Hydroxyzine Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Dosage Form (Tablets, Capsules, Injection, Syrup), By Indication Type (Histamine-mediated pruritus, Utricaria, Atopic contact dermatitis), By Region and Competition, 2019-2029F

  • Industry : Healthcare
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 502.09 million

Market Size (2029)

USD 710.15 million

CAGR (2024-2029)

6.12%

Fastest Growing Segment

Tablets

Largest Market

North America

Market Overview

Global Hydroxyzine Market was valued at USD 502.09 million in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 6.12% through 2029. The Global Hydroxyzine Market is experiencing notable growth, driven by the expanding application of hydroxyzine across various medical domains. Hydroxyzine, a first-generation antihistamine, is widely used to alleviate symptoms of allergies, anxiety, and certain skin conditions. Its antihistaminic and anxiolytic properties make it a versatile medication. The increasing prevalence of allergic reactions and anxiety disorders, coupled with the growing awareness of hydroxyzine's efficacy, contributes to the market's ascent. In the realm of allergy management, hydroxyzine plays a crucial role in mitigating symptoms such as itching, hives, and rhinitis associated with allergic reactions. The rising incidence of allergies, triggered by factors like environmental pollutants and changing lifestyles, underscores the significance of hydroxyzine in providing relief. Beyond its antihistaminic effects, hydroxyzine is recognized for its anxiolytic properties, making it valuable in the management of anxiety disorders. The sedative effects of hydroxyzine contribute to its use as a short-term treatment for anxiety, offering a non-addictive alternative to other anxiolytic medications. The market is witnessing further expansion due to the increased understanding of hydroxyzine's potential applications. As research continues to explore new therapeutic avenues, hydroxyzine's role may extend to areas such as dermatology, where it has shown promise in managing pruritus and certain skin conditions. Factors such as the growing geriatric population, which is more susceptible to allergic conditions and anxiety disorders, contribute to the sustained demand for hydroxyzine. The drug's relatively favorable safety profile and cost-effectiveness further enhance its attractiveness in various healthcare settings. As pharmaceutical companies focus on expanding their product portfolios and optimizing formulations, the Global Hydroxyzine Market is poised for continued growth. The versatility of hydroxyzine, coupled with its well-established safety profile, positions it as a valuable asset in addressing a spectrum of medical conditions, ensuring its continued relevance in the global pharmaceutical landscape.

Key Market Drivers

Increasing Prevalence of Allergies

The Global Hydroxyzine Market is experiencing a notable upswing due to the increasing prevalence of allergies worldwide. Allergic reactions have become more prevalent, with factors such as environmental pollutants, changing dietary habits, and heightened exposure to allergens contributing to a surge in allergy cases. Hydroxyzine, as a first-generation antihistamine, plays a pivotal role in managing allergic conditions. Its ability to alleviate symptoms like itching, hives, and rhinitis associated with allergies positions it as a valuable medication in the treatment arsenal. The heightened awareness of allergic conditions and the need for effective management have led to a growing demand for antihistamines like hydroxyzine. Allergies can manifest in various forms, ranging from mild discomfort to severe and potentially life-threatening reactions. As individuals seek relief from these symptoms, hydroxyzine's antihistaminic properties become increasingly relevant. The rise in allergic conditions across diverse age groups, coupled with the versatile applicability of hydroxyzine in addressing different manifestations of allergies, has contributed to its widespread usage. Pharmaceutical companies are recognizing the market potential and are actively expanding their hydroxyzine-based product offerings to cater to the escalating demand driven by the increasing prevalence of allergies. The Global Hydroxyzine Market is positioned as a key player in the healthcare landscape, providing effective solutions to individuals grappling with the challenges posed by a rising tide of allergic reactions.

