Jan 16, 2020 12:02 AM ET
Cough Remedies Market Size is Estimated to Grow at CAGR of 6.64% During 2019-2024
iCrowd Newswire -
Jan 16, 2020
Cough remedies market size is estimated to be $11.40Bn, in 2018, growing at a CAGR of 6.64% during 2019-2024. Pleasant taste and easy intake of oral syrups are among the key factors driving the global cough remedies market. Some traditional cough remedies include drinking honey, bromelain and bacterial microbes. Further, some new generation cough remedies include corticosteroids, bronchodilators and antibiotics.
- The oral syrup segment in the global cough remedies market held largest market share with 30.94%, in 2018.
- The retail stores in the global cough remedies market in distribution channel segment held largest share in terms of revenue with 36.81%, in 2018
- North America held the largest share with 30.64% revenue wise, in 2018.
- Growth of natural remedies for cough and pleasant taste and easy intake of oral syrups are some of the key factors driving the market.
By Dosage – Segment Analysis
The global Cough Remedies market by dosage has been segmented into oral syrup, tablets/pills, lozenges, nasal drops and others. The oral syrup segment in the global cough remedies share in by dosage segment held largest share with 30.94%, in 2018. The oral syrups are the most preferred form of cough, cold, and sore throat medicines due to pleasant taste and simplicity of administration. The oral syrup is expected to continue leading the market over the forecast period, 2019 to 2024.
By Distribution Channel – Segment Analysis
The global cough remedies market by distribution channel has been segmented into hospital pharmacies, retail pharmacies, drug stores, supermarket/ hypermarkets and e-commerce/ online pharmacies. The retail stores in the global cough remedies market segmented by distribution channel held the largest market share in terms of revenue with 36.81%, in 2018. People still prefer to buy regular medicines form retail store, they are present in higher numbers in every locality and consumers can just pick it by while taking their daily supplies and groceries. The e-commerce/ online pharmacies are expected to grow at the fastest rate over the forecast period, 2019 to 2024.
Geography – Segment Analysis
The cough remedies market by geography has been segmented into North America, South America, Europe, Asia Pacific and Rest of the World. North America held the largest market share with 30.64% revenue wise, in 2018. Growing focus in research & development is a key factor which is driving the market in the region. Asia Pacific followed North America in terms of revenue in the global cough remedies market and is also expected to growth the fastest over the forecast period, 2019 to 2024. The high growth is attributed to growing number of ageing people population in countries such as China and India. Moreover, growth in per capita income and growing number of patients suffering from cough are some of the key factors driving the market growth in Asia Pacific cough remedies market.
Drivers – Cough Remedies Trends
- Growth of natural remedies for cough
Many studies suggest over the counter (OTC) cold medicine in many occasions are not effective for children and infant. Further, research has shown many health effects of regular consumption of conventionally cough medicines. Research by the American Food and Drug Administration concluded that drawbacks of conventional medicine prompting regulatory authorities to spreads awareness about the use of OTC medication for handling cold in children. Natural cold remedies could possibly become the first line of defense for children. Thus key players operating in the cough remedies market are coming with cough medicines which are made of natural ingredient or medicine which can be administered with natural remedies.
- Pleasant taste and easy intake of oral syrups
The majority of pediatric patients prefer liquid as dosage forms. Oral syrups have the largest adoption to pharmacy chains, especially in western countries. Further, maximum of the oral syrups are OTC (Over-the-Counter) drugs which do not need a doctor’s prescription. Consumers are conditioned to treat cold, cough and sore throat with OTC drugs than to seek healthcare professionals and this drives the cough remedies market growth of the oral syrups segment across the globe. There are a lot of new drug lunches to improve drug types. However, the key oral cough syrups manufacturers are focusing in making the test of these syrups pleasant. This is a key factor in driving the market as a majority of the patients suffering from cough and cold are children with lower immunity level compare to adults. Thus with taste of these cough syrups becoming pleasant it will be easier to get this children make them have it. This is key factor which is expected to drive the cough remedies market demand over the forecast period.
Challenges – Cough Remedies Market Industry Analysis
- Growing awareness, healthy living and stringent government laws
Growing awareness on the side effects of using cough remedies on a regular basis is a key factor restraining the market. Patients look to recover from mild cough and cold on their own without the assistance of any drugs. Further, cough syrups are addictive thus parents also restrain form giving them to children unless they have a sever cough. This are some of the key factors restraining the global cough remedies market over the forecast period, during 2019 to 2024. Further, Stringent rules against the application and sales of cough suppressant is expected to hinder the market growth over the forecast period. In 2017, Health Canada proposed to ban non-prescription cough suppressant drug codeine sales in 2017.
Product innovation, product lunches and partnership are a key strategies adopted by players in the key players operating in the cough remedies market. In 2018, the market for cough remedies is partiality consolidated with the top five players. Major players in the cough remedies market are Johnson & Johnson, GlaxoSmithKline, Novartis, Reckitt Benckiser Group, AstraZeneca, Bayer AG, Sun Pharmaceutical, Prestige Brands Holdings, and Procter & Gamble among others.
Partnership and joint venture
- On March 2016, Tris Pharma, Inc. entered into a supply, license and distribution agreement with Pfizer Consumer Healthcare. The company is part of Pfizer. Inc. Rendering to the agreement, Pfizer will commercialize Tris’ extended release dextromethorphan cough syrup under the brand name Robitussin. Tris Pharma Inc. will get payment and sales royalties.
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Mr. Venkat Reddy
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