PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437516
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437516
Hydroxyzine Market size was valued at USD 213.30 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
Hydroxyzine is an N-alkylpiperazine that is piperzine in which the nitrogens atoms are substituted by 2-(2-hydroxyethoxy) ethyl and (4-chlorophenyl) (phenyl)methyl groups respectively. It has a role as a H1-receptor antagonist, an anxiolytic drug, a dermatologic drug, an antipruritic drug and an anticoronaviral agent. It is an N-alkylpiperazine, a hydroxyether and a member of monochlorobenzenes.
Hydroxyzine Market- Market Dynamics
The rising prevalence of allergies drives market growth
Over the past several decades, there has been an increase in the frequency of allergies and associated disorders worldwide. The number of people experiencing allergic reactions is increasing for several reasons. As an illustration, Allergy Facts and Figures, which was last updated in April 2022, states that allergies account for the sixth most common cause of chronic disease in the United States, affecting almost 50 million individuals annually. As a result, the nation has a high prevalence of allergies, necessitating improved treatment alternatives. In this regard, a paper published in November 2021 in IJERPH states that, even though the exact causes of allergies are unclear, hereditary and environmental factors contribute significantly to the global burden of allergic illnesses. Furthermore, hydroxyzine may be utilized to relieve allergy-related itching, according to several studies. It is an antihistamine that functions by preventing the body from producing particular organic compounds known as histamine when an allergic response occurs. Thus, there is a growing need for hydroxyzine to control the burden of illness. As a result, the target population's significant allergy load and hydroxyzine therapeutic advantages for allergies are anticipated to drive market expansion.
Hydroxyzine 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 5.5% over the forecast period (2024-2032)
Based on dosage form segmentation, the tablets segment dominates the market and is likely to maintain its dominance during the forecast period
Based on indication type segmentation, the atopic contact dermatitis segment is expected to hold the largest market share during the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Hydroxyzine Market is segmented based on Dosage form, Indication type and Region.
The market is divided into four categories based on dosage form: capsules, tablets, injections, and syrup. The tablet segment dominates the market and is likely to maintain its dominance during the forecast period. Antihistamine medications such as hydroxyzine are quickly absorbed from the digestive system and start to show clinical effects 15 to 30 minutes after oral administration. These are intended to reduce stress and anxiety brought on by mental and neurological disorders. It facilitates sleep before surgery. The category is growing due to the increasing use of tablet dosage forms for the treatment of allergic illnesses and anxiety, as well as an increase in the prevalence of neurological disorders.
The market is divided into three categories based on indication type: urticaria, histamine-mediated pruritus and atopic contact dermatitis. The atopic contact dermatitis segment is expected to hold the largest market share during the forecast period. The market's revenue has increased as a result of the growing demand for hydroxyzine dosage forms and the increasing prevalence of atopic dermatitis. As per the International Eczema Council 2022, atopic dermatitis is highly prevalent, impacting up to 10% of adults and 20% of children. Furthermore, the illness burden is ranked first for skin conditions evaluated in disability-adjusted life years and 15th globally for nonfatal disorders.
Hydroxyzine 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 hold a maximum market share in 2023 and is expected to continue the same pattern during the forecast period due to the high frequency of atopic contact dermatitis, the availability of well-established infrastructure, the rising awareness of anxiety and nervous disorder therapies, and the rise in collaborations between contract research organizations and pharmaceutical corporations. According to the CDC, the proportion of people receiving mental health care went up from 19.2% to 21.6% for adults of all ages and from 18.5% to 23.2% for individuals between the ages of 18 and 44 between 2019 and 2021. Furthermore, women were more likely than males to undergo mental health care among people aged 18 to 44.
The key players operating in the market are Alliance Pharma PLC, OAK PHARMS INC., Teva Pharmaceutical Industries, Piramal Healthcare UK Limited, Pfizer Inc., Shanghai Ruizheng Chemical Technology Co., Ltd, Lupin Pharmaceuticals, Inc., GlaxoSmithKline plc, Changzhou ComWin Fine Chemicals Co., Ltd, Impax Laboratories, Inc. and Novartis International AG. These players adopted various types of strategies to remain competitive in the market such as product launches, acquisitions, expansion, approvals, agreements and others.
In December 2022, the HPRA approved Brillpharma (Ireland) to commercialize Hydroxyzine hydrochloride 25 mg film-coated tablets. These have adult anxiety management licenses.
GLOBAL HYDROXYZINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Alliance Pharma PLC
OAK PHARMS INC.
Teva Pharmaceutical Industries
Piramal Healthcare UK Limited
Pfizer Inc.
Shanghai Ruizheng Chemical Technology Co., Ltd
Lupin Pharmaceuticals, Inc.
GlaxoSmithKline plc
Changzhou ComWin Fine Chemicals Co., Ltd
Impax Laboratories, Inc.
Novartis International AG