Growing Cases of Anxiety Disorders

The Global Hydroxyzine Market is witnessing substantial growth, propelled by the escalating number of anxiety disorders across the globe. Anxiety disorders have become increasingly prevalent due to factors such as heightened stress levels, lifestyle changes, and a growing awareness of mental health issues. Hydroxyzine, with its anxiolytic properties, has emerged as a significant therapeutic option in the management of anxiety-related conditions. As the world grapples with increased stressors and challenges, the demand for effective anxiety treatments has surged. Hydroxyzine, known for its ability to induce sedation and alleviate symptoms of anxiety, offers a non-addictive alternative to other anxiolytic medications. The drug's efficacy in providing short-term relief for anxiety disorders contributes to its widespread use in clinical practice. The pharmaceutical industry recognizes the expanding market for anxiety-related treatments, leading to increased research and development efforts to optimize hydroxyzine formulations. Its non-addictive nature and favorable safety profile make it a preferred choice for healthcare providers seeking reliable solutions for anxiety management. The growing societal acknowledgment of mental health issues and the importance of seeking treatment for anxiety disorders further propels the utilization of hydroxyzine. As a result, the Global Hydroxyzine Market is positioned as a key player in addressing the global mental health landscape, providing patients and healthcare professionals with a valuable tool to manage the challenges posed by the rising cases of anxiety disorders.

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Key Market Challenges

Generic Competition

Generic competition poses a significant challenge to the Global Hydroxyzine Market. As hydroxyzine has been in use for several decades and is a well-established medication, the market has witnessed an influx of generic alternatives. The availability of generic versions has led to increased competition among pharmaceutical manufacturers, resulting in price erosion and a potential decline in the market share of branded hydroxyzine products. Generic versions of hydroxyzine are often more cost-effective, making them an attractive option for healthcare providers and payers. The cost savings associated with generic hydroxyzine can lead to a shift in prescribing patterns, impacting the revenue streams of brand-name hydroxyzine products. This competitive environment challenges pharmaceutical companies that initially held patents on branded hydroxyzine formulations. Patients and healthcare systems are often inclined towards more affordable generic medications, given their equivalent efficacy and safety profiles. The widespread adoption of generic hydroxyzine can result in reduced profitability for brand-name products, prompting pharmaceutical companies to explore strategies to differentiate their offerings and maintain a competitive edge. Navigating the landscape of generic competition requires innovative marketing approaches, potentially incorporating additional features or formulations that provide unique value. The companies in the Global Hydroxyzine Market must focus on building brand loyalty among healthcare professionals and patients, emphasizing factors such as consistent quality, reliability, and patient adherence to maintain a resilient market presence amid the challenges posed by generic alternatives.

Limited Efficacy in Severe Anxiety Cases

The Global Hydroxyzine Market encounters a challenge related to the limited efficacy of hydroxyzine in severe anxiety cases. While hydroxyzine is widely acknowledged for its anxiolytic properties, its effectiveness may be constrained when dealing with more severe forms of anxiety disorders. In cases of intense anxiety, where symptoms are profound and debilitating, patients may require more potent anxiolytic medications to achieve adequate relief. Hydroxyzine's mechanism of action as a first-generation antihistamine with sedative effects may not be as robust in addressing the heightened anxiety levels experienced by individuals with severe anxiety disorders. The sedative properties, while beneficial for calming milder forms of anxiety, might not provide sufficient relief for individuals facing acute or chronic severe anxiety. Healthcare professionals may need to explore alternative medications with stronger anxiolytic effects for patients with severe anxiety. This challenge in addressing the spectrum of anxiety severity could impact the market's reach, as hydroxyzine may be perceived as more suitable for mild to moderate anxiety cases. Pharmaceutical companies and healthcare providers need to carefully consider the appropriate use of hydroxyzine in the context of anxiety management, ensuring that patients with varying degrees of severity receive tailored treatments. Addressing the limitations in efficacy for severe anxiety cases may involve a combination of therapeutic approaches and a nuanced understanding of the diverse spectrum of anxiety disorders to optimize patient outcomes in the Global Hydroxyzine Market.

