Chlorpheniramine Maleate Market to Reach $751.4 Million, Globally, by 2032 at 4.9% CAGR: Allied Market Research

The global chlorpheniramine maleate market is driven by factors such as rise in the prevalence of allergies and related respiratory conditions such as allergic rhinitis and hives, surge in awareness of allergies among the population, an increase in demand for antihistamines, and a surge in investments in R&D activities by pharmaceutical companies.

PORTLAND, Ore., May 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Chlorpheniramine Maleate Market by Dosage Form (Tablets, Syrups and Eye Drops), by Application (Allergy, Hay Fever, Common Cold, Watery Eyes, Itchy Throat/Skin, Anaphylactic Shock, and Urticaria), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global chlorpheniramine maleate Market valued at $468.6 million in 2022 and is estimated to reach $751.4 million by 2032, exhibiting a CAGR of 4.9% from 2023 to 2032.

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Prime determinants of growth 

Increase in the prevalence of allergic disorders such as allergic rhinitis, common cold, watery eyes, urticaria and various others, increase in urbanization and change in lifestyles and surge in technological advancement drive the growth of the global chlorpheniramine maleate market. However, potential side effects of chlorpheniramine maleate and availability of alternative medicines are hampering the chlorpheniramine maleate market growth. On the contrary, the growing level of air pollution in developing countries and surge in geriatric population are expected to offer remunerative opportunities for expansion of the chlorpheniramine maleate market during the forecast period.

Report coverage & details:

Covid-19 Scenario

• The global chlorpheniramine maleate market was positively impacted during the pandemic, owing to increase in demand for respiratory medications, as chlorpheniramine maleate is commonly used to treat allergy symptoms, including respiratory issues such as sneezing, itching, and runny nose. 
• Moreover, the shift in consumer behavior during the COVID-19 pandemic has resulted in an increase in awareness and concern about personal health and hygiene. This, in turn, presented various growth opportunities for companies operating in the chlorpheniramine maleate market.

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The tablets segment to maintain its leadership status throughout the forecast period

Based on dosage form, the tablets segment held the highest market share in 2022, accounting for  more than one third of the global chlorpheniramine maleate market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in prevalence of allergy and the easy availability of chlorpheniramine maleate tablets. The same segment is estimated to showcase the fastest CAGR of 5.5% during the forecast period.

The allergy segment to maintain its leadership status throughout the forecast period

Based on application, the allergy segment held the highest market share in 2022, accounting for around one third of the global chlorpheniramine maleate market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rise in prevalence of allergic conditions and expansion of the pharmaceutical industry across the world that provides chlorpheniramine maleate-based formulations to treat allergic disorders. However, the hay fever (allergic rhinitis) segment is projected to manifest a significant CAGR of 6.4% from 2023 to 2032, owing to an increase in prevalence of allergic rhinitis, a surge in demand for antihistamines and a rise in geriatric population. 

The hospital pharmacies segment to maintain its lead position during the forecast period

Based on distribution channel, the hospital pharmacies segment accounted for the largest share in 2022, contributing to more than two-fifths of the global chlorpheniramine maleate market revenue, as hospital pharmacies are a major source of distribution for chlorpheniramine maleate in various forms, including tablets, capsules, or liquid formulations. The same segment would portray the fastest CAGR of 5.4% during the forecast period.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global chlorpheniramine maleate market revenueand is likely to dominate the market during the forecast period. The chlorpheniramine maleate market in North America is mainly driven by advancement in healthcare infrastructure with easy access to healthcare services, including OTC medications for allergic conditions and increase in prevalence of allergic condition in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2023 to 2032 owing to rise in prevalence of allergic conditions, rise in demand for antihistaminic drugs to treat allergic conditions, surge in geriatric population and increase in air pollution in developing countries such as India, China, Japan, and South Korea contribute to the growth of the market. 

Leading Market Players: -

• Alkeem Laboratories Ltd 
• Bayer AG 
• GlaxoSmithKline plc 
• Johnson & Johnson 
• Merck & Co. Inc. 
• Novalab Healthcare Pvt. Ltd. 
• Capellon Pharmaceuticals 
• Sun Pharmaceutical Industries Limited 
• Viatris Inc.
• Zydus Lifesciences Limited.   

The report provides a detailed analysis of these key players of the global chlorpheniramine maleate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

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