The loratadine market is primarily driven by the change in lifestyle, a growing burden of allergies which trigger the hypersecretion of histamine. According to the American Academy of Allergy, Asthma & Immunology (AAAI), worldwide, sensitization (IgE antibodies) to foreign proteins in the environment is present in up to 40% of the population. Allergic rhinitis affects between 10 to 30 percent of the population. Moreover, wide applications of the drug coupled with the growing usage of loratadine in various types of allergies are anticipated to boost the market growth over the forecast period. In addition, continuous development in loratadine drugs is projected to drive the growth of the market. However, stringent regulatory policies anticipated to hinder the market growth over the period.
Key Market Trends
Tablets Anticipated to Have Significant Market Growth
Loratadine tablets are anticipated to have a significant share of the types of drugs. This is primarily due to ease of administration and availability of huge approved tablet forms. The drug is used with various combinations such as pseudoephedrine, ambroxol, and others in the treatment of cough and other related allergies. According to the European Centre for Allergy Research Foundation, urticaria is the most common type of allergy and it occurs in over 20% of the population in their lifetime.
The factors such as rapid climate change, increase in grass pollen production are primary causing factors for many allergies such as hay fever, allergic conjunctivitis, and others. Moreover, growing R&D initiatives to test the various combinations of loratadine in the treatment of diseases anticipated to fuel the market growth over the forecast period.
North America is Anticipated to Have Significant Growth
Among the regions, North America is anticipated to have a significant growth rate owing to well-established healthcare infrastructure, presence of key market players manufacturing and marketing loratadine and high prevalence of allergies in the region. In addition, the growing adaptation of loratadine and active pipelines is anticipated to boost the regional growth over the forecast period. According to AAAI (American Academy of Allergy, Asthma, and Immunology), approximately 7.8% of the people in the United States over 18 years of age are having hay fever. On the other hand, Asia Pacific is anticipated to have lucrative market growth owing to changing lifestyles, the presence of many generic manufacturers and the developing healthcare industry.
The global loratadine market is highly fragmented and competitive. Market players are focusing on new product launches, product innovations and geographical expansion to strengthen its market share. The key market players operating in the market include Bayer AG, Cadila Pharmaceuticals, Morepen Laboratories Ltd, Mylan N.V. and Pfizer Inc. among others
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