Key Market Trends

Rising Demand for Mental Health Medications

The Global Hydroxyzine Market is experiencing a notable surge in demand, attributed in part to the rising global demand for mental health medications. As awareness of mental health issues grows and societal attitudes toward mental well-being evolve, there is an increased recognition of the prevalence of anxiety-related conditions. Hydroxyzine, with its anxiolytic properties, emerges as a valuable therapeutic option to address the growing demand for effective mental health treatments. The rising prevalence of anxiety disorders, coupled with a broader acknowledgment of the impact of stress and anxiety on overall health, has led to an elevated need for medications that provide relief without fostering dependence. Hydroxyzine's non-addictive nature positions it as an attractive choice in the context of the expanding mental health medication landscape. The demand for mental health medications, including anxiolytics like hydroxyzine, is further fueled by factors such as changing lifestyles, increased stressors, and the global impact of events affecting mental well-being.  The trend towards open discussions about mental health and reducing the stigma associated with seeking treatment contributes to a growing willingness among individuals to explore pharmacological interventions for anxiety. Pharmaceutical companies operating in the Global Hydroxyzine Market are likely to witness sustained demand as they address the imperative need for effective and well-tolerated mental health medications. This trend underscores the pivotal role hydroxyzine plays in meeting the evolving healthcare needs related to mental well-being on a global scale.

Ongoing Research for Novel Formulations

The Global Hydroxyzine Market is witnessing a surge in research and development activities focused on creating novel formulations of hydroxyzine. Pharmaceutical companies are actively engaged in ongoing research to enhance the drug's therapeutic efficacy, patient compliance, and overall market appeal. These efforts aim to address various challenges and optimize the clinical utility of hydroxyzine in diverse therapeutic contexts. One area of exploration involves the development of sustained-release formulations. Creating formulations with prolonged release characteristics could potentially provide a more consistent and extended therapeutic effect, reducing the frequency of administration and improving patient adherence to treatment regimens. Combination therapies are also under consideration in research initiatives. By combining hydroxyzine with other complementary compounds, researchers aim to enhance its anxiolytic properties, broaden its spectrum of efficacy, or minimize potential side effects. These novel combinations could offer innovative treatment options for healthcare providers and more tailored solutions for patients. The research is delving into optimizing the bioavailability and pharmacokinetics of hydroxyzine to improve its overall performance. Innovations in drug delivery systems, such as nanoparticles or liposomal formulations, are being explored to enhance the drug's delivery to target tissues and organs, potentially maximizing therapeutic outcomes. The ongoing research for novel formulations reflects the commitment of pharmaceutical researchers to address existing limitations and unlock new therapeutic potentials for hydroxyzine. These endeavors contribute to the dynamic evolution of the Global Hydroxyzine Market, paving the way for innovative products that cater to the evolving healthcare landscape and the diverse needs of patients.

Segmental Insights

Dosage Form Insights

1.    Based on dosage form, tablets segment dominated the Global Hydroxyzine Market in 2023. This is ascribed due to its convenience, ease of administration, and dosage accuracy. Hydroxyzine, commonly prescribed for anxiety and allergic conditions, is widely formulated as oral tablets. Tablets offer a standardized dosage, simplifying medication management for both patients and healthcare providers. The solid dosage form ensures stability, easy storage, and a longer shelf life. The patient preference for tablets, coupled with pharmaceutical manufacturers' focus on tablet formulations, contributes to the dominance of this segment in the market, meeting the demand for a widely accepted and practical delivery method for hydroxyzine.


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Regional Insights

North America dominated in the Global Hydroxyzine Market, driven by the region benefits from a well-established healthcare infrastructure and a high prevalence of conditions like anxiety and allergies, for which Hydroxyzine is commonly prescribed. North America is home to major pharmaceutical companies with a strong focus on research and development, contributing to the innovation and availability of Hydroxyzine products. Rigorous regulatory standards ensure the safety and efficacy of pharmaceuticals, boosting consumer confidence. A a robust healthcare system and high healthcare expenditure enhance accessibility to Hydroxyzine medications. These factors collectively position North America as the dominant market for Hydroxyzine on the global stage.

