The valuation of the global sore throat lozenges market is expected to show a CAGR growth of about 5.6% over the forecast period, with an approximated valuation of US$ 7.5 billion by 2034.
Bacteria and viruses enter the throat through the thin, wet mucosa that lines the mucosal membrane and cause infection. This also causes inflammation and results in swelling, redness, and increased secretions, as well as the death of many lining cells. Antiseptics, painkillers, menthol, cough suppressants like dextromethorphan, and relaxing agents are just a few of the active ingredients included in lozenges. Sore throat lozenges and throat decongestants may include different levels of these ingredients, although being almost identical.
One of the most common medical problems in the world is sore throat (acute pharyngitis). It mainly has viral etiology. These infections are more likely to be contracted by the elderly and people using immunosuppressants.
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“One important factor that can boost the market’s rise is its accessibility. Throat decongestants are available over the counter (OTC) in almost all local pharmacies and small drug stores. As a result, the industry is anticipated to expand profitably in the coming years,” says an FMI analyst.
Key Takeaways from the Market Study
- The hard candy lozenges segment is leading in the market by product, capturing a significant market value share of approximately 46.5%. Their popularity stems from their widespread availability and affordability.
- In terms of type, over-the-counter (OTC) drugs dominate the global sore throat lozenges market, accounting for a market share of 85.3%.
- Among distribution channels, retail pharmacies lead the market.
- In terms of regions, North America takes the lead due to the higher population of the elderly. This region continues to hold a significant market share in the industry.
Market Competition
Manufacturers in the sore throat lozenge market are operating at full capacity due to the increasing demand since the onset of the COVID-19 pandemic in 2020. More and more customers are turning to these decongestants as awareness about their benefits grows. The market for sore throat lozenges is characterized by fragmentation, with the presence of various local, emerging, and established players. These companies are actively competing in the market and catering to the needs of consumers.
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Recent Developments
- In August 2022, GSK reported that it had successfully acquired Cambridge-based Affinivax, Inc. (Affinivax), a clinical-stage biopharmaceutical business (Boston, Massachusetts). As was previously stated, the acquisition of Affinivax is in line with GSK’s plan to develop a strong portfolio of specialty drugs and vaccines.
- In July 2022, as a part of the international healthcare company STADA, Thornton & Ross agreed to a ten-year lease to establish its new headquarters in the UK.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on sore throat lozenges in its latest study, presenting a historical demand assessment for 2017- 2022 and projections for 2023 – 2033. The global sore throat lozenges market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on the product– (hard candy lozenges, soft lozenges, and compressed lozenges), type (OTC and prescription), and by distribution channels (hospital, retail pharmacies, drug stores, online pharmacies), across seven key regions of the world.
Key Market Segments Covered in the Sore Throat Lozenges Industry Research
By Product:
- Hard candy lozenges
- Soft lozenges
- Compressed lozenges
By Type:
- OTC
- Prescription
By Distribution Channel:
- Hospital
- Retail Pharmacies
- Drug stores
- Online pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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