by The global loratadine market size was estimated at USD 153.44 million in 2023 and it is expected to surpass around USD 205.21 million by 2033, poised to grow at a CAGR of 2.95% from 2024 to 2033.
Key Pointers
- North America held the largest market share in 2023.
- Asia Pacific is expected to experience the fastest compound annual growth rate (CAGR) from 2024 to 2033.
- In terms of Grade Type, the USP standard grade segment dominated the market in 2023.
- The tablets segment was the market leader in 2023 based on Dosage Form.
- The online pharmacy segment is projected to achieve the highest CAGR during the forecast period according to End-use.
Loratadine Market Growth
The growth of the loratadine market is driven by several key factors. Firstly, the increasing prevalence of allergic disorders worldwide, such as allergic rhinitis and urticaria, significantly contributes to the rising demand for antihistamine medications like loratadine. Additionally, the trend towards self-medication and the availability of loratadine as an over-the-counter (OTC) medication further bolster market expansion. Pharmaceutical companies’ continuous efforts to innovate and improve loratadine formulations, including advancements in delivery systems and combination therapies, also drive market growth. Moreover, expanding healthcare expenditure, coupled with rising awareness about allergy management, continues to fuel the demand for loratadine, positioning the market for sustained growth in the foreseeable future.
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Loratadine Market Trends:
- Expanding Market Reach through Online Pharmacies: The proliferation of online pharmacies provides consumers with convenient access to loratadine and other medications, thereby expanding the market reach and accessibility of these products.
- Increasing Adoption in Emerging Markets: Emerging economies are witnessing a growing awareness of allergy management and an increasing demand for effective antihistamine medications like loratadine, driving market growth in these regions.
- Strategic Collaborations and Partnerships: Key players in the loratadine market are forming strategic collaborations and partnerships to strengthen their product portfolios, expand their market presence, and capitalize on emerging opportunities in the pharmaceutical industry.
Grade Type Insights
The market is segmented based on grade type into USP Standard Grade, EP Standard Grade, Medicine Standard Grade, and others. The USP standard grade segment held the largest market share in 2023. USP standard grade places emphasis on regulatory compliance with established quality and safety regulations, thereby accelerating customer preference and adoption rates.
Dosage Form Insights
Based on the dosage form, the market is segmented into tablets, capsules, syrup, and others. The tablets segment dominated the market in 2023 due to patient convenience, ease of administration, high availability, reliability, and longer shelf life. The strong presence of several industry participants manufacturing loratadine tablets in various strengths to cater to a large population base will accelerate segment growth over the forecast period.
End-use Insights
Based on end-use, the loratadine market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The online pharmacy segment is expected to grow at the fastest CAGR during the forecast period. The upsurge in the adoption of online platforms is due to their large availability and accessibility to diverse product offerings, affordable pricing, and offers, which are driving segmental demand. Moreover, the integration of online pharmacy platforms with telemedicine is expected to provide enormous growth opportunities to the segment.
Regional Insights
North America dominated the market share in 2023. The high disease burden and strong presence of several manufacturers are anticipated to propel market growth in this region. The increasing prevalence of seasonal and perennial allergies in the region is accelerating demand for antihistamine medications, including loratadine. The surge in population awareness regarding allergies and consumer preference towards non-drowsy formulations is estimated to spur regional revenue growth potential.
Asia Pacific is predicted to witness the fastest CAGR over the forecast period. Rapidly growing awareness regarding allergic ailments, the rising geriatric population highly prone to several allergic conditions, and the increasing prevalence of lifestyle diseases are factors driving the Asia Pacific loratadine market.
Read More: https://www.heathcareinsights.com/cough-remedies-market/
Loratadine Market Key Companies
- Merck (U.S.)
- Cadila Pharmaceuticals (India)
- Morepen (India)
- Ultratech India (India)
- Vasudha Pharma Chem (India)
- Hetero Drugs (India)
- Mylan (U.S.)
- Changzhou Yabang (China)
- Shaanxi Hanjiang (China)
- Inke, S.A. (Spain)
- Argon Drugs (India)
Loratadine Market Segmentations:
By Grade Type
- USP Standard Grade
- EP Standard Grade
- Medicine Standard Grade
By Dosage Form
- Tablets
- Capsules
- Syrup
- Others
By End-use
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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