Loratadine Syrup Market : Current Analysis and Forecast (2022-2030)
Emphasis on Age (Adult and pediatric); Indication (Allergic Rhinitis and Urticaria); Drug Type (Branded and Generic); and Region/Country
The loratadine syrup market was valued 150 Mn in 2021 and is expected to grow at a strong CAGR of around 2% during the forecast period (2022-2030) owing to its higher susceptibility to allergies in the geriatric population, continuous product innovations, such as flavored syrups and improved formulations, enhance user experience, driving the market growth. Moreover, the increasing prevalence of allergies, such as seasonal allergies and allergic rhinitis, has increased the demand for effective allergy treatment medications like loratadine syrup. Also, the accessibility of loratadine syrup over the counter (OTC) without a prescription enhances its convenience & availability to consumers, the safety profile of this syrup with negligible side effects, and its non-drowsy formulation allows people to relieve their allergy symptoms. These factors are further driving the growth of the market during the forecast period.
Furthermore, the high prevalence of these conditions like allergic rhinitis and urticaria (hives) creates a demand for loratadine, this medication is available over the counter (OTC) in many countries which means it can be purchased without a prescription, and one of the advantages of loratadine is its long-lasting action, providing relief from symptoms for up to 24 hours with a single dose. This feature makes it a preferred choice for individuals who require all-day relief from rhinitis or urticaria symptoms. For instance, according to the Allergy & Asthma Network, chronic spontaneous urticaria (CSU) affects nearly 1.6 million people in the U.S.
Some of the major players operating in the market include Schneider Electric; Siemens; ABB; Samsung; Honeywell International; Robert Bosch GmbH; LG Electronics; ASSA ABLOY; ACUITY BRANDS, INC.; and Cisco Systems, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst indication, the urticaria is expected to grow at the fastest rate during the forecast period”
Based on indication, the market is segmented into allergic rhinitis and urticaria. Amongst these, urticaria is expected to grow at the fastest rate during the forecast period. Urticaria plays a significant role in boosting the growth of the loratadine syrup market due to its direct correlation with the symptoms it alleviates. The liquid formulation of loratadine syrup offers ease of administration, making it suitable for individuals who have difficulty swallowing tablets or prefer liquid medications. The availability of loratadine syrup not only caters to the specific needs of those experiencing urticaria but also expands the market by providing a suitable option for pediatric patients who may require customized dosing.
“Amongst drug type, the generic category is expected to grow at the fastest rate during the forecast period”
By drug type, the market is bifurcated into branded and generic. Among these, the generic category is expected to grow at the fastest rate during the forecast period. This is mainly due to the cost-effectiveness and easy availability. Additionally, generic drugs are typically introduced to the market after the patent protection of the branded drug expires. Generic manufacturers are not required to repeat extensive clinical trials to prove the drug’s safety and efficacy, as they can rely on the data already established for the branded product. This allows generic manufacturers to offer the medication at a lower cost compared to the branded version, as they do not have the same research and development expenses.
“North America Dominate the Loratadine market during the forecast period.”
The loratadine syrup market in North America is characterized by strong demand & well-established healthcare infrastructure, increasing allergic conditions such as seasonal allergies, hay fever, or allergic rhinitis in the region. Also, some other factors include the increasing awareness & diagnosis of allergies, the availability of loratadine syrup as an over-the-counter medication, and the convenience of its non-drowsy formula. The region also witnesses a high prescription rate for loratadine syrup from healthcare professionals who recommend it to patients, mostly for pediatrics. Additionally, the presence of key pharmaceutical companies in the region further boosts the market growth in North America.
Loratadine Syrup Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Loratadine Syrup Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Loratadine Syrup Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Loratadine Syrup Market were the three major steps undertaken to create and analyze the adoption of Loratadine Syrups in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Loratadine Syrup Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Loratadine Syrup Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Loratadine Syrup Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as age, indication, and drug type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Loratadine Syrup Market. Further, we conducted factor analysis using dependent and independent variables such as age, indication, and drug type of the Loratadine Syrup Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Loratadine Syrup Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Loratadine Syrup Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Loratadine Syrup Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Loratadine Syrup Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Loratadine Syrup Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the age, indication, and drug type in the global Loratadine Syrup Market.
The main objective of the Global Loratadine Syrup Market Study
The current & future market trends of the global Loratadine Syrup Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Loratadine Syrup Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of age, indication, and drug type.
- Define and analysis of the regulatory framework for the Loratadine Syrup
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Loratadine Syrup Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Loratadine Syrup Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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