According to a new report published by Allied Market Research, titled, “cough remedies market by type, application and end users: opportunity analysis and industry forecast, 2021–2030," the global cough remedies market size was valued at $ 7084.5 million in 2020, and is projected to reach $ 9911.2 million by 2030, registering a CAGR of 3.4% from 2021 to 2030.
Cough is induced due to response when respiratory system is attacked by certain antigens entering the body, which include dust, bacteria, virus, or other substances that cause irritation in the respiratory tract. This creates an immune response and causes difficulty in breathing; the alveoli get clogged with fluid or leads to formation of pus. According to the severity of cough, medications are to be given. For instance, if an individual is suffering from dry cough, expectorants are suggested. Major causes of cough include bacteria, fungi, viruses, and other bacteria-like organisms. Cough remedies include medications such as antihistamines that can help in management of inflammation. Cough can be life-threatening and can be particularly lethal for infants, children, and individuals over 65. Most common signs that help diagnose cause of cough include analysis of color of mucus secreted, which varies from yellow or even bloody mucus to greenish mucus.
Rise in incidences of respiratory disorders such as chronic obstructive pulmonary disorder (COPD), asthma, pneumonia, and other severe respiratory infections acts as a key driving factor for growth of the global cough remedies market. Furthermore, increase in product launches post FDA approval would help the industry gain maximum revenue. Surge in clinical trials for R&D of cough remedies is further projected to help the industry grow during the forecast period. According to the statistics given by the Indian Journal of Medical Research in 2020, community acquired pneumonia is found to be one of the prominent causes of mortality and morbidity with important clinical impacts worldwide. India accounts for 23% of the global pneumonia burden with case fatality rates between 14% and 30% in 2020. The prevalence rate is expected to alarm civil population and create awareness regarding the need to opt for therapeutics for cough at early stages, and help the cough remedies market to generate higher revenue during the forecast period. In addition, increase in number of ongoing clinical trials for development of medications and drug molecules contributes toward the market growth. However, enforcement of stringent regulations for medications for cough, which hampers the market growth.
The outbreak of COVID-19 led to surge in mortality rates and hence was declared to be a pandemic. In addition, it has led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been converged to cope with the rising number of patients, owing to the COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chain globally. Cough remedies were the need of the hour to help combat with the growing demand for therapeutic alternatives for cough symptoms caused during exposure to COVID-19 virus. In addition, increase in investments on research during the period led to growth of the cough remedies market during the forecast period. Growth is attributed to the fact that individuals suffering from COVID-19 are highly susceptible to develop cough symptoms. As COVID-19 progresses, air sacs become filled with fluid leaking from tiny blood vessels in lungs. This causes shortness of breath and can lead to cough. However, government aided researches for cough remedies continues to propel the cough remedies market throughout the forecast period. Moreover, increase in awareness regarding need to have cough remedies propels the market growth.
The global cough remedies market is segmented into product type, age group, distribution channel, and region. On the basis of product type, the market is categorized into expectorants, antihistamines, bronchodilators, decongestants, and antibiotics. Depending on age group, it is segregated into pediatric and adult. By distribution channel, it is classified into retail pharmacy, hospital pharmacy, and online pharmacy. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product type, the expectorants segment is anticipated to garner highest revenue during the forecast period, owing to increase in incidences of respiratory diseases, and surge in demand for drugs from individuals suffering from respiratory disorders. In addition, owing to increase in awareness regarding need for early medications due to exposure to infection also help the treatment drugs segment generate higher revenue during the forecast period.
On the basis of age group, the geriatric segment is anticipated to gain highest revenue segment during the forecast period, owing to surge in geriatric population worldwide. Furthermore, susceptibility to develop age-associated diseases promotes the market growth. In addition, rise in healthcare spending related to respiratory diseases is expected to help the segment grow during the forecast period.
Depending on distribution channel, the hospital pharmacy segment is anticipated to garner highest revenue during the forecast period, owing to surge in number of outpatients and inpatients preferring hospitals and higher investments for introduction of novel and efficient drugs for respiratory diseases treatment propel the market growth.
North America is projected to account for a significant share of the global cough remedies market during the forecast period. The market growth is attributed to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain fastest CAGR during the forecast period, owing to presence of large patient population and rapid infrastructural development in the region. In addition, rise in government investments over research and development of medications is expected to propel growth of the market in the region.
KEY FINDINGS OF THE STUDY
- Depending on product type, the expectorant segment held largest share in the global market in 2020.
- On the basis of distribution channel, the hospital pharmacy segment experienced the highest revenue in 2020, and is expected to continue to grow throughout the forecast period.
- By age group, the geriatric segment garnered the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 4.0% during the forecast period.