Increase in the prevalence of respiratory diseases, growth in the geriatric population with weaker immune systems, and rise in strategic moves adopted by major players to survive in the weak economy are the factors affecting the growth of the global cough remedies market. Workforce shortages along with resource limitations caused due to COVID-19 are expected to negatively impact the growth of the market across the world.
Portland, OR, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cough Remedies Market generated $7.08 billion in 2020, and is anticipated to reach $9.91 billion by 2030, manifesting a CAGR of 3.4% from 2021 to 2030. The study offers an in-depth analysis of the market size, current trends, and future estimations.
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Rise in geriatric population, surge in vehicle pollution, increase in demand for over-the-counter medicines, rise in R&D activities, and surge in awareness about medicines are expected to help the cough remedies market generate more revenue in the coming years. In addition, rise in a number of testing and research facilities especially in the field of biotechnology and pharmaceutical companies adds to the significant market growth.
On the other hand, strict regulations concerning the efficiency of cough remedies hinder the market growth. Contrarily, rise in incidences of conditions attacking the respiratory system opens doors of opportunities for the growth of the market in coming years.
Covid-19 impact on global cough remedies market:
Increase in strict government rules regarding lockdowns led to reduced growth of the market.
Introducing new products that can help fight the advent of the COVID-19 virus boosted the market.
There has been a growth in research activities to treat cough caused by the virus, which is anticipated to boost the growth of the global cough remedies market in the post-Covid world.
The report segments the global cough remedies market on the basis of product type, age group, distribution channel, and region.
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Based on product type, the bronchodilators and cough suppressants segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the antibiotics segment is estimated to witness the fastest CAGR of 3.9% from 2021 to 2030.
Based on the distribution channel, the retail pharmacy segment contributed to the largest share in 2020, accounting for more than two-thirds of the global cough remedies market. The same segment is expected to lead throughout the forecast period. However, the online pharmacy segment is expected to manifest the highest CAGR of 6.1% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, followed by Europe and North America, holding nearly two-fifths of the total share and is expected to maintain dominance throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 4.5% during the forecast period.
Leading players of the global cough remedies market analyzed in the research include Astrazeneca PLC (Astrazeneca), GlaxoSmithKline PLC, Prestige Brands, Inc., Reckitt Benckiser Group PLC., Bayer Ag, Novartis AG, Procter & Gamble, Johnson & Johnson, Pfizer, Inc., and Sun Pharmaceuticals Industries Limited.
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