In a remarkable ascent, the Global Cold, Cough, and Sore Throat Remedies Industry is on the brink of achieving a valuation of US$39.9 Billion by the end of 2022, setting the stage for continuous expansion. Forecasts, projecting a steady Compound Annual Growth Rate (CAGR) of 0.6% from 2022 to 2032, indicate a robust trajectory culminating in an impressive US$37.7 Billion valuation by the close of the latter year.
The industry’s upward momentum is underpinned by several key factors, including the escalating prevalence of infectious diseases, a growing awareness of health matters among the global population, and an increasing consumption of various medications such as antihistamines, antibiotics, and bronchodilators. These dynamics collectively contribute to the positive trajectory of the Global Cold, Cough, and Sore Throat Remedies Industry.
Seeking professional medical help for curing a cold, cough, or sore throat becomes a rare practice, let alone getting admitted to a hospital. The prevalence of cold, cough & sore throat problems through the ages has made people more independent in terms of treating them. In the years to come, effective home remedies will continue to gain traction and people will be taking care of their cold or sore throat through such easy-to-treat remedies.
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In the report, titled “Global Cold, Cough, and Sore Throat Remedies Industry: Analysis and Opportunity Assessment, 2022-2032,” 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 Global Cold, Cough, and Sore Throat Remedies Industry Growth
Firstly, the global cold, cough & sore throat remedies market is projected to witness umpteen product recalls. Global leaders in the 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.
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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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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