Recent Development

  • In December 2022, Brillpharma (Ireland) received marketing authorization from HPRA for their Hydroxyzine hydrochloride 25mg film-coated tablets. This approval signifies the regulatory endorsement of Brillpharma's product, indicating compliance with standards set by the Health Products Regulatory Authority. The granted authorization enhances Brillpharma's ability to bring this specific formulation of hydroxyzine to the market, contributing to pharmaceutical options available for various therapeutic applications.

Key Market Players

  • R-Biopharm AG
  • Teva Pharmaceutical Industries Ltd
  • Sun Pharmaceutical Industries Ltd
  • GSK plc
  • bioMerieux S.A.
  • Danaher Corporation
  • Thermo Fisher Scientific, Inc
  • Siemens Healthcare AG
  • AbbVie Inc.
  • Pfizer Inc.

By Dosage Form

By Indication Type

By Region
  • Tablets
  • Capsules
  • Injection
  • Syrup
  • Histamine-mediated pruritus
  • Utricaria
  • Atopic contact dermatitis
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global Hydroxyzine Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Hydroxyzine Market, By Dosage Form:

o   Tablets

o   Capsules

o   Injection

o   Syrup

  • Hydroxyzine Market, By Indication Type:

o   Histamine-mediated pruritus

o   Utricaria

o   Atopic contact dermatitis

  • Hydroxyzine Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Hydroxyzine Market.

Available Customizations:

Global Hydroxyzine Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
Global Hydroxyzine Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Global Hydroxyzine Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.   By Dosage Form (Tablets, Capsules, Injection, Syrup)

5.2.2.   By Indication Type (Histamine-mediated pruritus, Utricaria, Atopic contact dermatitis)

  5.2.3.   By Region

  5.2.4.   By Company (2023)

5.3.  Market Map

5.3.1.     By Dosage Form

5.3.2.     By Indication Type 

5.3.3.     By Region

6.    Asia Pacific Hydroxyzine Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Dosage Form

6.2.2.     By Indication Type

6.2.3.     By Country

6.3.  Asia Pacific: Country Analysis

6.3.1.     China Hydroxyzine Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.               By Dosage Form

6.3.1.2.2.               By Indication Type

6.3.2.     India Hydroxyzine Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.               By Dosage Form

6.3.2.2.2.               By Indication Type

6.3.3.     Australia Hydroxyzine Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.               By Dosage Form

6.3.3.2.2.               By Indication Type

6.3.4.     Japan Hydroxyzine Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Value

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.               By Dosage Form

6.3.4.2.2.               By Indication Type

6.3.5.     South Korea Hydroxyzine Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Value

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.               By Dosage Form

