The global sore throat lozenges market is projected to be valued at USD 4.4 billion in 2024 and is expected to grow at a CAGR of 5.6%, reaching an estimated value of approximately USD 7.5 billion by 2034.
Bacteria and viruses can infect the throat by entering through the thin, moist mucosa that lines the mucosal membrane. This leads to inflammation, causing symptoms such as swelling, redness, increased mucus production, and the death of many cells in the lining. Lozenges typically contain a range of active ingredients to address these symptoms, including antiseptics, pain relievers, menthol, cough suppressants like dextromethorphan, and soothing agents. While sore throat lozenges and throat decongestants are similar, they may contain varying concentrations of these ingredients to target specific symptoms.
Sore throat (acute pharyngitis) is one of the most common medical conditions worldwide, with a primarily viral origin. These infections are more frequently contracted by the elderly and individuals using immunosuppressants.
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.
Competitive Landscape
The sore throat lozenges market is highly competitive, with a presence of established players focused on making decongestants widely available to the public in large quantities. Key strategies adopted by companies in this industry include innovating new products, launching new offerings, securing regulatory approvals, and expanding their operations. These approaches help them maintain a competitive edge while meeting the evolving demands of consumers.
Recent Developments
- In August 2022, Novartis spun off its generic and biosimilar division, Sandoz, to establish a new independent publicly traded firm. This strategic move aimed to maximize shareholder value while allowing Novartis shareholders to fully benefit from the potential future growth of both Sandoz and Novartis Innovative Medicines.
- In July 2022, it was announced that iNova Pharmaceuticals will be acquired by TPG Capital for over US$ 2 billion, with co-investment from Pacific Equity Partners. TPG Capital will hold the majority of shares and plans to expand operations in the Middle East and South East Asia as part of this deal.
Key Market Players
- iNova
- Procter & Gamble (P&G) Company
- Reckitt Benckiser Group Plc
- Ricola AG
- Mondelez International.
- Thornton & Ross Ltd.
- Traditional Medicinals, Inc.
- Bliss GVS Pharma Ltd.
- GlaxoSmithKline Plc
- Honibe
- SSL International
- Cipla Ltd
- Novartis
- Johnson & Johnson
Get Connected with Our Expert Analyst on Email: sales@futuremarketinsights.com
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 (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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
