny nose, and itchy eyes, nose, or throat are some of these symptoms. Additionally, loratadine is utilized to relieve hive-related redness and itching. But loratadine doesn't stop allergic skin responses like hives. Loratadine belongs to the group of drugs known as antihistamines. It functions by preventing the body's natural production of histamine, which is a chemical that triggers allergic reactions.
Loratadine Market- Market Dynamics
Growing prevalence of several allergies to propel market demand
Effective treatments in disease management will be in high demand due to the increasing frequency of many allergic disorders, including skin allergies, allergic rhinitis, allergic asthma, allergic conjunctivitis, and allergic rhinitis. Genetic predispositions, changing lifestyles, and environmental variables are responsible for the high illness burden. For instance, the American Academy College of Allergy, Asthma & Immunology reports that in 2021, over 25.7% of people worldwide in the 18-44 age range experienced seasonal allergies. Also, hay fever affects more than 7.8% of Americans who are 18 years of age and older. In the near future, it is thus expected that the rising illness burden and demographic change in high- and middle-income nations would drive market demand.
Loratadine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.8% over the forecast period (2024-2032)
Based on grade type segmentation, the USP Standard Grade category dominates the market
Based on the dosage form segmentation, tablets segment held the largest market share in 2023
Based on end-use segmentation, the online pharmacy segment is expected to grow at the highest CAGR during the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Loratadine Market is segmented based on Grade Type, Dosage Form, End-Use, and Region.
The market is divided into four categories based on grade type: EP Standard Grade, USP Standard Grade, Medicine Standard Grade and Others. The USP Standard Grade category dominates the market. The USP standard grade places a strong focus on adhering to quality and safety rules, which in turn increases consumer preference and adoption rates.
The market is divided into four categories based on the dosage form: Capsules, Tablets, Syrup and Others. The tablets segment held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. This is mostly because large, authorized pill forms are readily available and are simple to administer.
The market is divided into three categories based on end-use: Retail Pharmacy, Hospital Pharmacy and Online Pharmacy. The online pharmacy segment is expected to grow at the highest CAGR during the forecast period. The segment growth is attributed to factors such as convenience, accessibility, and a growing preference for digital health solutions.
Loratadine Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the market during the forecast period because the area has a high incidence of allergies, a well-established healthcare system, and major participants in the loratadine production and marketing sectors. Moreover, it is projected that active pipelines and loratadine's increasing adaptability would promote regional growth over the projection period. The Asthma and Allergy Foundation of America's 2022 study states that about 25 major cities fall into the high-risk category for allergic reactions.
The key players operating in the market are Cadila Pharmaceuticals, Perrigo Company plc, Bayer AG, Morepen Laboratories Ltd, Viatris Inc., Pfizer Inc., Sun Pharmaceutical Industries Limited, Lannett, Tokyo Chemical Industry Co., Ltd., Claritin, Merck KGaA, Cipla Inc. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In January 2022, Institut d'Investigacio Biomedica de Bellvitge is sponsoring a clinical trial called "Effect of Loratadine in Lymphangioleiomyomatosis (LORALAM)" to evaluate the safety and possible advantages of loratadine in LAM, a rare and fatal disease marked by progressive cystic lung destruction.
GLOBAL LORATADINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Cadila Pharmaceuticals
Perrigo Company plc
Bayer AG
Morepen Laboratories Ltd
Viatris Inc.
Pfizer Inc.
Sun Pharmaceutical Industries Limited
Lannett
Tokyo Chemical Industry Co., Ltd.
Claritin
Merck KGaA
Cipla Inc