6.3.5.2.2.               By Indication Type

7.    Europe Hydroxyzine Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Dosage Form

7.2.2.     By Indication Type

7.2.3.     By Country

7.3.  Europe: Country Analysis

7.3.1.     France Hydroxyzine Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.               By Dosage Form

7.3.1.2.2.               By Indication Type

7.3.2.     Germany Hydroxyzine Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.               By Dosage Form

7.3.2.2.2.               By Indication Type

7.3.3.     Spain Hydroxyzine Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.               By Dosage Form

7.3.3.2.2.               By Indication Type

7.3.4.     Italy Hydroxyzine Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.               By Dosage Form

7.3.4.2.2.               By Indication Type

7.3.5.     United Kingdom Hydroxyzine Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.               By Dosage Form

7.3.5.2.2.               By Indication Type

8.    North America Hydroxyzine Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.   By Dosage Form

8.2.2.   By Indication Type

8.2.3.   By Country

8.3.  North America: Country Analysis

8.3.1.     United States Hydroxyzine Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.               By Dosage Form

8.3.1.2.2.               By Indication Type

8.3.2.     Mexico Hydroxyzine Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.               By Dosage Form

8.3.2.2.2.               By Indication Type

8.3.3.     Canada Hydroxyzine Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.               By Dosage Form

8.3.3.2.2.               By Indication Type

9.    South America Hydroxyzine Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.   By Dosage Form

9.2.2.   By Indication Type

  9.2.3.   By Country

9.3.  South America: Country Analysis

9.3.1.     Brazil Hydroxyzine Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.               By Dosage Form

9.3.1.2.2.               By Indication Type

9.3.2.     Argentina Hydroxyzine Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.               By Dosage Form

9.3.2.2.2.               By Indication Type

9.3.3.     Colombia Hydroxyzine Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.               By Dosage Form

9.3.3.2.2.               By Indication Type

10.  Middle East and Africa Hydroxyzine Market Outlook

10.1.              Market Size & Forecast

10.1.1.   By Value

10.2.              Market Share & Forecast

10.2.1.                By Dosage Form

10.2.2.                By Indication Type

  10.2.3.                By Country

10.3.              MEA: Country Analysis

10.3.1.   South Africa Hydroxyzine Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.             By Dosage Form

10.3.1.2.2.             By Indication Type

10.3.2.   Saudi Arabia Hydroxyzine Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.             By Dosage Form

10.3.2.2.2.             By Indication Type

10.3.3.   UAE Hydroxyzine Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.             By Dosage Form

10.3.3.2.2.             By Indication Type

10.3.4.   Egypt Hydroxyzine Market Outlook

10.3.4.1.      Market Size & Forecast

10.3.4.1.1.           By Value

10.3.4.2.      Market Share & Forecast

10.3.4.2.1.             By Dosage Form

10.3.4.2.2.             By Indication Type

11.  Market Dynamics

11.1.              Drivers

11.2.              Challenges

12.  Market Trends & Developments

12.1.              Recent Developments

12.2.              Product Launches

12.3.              Mergers & Acquisitions

13.  Global Hydroxyzine Market: SWOT Analysis

14.  Porter’s Five Forces Analysis

14.1.              Competition in the Industry

14.2.              Potential of New Entrants

14.3.              Power of Suppliers

14.4.              Power of Customers

14.5.              Threat of Substitute Product

15.  Competitive Landscape

15.1.                   R-Biopharm AG

15.1.1.          Business Overview

15.1.2.           Company Snapshot

15.1.3.           Products & Services

15.1.4.           Financials (In case of listed)

15.1.5.           Recent Developments

15.1.6.           SWOT Analysis

15.2.    Teva Pharmaceutical Industries Ltd

15.3.    Sun Pharmaceutical Industries Ltd

15.4.    GSK plc

15.5.    bioMerieux S.A.

15.6.    Danaher Corporation

15.7.    Thermo Fisher Scientific, Inc

15.8.    Siemens Healthcare AG

15.9.    AbbVie Inc.

15.10.  Pfizer Inc.

16.  Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Hydroxyzine Market was estimated to be USD 502.09 million in 2023.

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R-Biopharm AG, Teva Pharmaceutical Industries Ltd, Sun Pharmaceutical Industries Ltd, GSK plc, bioMerieux S.A., Danaher Corporation, Thermo Fisher Scientific, Inc, Siemens Healthcare AG, AbbVie Inc., Pfizer Inc, were the top players of Global Hydroxyzine Market.

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The Hydroxyzine, as a well-established medication, has faced increased competition from generic versions. The availability of generic alternatives often leads to price erosion, affecting the market share and revenue of branded hydroxyzine products.

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The rising incidence of allergies, triggered by factors such as environmental pollutants, changing lifestyles, and a higher awareness of allergic conditions, fuels the demand for antihistamines like hydroxyzine.

Related Reports

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Sakshi Bajaal

Business Consultant
Press Release

Hydroxyzine Market to Grow with a CAGR of 6.12% through 2029

Sep, 2024

Hydroxyzine’s versatility in treating various conditions is expected to drive the Global Hydroxyzine Market in the forecast period 2025-2029

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