Common cold spread from person to person through various medium such as cough droplets, sneezes, and mucus in hand. Common factors that cause cold include, seasonal factors, close contact with infected person, smoking and exposure to cigarette smoke, weak immune system, and various chronic illness such as diabetes, autoimmune diseases and asthma.
The global cold, cough, and sore throat remedies market is estimated to account for 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
Increasing rate of self-medication among patients and availability of over-the-counter (OTC) drugs is expected to boost growth of the global cold, cough, and sore throat remedies market over the forecast period. For instance, according to the study, ‘Self-medication with over the counter drugs, prevalence of risky practice and its associated factors in pharmacy outlets of Asmara, Eritrea’, published in February 2019, in the journal BMC Public Health, 93.7% of the survey participants practiced self-medication with OTC drugs. The most frequently preferred OTC drug group was analgesics followed by antipyretics, and cough and cold preparations.
Moreover, increasing development and launch of generic drugs is also expected to aid in growth of the market. For instance, in July 2019, Dr. Reddy's Laboratories launched generic Allegra-D, used to relieve symptoms caused by the common cold, flu or allergies, in the U.S. market.
Asia Pacific region held dominant position in the global cold, cough, and sore throat remedies market in 2018, accounting for 37.1% share in terms of value, followed by Europe.
Global Cold, Cough, and Sore Throat Remedies Market: Restraints
However, OTC sore throat products may contribute to antibiotic resistance, which is expected to limit their adoption, thereby hindering growth of the market. For instance, according to a study presented at the 29th European Congress of Clinical Microbiology & Infectious Diseases, in April 2019, OTC throat products may be contributing to antibiotic resistance.
Moreover, recall and failure of cold, cough, and sore throat remedies is also expected to hinder growth of the market. For instance, in March 2019, DG Health issued a recall for its DG/health Naturals baby Cough Syrup + Mucus due to a bacterial contamination.
Global Cold, Cough, and Sore Throat Remedies Market: Opportunities
Moving a product from prescription to OTC presents an attractive opportunity for manufacturers. For instance, according to Consumer Healthcare Products Association, in the U.S., sales of OTC medicines reached US$ 35.2 billion in 2018, up from US$ 34.6 billion in 2017.
Emergence of new coronavirus is also expected to aid in growth of the market. For instance, in January 2020, China reported 2, 700 cases of new coronavirus with symptoms of common cold — runny nose, headache, fever, cough, sore throat, and a general ill feeling.
Antihistamines segment in the global cold, cough, and sore throat remedies market was valued at US$ 9,323.8 Mn in 2018 and is expected to reach US$ 12,934.4 Mn by 2027 at a CAGR of 3.6% during the forecast period.
Market Trends/Key Takeaways
Misuse of OTC cough medicine among young population has witnessing a decreasing trend. For instance, according to the 2019 results from the National Institute on Drug Abuse (NIDA) and University of Michigan’s annual drug abuse survey, the number of teens using OTC cough medicine containing dextromethorphan to get high decreased compared to that in 2006.
Players in the market are focused on launching products specially designed for children. For instance, in October 2019, Vicks launched its newest cold medication specially formulated for children that include Vicks Children’s Cough & Congestion. It is free from artificial additives, artificial dyes and flavors, and high fructose corn syrup and alcohol.
Global Cold, Cough, and Sore Throat Remedies Market: Competitive Landscape
Major 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
Players in the market are focused on launching new products to expand their product portfolio. For instance, in August 2019, Comvita launched line of UMF certified Manuka Honey-based products for children for the treatment of cough and sore throat.
In March 2019, Peroxfarma launched an all-natural cough syrup, Epaplus Immuncare, in the U.S.
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