Cough Syrup Market Overview
Cough syrups are medications used for temporary relief of cough, sneezing, or runny nose due to common cold, hay fever, or other upper respiratory allergies. The global cough syrup market is predicted a CAGR of 3.45% to reach a value of USD 5.139.63 million by 2026.
The increasing incidence of respiratory disorders and rising air pollution are some of the key factors leading to the growth of the demand for cough syrup. Moreover, the increasing geriatric population, along with the active pharmaceutical industry, is driving market growth as older people are more vulnerable to respiratory disorders. Also, the industry is expected to see lucrative growth as a result of growing product innovations. Furthermore, the market is expected to corroborate lucrative growth owing to ever-increasing product improvements.
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During February 2019, Merck invested USD 70 million to expand its research & development(R&D) facility in Billerica, Massachusetts for the development of innovative clinical pipeline products. World Health Organization(WHO) estimated that 4.3 million deaths per year could be ascribed to indoor air pollution. Most diseases and deaths that can be attributed to protracted exposure to poor indoor air quality occurs primarily in women and children, especially in low-income families. Exposure to indoor smoke used for heating and cooking leads to COPD, lung cancer, and, in children, it causes pneumonia and asthma.
The Global cough syrup market has been segmented by type, application product type, category, application and by region.
Global Cough Syrup Market, by Product Type
Global Cough Syrup Market, by Category
Global Cough Syrup Market, by Application
The global cough syrup market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is expected to hold a maximum share of the global cough syrup market, and the regional market is projected to register a CAGR of 3.16% during the forecast period. The presence of significant market players in the region, strategic acquisitions by major players to enhance product portfolio, increasing cases of respiratory disorders, and availability of advanced medications for the treatment of chronic obstructive pulmonary disease (COPD) is expected to drive the market growth in this region to combat these concerns effectively through the use of cough syrups.
Europe accounts for the second-largest, in the global cough syrup market, majorly due to the presence of key players such as Novartis, GlaxoSmithKline, and Reckitt Benckiser Group PLC. The cough syrup market in Europe is expected to be driven by the growth of the pharmaceutical industry in Germany, France, and the UK.
Asia-Pacific is estimated to be the fastest-growing market due to the continuous development in developing countries such as India and China. High prevalence of respiratory disorders due to tobacco smoke, exposure to air pollutants at home and the workplace, vehicular pollution, and indoor air pollution from biological agents related to damp and mold further increase the risk of respiratory disease in children and adults in these countries.
The Middle East & Africa cough syrup market has been segmented into major two regions, the Middle East and Africa. The developed countries in the region, such as the UAE and Saudi Arabia, are the ones with the maximum share of the cough syrup market. The advancing healthcare infrastructure, increasing healthcare expenditure, and increasing per capita disposable incomes of the people in these countries are some reasons leading to the large share of the market in these countries. Africa is the least developed region with limited healthcare resources and facilities for the people. The low growth rate due to less developed and less efficient health systems is hampering the growth of the market.
The prominent players in the global cough syrup market are Pfizer, Inc. (US), Novartis AG (Switzerland), Merck KGaA (US), Johnson & Johnson Services, Inc. (US), GlaxoSmithKline PLC (UK), Acella Pharmaceuticals, LLC (US), Procter & Gamble (US), Reckitt Benckiser Group PLC (UK), Abbott (US), and Sanofi (France).
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