The global market for remedies addressing cold, cough, and sore throat conditions is poised to achieve a total valuation of US$ 39.9 Billion by the conclusion of the year 2022. Subsequently, it is projected to exhibit a gradual yet steady expansion, characterized by a compound annual growth rate (CAGR) of 0.6% from 2022 to 2032, ultimately reaching an estimated valuation of approximately US$ 37.7 Billion by 2032.
This growth trajectory is underpinned by several influential factors, including the increasing prevalence of infectious diseases, a heightened level of health awareness among individuals, and the escalating utilization of various pharmaceuticals, such as antihistamines, antibiotics, and bronchodilators. These elements collectively contribute to the continued development of the global market for cold, cough, and sore throat remedies.
Furthermore, the segment of oral syrups, classified by dosage form, asserted its dominance within the global cold, cough, and sore throat remedies market, commanding a substantial share of approximately 33.3% in 2021. This trend is anticipated to persist throughout the forecast period, sustaining the prominence of oral syrups within the market.
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In the report, titled “Cold, Cough and Sore Throat Remedies Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” affordability of OTC drugs, the rising economic burden of respiratory diseases, the availability of medications in variable dosages, and fast & instant relief delivered through such cold, cough & sore throat remedies are driving the market’s growth. Nevertheless, the demand for cold, cough & sore throat remedies is less likely to soar at a healthy rate.
Product Recalls & Low Entry of New Players Impacting the Market’s Growth
Firstly, the global cold, cough & sore throat remedies market is projected to witness umpteen product recalls. Global leaders in pharmaceuticals industry such as Novartis AG, Pfizer Inc., Bayer AG, GlaxoSmithKline plc., and Reckitt Benckiser Group plc are key players in the global market for cold, cough & sore throat remedies. Despite this, several newly-launched products have been recalled after the FDA’s censure. Besides, even consumer goods behemoths such as Procter & Gamble Co. and Johnson & Johnson Services Inc. are partaking in the market’s growth. This has resulted in a lowering entry of emerging drugmakers, which has further distorted the market’s growth. Other leading manufacturers of cold, cough & sore throat remedies include AstraZeneca plc, Prestige Brands Inc., and Sun Pharmaceutical Industries Ltd.
The report highlights how the Asia-Pacific Excluding Japan (APEJ) region will remain the largest market for cold, cough & sore throat remedies. The region’s proximity to environmental pollution makes its residents more prone to respiratory diseases. With over 30% stake in global revenues, the APEJ cold, cough & sore throat remedies market will globally dominate through 2026. North America and Europe will also remain at the forefront, by collectively accounting for nearly half of the global revenues throughout the forecast period.
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The report further reveals that in 2017 and beyond, the demand for antihistamine drugs, expectorants, and decongestants will remain considerably high as the revenues from sales of these drugs will showcase growth at more than 3% CAGR. Tablets or pills and nasal drops will also dominate as dosage types, accounting for over 40% share of market value through 2026. The report also predicts retail pharmacies & drug stores as the largest distribution channels for cold, cough & sore throat remedies. Together, these channels will bring in nearly US$ 30 Bn by the end of 2026.
Competitive Landscape
The market for cold, cough, and sore throat remedies features a significant degree of fragmentation, with numerous competitors vying for market share. Key industry players are actively pursuing strategic initiatives, including acquisitions, collaborations, and the introduction of innovative products.
Recent developments in the cold, cough, and sore throat remedies market include:
- In October 2021, Reckitt Benckiser Group PLC reported a 20% increase in sales of their over-the-counter products, with Mucinex contributing significantly to this growth. The company’s cold and flu brands also gained a larger market share.
- October 2020 witnessed a collaboration between Novartis and Molecular Partners to develop two DARPin® treatments designed to combat COVID-19. This virus presents symptoms such as fever, chills, sore throat, fatigue, reduced energy, headaches, as well as muscular and body aches.
- In 2021, Dexa Medica, a prominent multinational pharmaceutical firm, introduced Konos, a highly effective and recommended brand for addressing cold and cough ailments.
- In 2020, Applied Biological Laboratories launched Biovanta, a 100% natural, safe, and effective over-the-counter remedy for cough, cold, and sore throat, distinguishing itself as a noteworthy addition to the market.
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Key segments covered in this report
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Supermarket/ Hypermarkets
- e-Commerce/ Online pharmacies
By Dosage Type
- Oral Syrup
- Tablets/Pills
- Lozenges
- Nasal Drops
- Others
By Drug Type
- Antihistamines
- Expectorants
- Bronchodilators
- Decongestants
- Antibiotics
- Others
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