Cold, Cough, And Sore Throat Remedies Market Size to Expand at Highest Revenue US$ 46,869.6 Million with Growth Rate at 3.6% CAGR by 2027 | Says, Coherent Market Insights
Medications indicated for the treatment of cold, cough, and sore aids in relieving symptoms. The incubation time for cold to occur is between 24 and 72 hours. The signs related to cold include nasal irritation, mild fever, sneezing, sore throat, loss of appetite, headache, irritability, and others.
The global cold, cough, and sore throat remedies market is expected to be valued at US$ 36,325.0 Mn in terms of value in 2019 and is expected to reach US$ 46,869.6 Mn by the end of 2027.
Global Cold, Cough, and Sore Throat Remedies Market: Drivers
The increasing regulatory approval and launches of cold, cough, and sore throat remedies by key players are the major factors that are expected to propel growth of the market over the forecast period. For instance, Roche received the U.S. FDA supplemental New Drug Application approval for its Xofluza (baloxavir marboxil) for the treatment of acute, uncomplicated influenza, or flu, in people 12 years of age and older, in October 2019.
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Global Cold, Cough, and Sore Throat Remedies Market: Opportunities
Moreover, introduction of favorable reimbursement policies is expected to offer lucrative growth opportunities for players in the market. For instance, in October 2019, Humana Inc. introduced an HMO plan in New Jersey that offers an OTC quarterly allowance from Humana Pharmacy, including first-aid supplies, aspirin, and cold and allergy medicine.
Global Cold, Cough, and Sore Throat Remedies Market: Restraints
However, stringent regulatory guidelines is the major factor, which is expected to hinder growth of the market over the forecast period. For instance, in February 2019, Health Canada issued a precautionary measure against the use of products containing codeine, hydrocodone, and normethadone for the treatment of cough symptoms in children.
On the basis of drug type, antihistamines segment was valued at US$ 9,323.8 Mn in 2018 and is expected to reach US$ 12,934.4 Mn by 2027, exhibiting a CAGR of 3.6% over the forecast period. Antihistamines are primary medications that are prescribed for the treatment of common ailments such as cold, cough and sore throat. Moreover, several cheap generic antihistamines are available over the counter, which is further driving growth of the segment.
Among formulation, oral syrups segment accounted for major market share of 33.5%, in 2018, in terms of value, followed by tablets/pills, and nasal drops segments respectively. Moreover, oral syrups are palatable, and can be flavored to the liking of the pediatric as well as adult patients and variety of oral syrups are available in the market. These factors are expected to fuel growth of the segment over the forecast period.
Among distribution channel, accounted for major market share of 37.3%, in 2018, in terms of value, followed by retail pharmacies, and supermarkets/hypermarkets segments respectively. This is attributed to most of the medications that are over the counter medications for which prescription is not required, and patients can take these over the counter.
The market is witnessing sale of fake cough syrups, which is expected to negatively impact the market growth. For instance, in January 2020, The Medicines Control Authority of Zimbabwe warned the public to beware of a falsified version of Flumed cough, cold and flu syrup discovered in pharmacies.
Moreover, illegal sale of cough syrups in emerging markets has increased, which is further expected to hamper the market growth. For instance, in January 2020, the district police department in Odisha, India, seized 8,000 bottles of cough syrup for illegal sale.
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- In August 2016, National Health Surveillance Agency (ANVISA) Brazil updated its guidelines for a drug to obtain OTC status
- New guidelines revoked Rule # 138 that stated medications can be sold according to their therapeutic indications
- However, after this development, drugs which are currently recognized as OTC will continue to be categorized as OTC after reassessment and compliance with Rule # 98
- As per Rule # 98, drug has to qualify 7 criteria to be classified as OTC product viz. minimum time for commercialization, safety, easily identifiable by consumer, should pose low risk if used for off label indications, not indicated for continued use, no need for physicians assistance, low potential for habituation
- According to new rule, company can apply for OTC approval along with MAA, or five years being sold as OTC drug in countries where OTC regulations are similar to those of ANVISA
- New regulations is expected to have positive impact on market as it allows simultaneous reassessment and for old and new applications
Global Cold, Cough, and Sore Throat Remedies Market: Competitive Landscape
Key players operating in the global cold, cough, and sore throat remedies market include 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., and Procter & Gamble Co.
Global Cold, Cough, and Sore Throat Remedies Market: Key Developments
- July 2019: Sanofi acquired non-prescription rights of Roche’s Tamiflu to enter the U.S. OTC cough, cold and flu market
- December 2019: Algernon Pharmaceuticals Inc. announced plans to conduct its first phase 2 clinical trial of its repurposed drug NP-120 (Ifenprodil) for patients with idiopathic pulmonary fibrosis and chronic cough
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- By Drug Type
- By Formulation
- Oral Syrups
- Nasal Drops
- By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- e-Commerce/Online Pharmacies
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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