The global cold, cough, and sore throat remedies market is set for steady growth, with an anticipated valuation of USD 42,618.7 million in 2024. The market is projected to expand at a CAGR of 3.4% from 2024 to 2034, reaching an estimated USD 59,539.6 million by the end of the forecast period.
This growth is driven by the ongoing innovation of advanced remedies and drugs designed to meet the diverse needs of all age groups. The expansion is further supported by the promising developments in the pharmaceutical sector within emerging economies, which are contributing to the upward trend in market valuation.
This growth is driven by ongoing innovations in remedy formulations and the development of advanced drugs tailored to meet the needs of various age groups. As consumer demand for effective and accessible treatments for common respiratory ailments increases, the market is responding with diverse dosage forms and improved therapeutic options.
Seeking professional medical help for curing cold, cough or sore throat is become a rare practice, let alone getting admitted in a hospital. 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.
In the report, titled “Cold, Cough and Sore Throat Remedies Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” affordability of OTC drugs, rising economic burden of respiratory diseases, 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, there are several newly-launched products that have been recalled after 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 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 global 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.
The report further reveals that in 2017 and beyond, the demand for antihistamine drugs, expectorants and decongestants will remain considerably high as these 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.
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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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