Market Trends of Global Loratadine Industry
This section covers the major market trends shaping the Loratadine Market according to our research experts:
Tablets Anticipated to Have Significant Market Growth Over the Forecast Period
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. The tablets segment is estimated to witness healthy growth in the future, owing to the wide availability of drugs, low cost of manufacturing, ease of administration, and convenience in storage. Tablets are durable, long-lasting, stable, and typically have a longer shelf life than capsules. A single tablet can accommodate a higher dose of an active ingredient than a single capsule. Increasing research and development in the field of allergy are boosting the market growth. For instance, as per the article published in 2021 under the title 'A Comparative Study on In-vitro Quality Control Parameters of Different Brands of loratadine Tablets Commercially Available in Bangladesh', all the test results obtained from the loratadine tablet were within the official limit provided by the pharmacopeia. It indicated that these formulations are likely to generate the required antihistamine effects in patients.
Factors such as rapid climate change, and an increase in grass pollen production are primary causing factors for many allergies such as hay fever, allergic conjunctivitis, and others. For instance, as per the article published in 2021 under the title 'Allergic Contact Dermatitis', allergic contact dermatitis is common, occurring in up to 1 in 5 people. Moreover, growing R&D initiatives to test the various combinations of loratadine in the treatment of diseases are anticipated to fuel the market growth over the forecast period.
Because of the aforementioned factors, the tablet segment is anticipated to face growth in the loratadine market over the forecast period.
North America is Anticipated to Have Significant Growth
North America is anticipated to have a significant growth rate owing to its 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 regional growth over the forecast period. According to the 2022 report from the Asthma and Allergy Foundation of America, around 25 metropolitan areas are under the high-risk category for allergy attacks.
Increased initiatives for providing awareness regarding allergies by the government are fueling market growth. For instance, World Allergy Organization conducted world allergy week in 2022 from June 5th to 11th. The awareness week provides a need for greater attention and provides physicians and the public with a webinar, infographic, and additional information to educate and spread awareness on the allergy. As per the Asthma and Allergy Foundation of America (AAFA), Allergy Capitals Report March 2022, Scranton in Pennsylvania ranked 1 in the allergy population. As per the same source, more than 50 cities are on average at risk for allergy attacks. The same report emphasizes that there is a public health emergency since communities all over the country are experiencing the negative effects of climate change on their health in the United States. Asthma patients include children, adults, seniors, expecting moms, people of color, members of low-income groups, individuals with disabilities, and many more. Since there is more population affected with allergy and asthma attacks the adoption of antihistamines like loratadine is high there owing to the market growth. As per the factors mentioned above, North America Market is expected to grow over the forecast period.
