Cold remedies Market size in 2019 is estimated to be $7.8 billion, growing at a CAGR of 9.5% during the forecast period 2020-2025. Cold is an infectious disease that affects the respiratory system. Dextromethorphan, steam inhalation are some cold remedies that are used to treat cold and to get relief from the symptoms of a cold. An increasing number of cold cases and the growing geriatric population are the major factors driving the growth of the market. Moreover, increasing health awareness and rising advanced medical products further enhance the overall market demand for cold remedies during the forecast period 2020-2025.
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Drug Type- Segment Analysis
Based on the drug type, the cold remedies market is segmented into Antihistamine, Expectorant, Bronchodilators, Decongestants, Antibiotics, Natural Remedies, and others. The expectorant segment is projected to be the fastest-growing segment with a CAGR of 6.3% during the forecast period 2020-2025. This is mainly owing to effective and fast recovery. Moreover, it works by thinning and loosening mucus in the airways, clearing congestion, and making breathing easier that are contributing to the growth of this segment.
Dosage Type - Segment Analysis
Based on the Dosage Type, the cold remedies market is segmented into syrup, tablet, capsule, nasal drop, and others. In 2019, tablets held the largest share in the cold remedies market owing to this being the most preferred dosage form among adults. It is also easy to intake and provides faster reaction. Syrups are the most preferred form of cold medicines among children owing to its pleasant taste.
Geography- Segment Analysis
North America dominated the cold remedies market share accounting for 38% of the market in 2019. This is mainly owing to development in medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough. According to the World Health Organization, it is estimated that 2.5 million people suffering from cold and about 61,000 people died from the flu in 2019. Cold cases are rising continuously in North America that are contributing to the growth of the cold remedies market.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to the rising disposable incomes, the launch of new products and technologies, and growing technological developments.
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Drivers – Cold Remedies Market
Increasing number of cold cases
An increasing number of cold cases is a major factor driving the growth of the cold remedies market. Cold cases are increasing among the people owing to the cold season, allergies, and breathing problems. Moreover, rising awareness of patient safety and changing lifestyles are also set to increase the market growth.
Growing Geriatric Population
Rising geriatric population and increasing health awareness are some factors driving the growth of the market. Moreover, an increase in respiratory disease and coughing problems among old age people is driving the growth of cold remedies market.
Challenges – Cold Remedies Market
The harmful side effects such as drowsiness, dizziness, vomiting, trouble sleeping, or headache are challenging the growth of the market. Moreover, stringent government regulation and the unavailability of proper healthcare infrastructure are further restraining the growth of the market during the forecast period 2020-2025.
Acquisitions/Product Launches
On 30 January 2018 Novartis AG has conducted a clinical trial for asthma drugs for the treatment of patients who are suffering from cold, asthma, and other types of flu.
On 30 June 2018 GSK has collaboration with Theravance Inc. for the treatment of infectious disease. With this Collaboration, they develop new products to reduce the infections and get relief from the disease.
Key Takeaways
In 2019, North America dominates the cold remedies market owing to development in medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough.
An increasing number of cold cases and the growing geriatric population is driving the market growth of cold remedies.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the cold remedies market report.
Harmful side effects of medications and stringent government regulation are challenging the growth of the market.
Cold Remedies Industry Outlook
Product launches, Merger& Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Cold Remedies Market. Cold Remedies top 10 companies are Utley Pharmaceuticals, Novartis AG, Johnson and Johnson, GlaxoSmithKline plc, Bayer AG, Prestige Brands Holdings, Inc., Procter & Gamble Corporation, Reckitt Benckiser Group plc, Sun Pharmaceutical Industries Ltd.and Pfizer.
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