PUBLISHER: Allied Market Research | PRODUCT CODE: 1298367
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298367
The chlorpheniramine maleate market size was valued at $468.6 million in 2022, and is projected to reach $751.4 million by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
Chlorpheniramine is an antihistamine used to relieve symptoms of allergy, hay fever, and the common cold. These symptoms include rashes, watery eyes, itchy eyes/nose/throat/skin, cough, runny nose, and sneezing. This medication works by blocking a certain natural substance (histamine) that the body makes during an allergic reaction. By blocking another natural substance made by the body (acetylcholine), it helps dry up some body fluids to relieve symptoms such as watery eyes and runny nose.
The key factor that drives the growth of the chlorpheniramine maleate market is the rise in prevalence of allergies and related respiratory conditions such as allergic rhinitis, and hives. For instance, according to report published by Asthma & Allergy Foundation of America in 2021, approximately 81 million people in the U.S. were diagnosed with seasonal allergic rhinitis (hay fever). This equals around 26% (67 million) of adults and 19% (14 million) of children. Furthermore, advances in pharmaceutical technology and drug delivery systems have resulted in the development of new formulations of chlorpheniramine maleate, such as extended-release tablets or liquid formulations, which offer improved efficacy, convenience, and patient compliance that are expected to drive the growth of the market during the forecast period.
However, changes in consumer preferences, such as a shift towards natural remedies, holistic approaches, or preferences for other types of medications, and potential adverse effects of chlorpheniramine maleate, such as drowsiness, dry mouth, blurred vision, and urinary retention hamper market growth. Conversely, a surge in R&D activities for the development of novel therapies with fewer side effects and greater efficacy is expected to provide lucrative opportunities for the growth of the market during the forecast period.
The chlorpheniramine maleate market is segmented into dosage form, application, end user, and region. By dosage form, the market is classified into tablets, syrup, and eye drops. On the basis of application, it is fragmented into allergy, hay fever (allergic rhinitis), common cold, watery eyes, itchy throat/skin, anaphylactic shock, and urticaria. By distribution channel, the market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America garnered the maximum share of the chlorpheniramine maleate market in 2022 and is anticipated to remain dominant during the forecast period. This is attributed to an increase in prevalence of allergic conditions, a growth in geriatric population as adults may have a higher risk of developing allergies and high healthcare expenditure on drugs used to treat allergic conditions such as hay fever, the common cold, anaphylactic shock, and others. Furthermore, a surge in awareness among the population about the symptoms and management of allergies and advancements in healthcare infrastructure are expected to fuel the market growth.
Asia-Pacific is expected to register the fastest CAGR during the forecast period owing to an increase in incidence of allergic conditions and a surge in population and urbanization. Furthermore, growth in healthcare infrastructure and surge in R&D activities by key market players for the development of new drugs to treat allergic disorders such as allergic rhinitis, urticaria, and hay fever boost the growth of the market.
The key players that operate in the chlorpheniramine maleate market are: Alkeem Laboratories Ltd., Bayer AG, GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Inc., Novalab Healthcare Pvt. Ltd., Capellon Pharmaceuticals, Sun Pharmaceutical Industries Limited, Viatris Inc., and Zydus Lifesciences Limited.