Medications associated with cold, cough, and sore throat only improve symptoms. The incubation time for cold to occur is usually between 24 and 72 hours. The signs related to cold are nasal irritation, mild fever, sneezing, sore throat, loss of appetite, headache, irritability, and others.
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 approval and launch of cold, cough, and sore throat remedies is expected to propel growth of the market. For instance, in October 2019, Roche received the U.S. FDA supplemental New Drug Application approval for Xofluza (baloxavir marboxil) for the treatment of acute, uncomplicated influenza, or flu, in people 12 years of age and older.
Global Cold, Cough, and Sore Throat Remedies Market: Opportunities
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 will offer 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
Stringent regulatory guidelines are expected to hamper growth of the market. 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.
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.
Antihistamines are primary medications which are prescribed for treatment of common ailments such as cold, cough and sore throat. Moreover, several cheap generic antihistamines are available over the counter which is supporting growth of the segment.
The oral syrups segment held dominant position in the global cold, cough, and sore throat remedies market in 2018, accounting for 33.5% share in terms of value, followed by tablets/pills, and nasal drops, respectively.
Oral syrups are palatable, and can be flavored to the liking of the pediatric as well as adult patients. Moreover, variety of oral syrups are available in the market which is expected to support growth of the segment over the forecast period.
The drug stores segment held dominant position in the global cold, cough, and sore throat remedies market in 2018, accounting for 37.3% share in terms of value, followed by retail pharmacies, and supermarkets/hypermarkets, respectively.
Most of the medications are over the counter medications for which prescription is not required, and patients can take these over the counter which is expected to support growth of the segment over the forecast period.
The market is witnessing sale of fake cough syrups, which is expected to adversely 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, the illegal sale of cough syrups in emerging markets has increased. For instance, in January 2020, the district police department in Odisha, India, seized 8,000 bottles of cough syrup for illegal sale.
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