iCrowd Newswire – Jul 15, 2020
Cough Remedies Market size is forecast to reach $1.45 billion by 2025, growing at a CAGR of 3.6% during the forecast period 2020-2025. Increase in geriatric population, who are more prone to cough and cold, rise in vehicle pollution, high demand for over-the-counter products, development in R&D activities are some of the major factors driving the growth of the market. Increasing number of cough cases, development of advanced products and use of effective treatments is set poised to further enhance the overall market demand of cough remedies products during the forecast period 2020-2025.
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Type – Segment Analysis
Expectorant segment held the largest share in the Cough Remedies market in 2019 and is estimated to grow at a CAGR of 3.07% during the forecast period 2020-2025. Key drugs that are at the later stage in the pipeline from manufacturers is driving the market growth. However, it is estimated that Bronchodilator segment is set to be the fastest-growing segment and is estimated to register highest CAGR during the forecast period 2020-2025, owing to their preference as the initial line of treatment for various allergies such as hay fever as they offer quick relief and low side-effects.
Dosage – Segment Analysis
Oral Syrups segment holds major share in the Cough Remedies market in 2019 and is estimated to grow at a CAGR of 4.0% during the forecast period 2020-2025. This is owing to the demand in the terms of capacity, effectiveness and quality of oral syrups. Oral syrups are the most preferred form of cough, cold, and sore throat medicines owing to pleasant taste are projected to drive the market growth of the segment. Oral syrup segment is estimated to continue leading the market over the forecast period, 2020-2025.
Distribution Channel – Segment Analysis
Retail pharmacies segment holds major share in the Cough Remedies market in 2019. This is owing to rapidly increasing number of retail pharmacies globally. Growing consumer base for retail pharmacies is projected to drive the market growth of the segment. E-commerce/ online pharmacies is poised to grow at the fastest rate over the forecast period, 2020- 2025.
Geography – Segment Analysis
North America dominated the Cough Remedies market with a share of more than 45%, followed by Europe. An increase in the number of R&D activities in order to develop effective and advance medical products is contributing to the market growth in this region. Growth in per capita income and growing number of patients suffering from cough are some of the key factors supporting the growth of the market.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to the rising disposable incomes, launch of new products and technologies by the key players of the market, and growing sectors for technological developments of Cough Remedies market. The growing geriatric population in countries such as India and China are resulting in the increasing need for Cough Remedies supplements. People’s changing lifestyles and increasing healthcare awareness have a positive impact on the growth of the Cough Remedies market in this region.
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Drivers – Cough Remedies Market
- Increasing number of cough cases
There is an increase in cough and cold cases among the people. Not only during the cold season, but also due to allergies and breathing problems owing to pollution, the market is set to see gradual growth and demand of cough remedies products.
- Growing old age population
The average geriatric population in various regions of the world, particularly the more populous regions, have a larger customer base for the Cough Remedies market. Increase in respiratory diseases and coughing problems among old age people is a driving factor for the cough remedies market.
Challenges – Cough Remedies Market
- Side Effects of many medications
Cough Remedies face hurdles owing to their side effects like drowsiness, dizziness, blurred vision, nausea, vomiting, trouble sleeping, or headache, which is unfavorable in most cases and can hamper the growth of the market.
- In July 2018, Johnson & Johnson Consumer Inc. announced an agreement to acquire Zarbee’s, Inc., a leader in naturally based healthcare products.
- In February 2020, GSK filing was accepted by European Medicines Agency for Trelegy Ellipta use in adult patients with asthma.
- Prestige Brands Holdings, Inc. has purchased of Insight Pharmaceuticals Corporation.
- North America dominates the Cough Remedies market in 2019 owing to an increase in the number of R&D activities to develop effectively and advance medical products. The Cough Remedies market scope for different regions will be provided in the final report.
- Increasing demand for over the counter (OTC) products is a major factor projected to drive growth revenue of the global cough remedies market over the next ten years. Also, an increasing number of cough cases, growing awareness about advanced medicines, rapidly growing elderly population, rising vehicle pollution, are among some of the other factors that is set to drive the demand for cough remedies products.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Cough Remedies market report.
- Stringent government regulations and side effects are estimated to create hurdles for the Cough Remedies market.
Cough Remedies Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Cough Remedies market. In 2019, Cough Remedies market share is consolidated by the top players present in the market. Cough Remedies top companies are Johnson & Johnson, Reckitt Benckiser Group plc, Bayer AG, GlaxoSmithKline plc, AstraZeneca plc, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, Prestige Brands, Inc. and Procter & Gamble, among others.
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