The global cold, cough, and sore throat remedy market is poised for steady growth, with a projected CAGR of 3.40% from 2024 to 2034. The market is estimated to be valued at US$ 42,618.7 million in 2024, and is expected to rise to US$ 59,539.6 million by 2034, driven by innovations and increasing demand for effective treatments.
One of the key drivers behind this growth is the ongoing innovation in the development of advanced remedies and drugs, particularly those tailored to address the needs of various age groups. With an increasing focus on offering different dosage forms—such as syrups, tablets, lozenges, and sprays—pharmaceutical companies are meeting the diverse needs of consumers suffering from common cold, cough, and sore throat conditions.
Market Insights:
- Market Valuation: Expected to reach US$ 42,618.7 million in 2024, with a projected valuation of US$ 59,539.6 million by 2034.
- CAGR: The market is anticipated to grow at a CAGR of 3.40% over the forecast period.
- Emerging Markets: The rising demand in emerging economies, particularly in the pharmaceutical sector, contributes to the market’s upward trend, as consumers seek reliable and effective remedies.
- Product Innovation: Advancements in drug formulations and new delivery systems that cater to the specific needs of diverse consumer segments—adults, children, and the elderly—are further accelerating market growth.
As the global demand for effective cold, cough, and sore throat remedies increases, pharmaceutical companies are expected to continue focusing on product innovation and expanding their reach in emerging markets to capitalize on the growing consumer base. This is set to further drive the market’s expansion over the next decade.
Growth Drivers of the Cold, Cough, and Sore Throat Remedy Market
According to the World Health Organization (WHO), acute respiratory infections are one of the foremost causes of morbidity. This affects millions of people every year. With this, the demand for cold, cough, and sore throat medicines becomes prominent.
Increasing awareness of over-the-counter medicines is making these drugs popular choices among consumers. OTC medicines are easily accessible and do not require a prescription. This availability has led to a gain in self-medication trends, fueling market growth. Also, the market is highly competitive, with a wide range of options available.
Manufacturers are constantly innovating and introducing new products, meeting the set preferences. For instance, the market has seen the introduction of combination drugs that offer relief from multiple symptoms, such as cough, congestion, and sore throat, in a single dose. Such products boost the market.
Another factor supporting market growth is the rising geriatric population. Elderly individuals are more susceptible to respiratory infections and illnesses. This factor is making them a key target demographic for cold, cough, and sore throat remedies. With the consumer base aging, such remedies are expected to evolve in the foreseeable future.
Competitive Landscape
Market players are adopting various strategies to expand their market share. Some players are focusing on developing innovative products with improved efficacy and safety profiles. Laterally, others are investing in marketing and promotional activities to increase brand awareness and reach a wider customer base.
Mergers with healthcare providers and retailers are being formed to improve distribution and increase accessibility of these products. The market is also witnessing an increasing trend of online sales and e-commerce platforms.
Recent Advancements
- In November 2023, On/Go launched Sniffles, an extension of the brand’s healthcare platform geared towards cold remedies.
- On June 10, 2021, pharmaceutical firm Dexa Medica, in partnership with Orange Drugs Limited, unveiled a new cold and cough medication named Konos.
- In December 2020, Applied Biological Laboratories launched Biovanta™, the sole 100% natural remedy for sore throat, cold, and cough. Through blind, placebo-controlled laboratory studies, Biovanta™ demonstrated remarkable efficacy in treating the common cold, surpassing leading products.
Key Companies in the Market
- Reckitt Benckiser Group PLC
- Johnson & Johnson Services, Inc.
- GlaxoSmithKline plc.
- Novartis AG
- Bayer AG
- AstraZeneca plc.
- Sun Pharmaceutical Industries Ltd.
- Pfizer Inc.
- Prestige Brands Holdings, Inc.
- Procter & Gamble Co.
Market Segmentation
By Drug:
- Antihistamines
- Expectorants
- Bronchodilators
- Decongestants
- Antibiotics
- Others
By Doses:
- Oral Syrups
- Tablets/Pills
- Nasal Drops
- Lozenges
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Supermarkets/Hypermarkets
- E-Commerce/Online Pharmacies
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
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 areas such as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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