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Hydroxyzine Market Size
Hydroxyzine Market size was valued at around USD 784.4 million in 2023 and is estimated to grow at 5.4% CAGR from 2024 to 2032. Hydroxyzine is a medication primarily used to treat itching caused by allergies. It belongs to a class of drugs known as antihistamines, which work by blocking the effects of histamine, a substance in the body that causes allergic symptoms.
Allergies are becoming more prevalent globally, with a rising number of individuals experiencing allergic reactions to various triggers such as pollen, dust, food, and insect bites. Hydroxyzine, as an antihistamine, is commonly prescribed to alleviate symptoms such as itching, hives, and rashes associated with allergies. The growing incidence of allergic reactions is stimulating the demand for medications such as hydroxyzine.
Further, pharmaceutical companies are continually investing in research and development to enhance existing medications and develop new therapeutic options. This includes efforts to improve the efficacy, safety, and delivery mechanisms of antihistamines such as hydroxyzine.
Mention the key players involved in hydroxyzine industry?
Alliance Pharma Plc, Amneal Pharmaceuticals, Inc., Aurobindo Pharma Limited, Glenmark Pharmaceuticals Ltd., MYLAN N.V., Novartis AG, Pfizer Inc., Piramal Enterprises Limited, Sun Pharmaceutical Industries Limited and Teva Pharmaceutical Industries Limited.
Why is hydroxyzine industry expanding in the U.S.?
The U.S. market size was USD 290 million in 2023, owing to continuous innovation by pharmaceutical companies in the country.
Why is the demand for hydroxyzine tablets increasing?
The tablets segment in the hydroxyzine market is likely to reach USD 557.1 million by 2032, propelled by the advancements in pharmaceutical formulation technologies that enhance the bioavailability and efficacy of hydroxyzine tablets.
What is the size of hydroxyzine market?
Market size for hydroxyzine was valued at USD 784.4 million in 2023 and is estimated to grow at 5.4% CAGR from 2024 to 2032, driven by increasing allergic reaction among the target population.