Market Trends of Hydroxyzine Imine Industry
This section covers the major market trends shaping the Hydroxyzine Imine Market according to our research experts:
Atopic Contact Dermatitis Segment is Anticipated to Witness Growth Over the Forecast Period
Exposure to a chemical that irritates the skin or sets off an allergic reaction results in atopic contact dermatitis. The material might be one of the tens of thousands of known irritants and allergens. People frequently experience both allergic and irritating reactions simultaneously. The most typical type of contact dermatitis is an irritant. Due to the increasing geriatric population, increase in atopic dermatitis (AD) cases, and other external factors, the prevalence of contact dermatitis is increasing. Thus, the segment is expected to witness growth.
There are several risk factors that contribute to the growth of contact dermatitis, and it is more common in women, children, older people, and people with atopic tendencies. According to the data updated in the NCBI for contact dermatitis in May 2022, contact dermatitis accounts for up to 80% of instances of occupational dermatitis.
In addition, there is an increase in cases of atopic dermatitis (AD) globally, which is another risk factor that creates the contact dermatitis burden. For instance, according to an article published in the journal AMSU in September 2021, an estimated 15% to 20% of all children and 1% to 3% of all adults in developed countries are affected by AD. The source above also stated that, in some developed countries, the incidence of AD has increased by 2 to 3 times in the past decade, and in the first year of life, up to 50% of people with AD have allergic symptoms, and up to 85% begin before the age of five. Thus, the increase in the burden of the disease is generating demand for hydroxyzine imine drugs for effective treatment, driving the segment's growth. Hence, owing to the factors stated above, the studied segment is expected to witness significant growth during the forecast period.
North America is Anticipated to Grow Significantly Over the Forecast Period
North America is expected to witness strong growth over the forecast period. Factors such as high awareness of treatments among the patient population, healthcare infrastructure, early adoption of novel medications, and increasing business partnerships of pharmaceutical companies with contract research organizations in emerging markets are driving the growth of the market in the region.
The major factor fueling the market's growth is the increasing prevalence of atopic dermatitis across the countries of the region, especially in the United States. As per NEA data updated in 2022, an estimated 16.5 million United States adults (7.3%) have atopic dermatitis that initially began at more than two years of age, with nearly 40% affected by moderate or severe disease. Thus, the burden of the disease is increasing the risk of contact dermatitis, which is a major healthcare concern. Thus, hydroxyzine imine is gaining demand for the treatment of such diseases, which is further expected to contribute to market growth.
In addition, the growing number of investments pertaining to eczema and several allergies are contributing to the market's growth. For instance, as per a report by the NIH published in March 2022, the estimated funding for atopic dermatitis research was USD 45 million in 2021 and USD 48 million in 2022. Thus, investments for research purposes in the region are expected to create more favorable opportunities for the development and innovation of hydroxyzine imine drugs. This is expected to drive the market's growth in the United States over the forecast period.
Furthermore, the United States, among other countries, observed a significant increase in the number of campaigns, primarily to raise awareness in society. For instance, Change AD is a campaign managed collaboratively by Sanofi and Regeneron. Every year, the campaign provides awareness about the disease and helps and supports people with AD by addressing bullying or stigma experienced by them. These campaigns are expected to create awareness among the target population for treatment. As a result of the aforementioned factors, the market is expected to grow in North America in the forecast period.
