The new report by Expert Market Research titled, ‘Global Cough Syrup Market Analysis, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cough syrup market, assessing the market based on its segments like product type, age group, distribution channel and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
Forecast Historical Market Size (2020): USD 5.572 million
Forecast CAGR (2023-2028): 3.8%
Forecast Market Size (2026): USD 7.050 million
Global demand for cough syrup is gradually increasing as many people suffer from chronic and acute respiratory illnesses, such as asthma and bronchitis. The global market for cough syrup is fueled by the predominance of chest-related ailments amongst the geriatric population. The ease with which the syrups are available in clinics contributes to cough syrup’s increased market share in the global market. Throughout the forecast period, the cough syrup industry’s growing research and development efforts are likely to generate several potential opportunities in the global market. Innovation in cough syrup manufacturing in terms of flavor for infants is expected to boost the growth of the global cough syrup market. Owing to new product development and robust distribution channels, oral syrup dominates the global cough syrup market. Effectiveness, bioavailability, and quick delivery of medications are projected to drive the global cough syrup market during the forecast period.
Cough Syrup Industry Definition and Major Segments
Since ancient times, cough syrups of different types have been used to provide temporary relief to people suffering from sneezing, coughing, and runny noses caused by a cold, a fever, or allergies. Cough syrups are prescribed by physicians and can be used by adults and children. Cough syrups contain anti-allergic and mucolytic drugs that help alleviate coughing issues more quickly. Frequently, it prevents the formation of the thick mucus layer, allowing the patient to breathe normally and comfortably.
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By product type, the market is divided into:
- Expectorants
- Cough Suppressants
- Combination Medications
By age group, the market is divided into:
- Paediatric
- Adult
By distribution channel, the market is divided into:
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
By region, the industry is categorized into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Cough Syrup Market Trends
The global rise in the prevalence of humid climates, unhealthy lifestyles, and chronic lifestyle diseases are the major drivers of the market’s growth. The market benefits from the increased preference among healthcare professionals and patients for simple solutions and immediate relief. A consistent rise in the global market for cough syrup can be attributed to the increasing global incidence of chronic congestion due to pollution and an unhealthy lifestyle. The global pandemic also played a huge part in the growth of the market as one of the main symptoms was cough and chest congestion. The growing demand for cough therapies is driven by routinely monitored formulations, technical advancements in medicine delivery approaches, and increasing patient awareness. However, side effects associated with cough medications may limit the market’s growth. Major drivers projected to fuel market growth include the development of promising novel therapeutics and enhanced flavor development.
Due to the presence of big market players, North America led the cough syrup market. Numerous large manufacturers have partnered to strengthen their research and development capabilities and improve their product development and quality. These factors are likely to boost demand in this region during the forecast period. Due to the increased availability of cough syrups in retail pharmacies, an ageing population, and lax enforcement of laws prohibiting the abuse of cough and cold medicines in the region, Asia-Pacific accounted for a sizable revenue share during the historical period and is expected to continue the trend during the forecast period. However, as governments’ investment in healthcare infrastructure and the prevalence of respiratory illnesses continue to rise, the LATAM and MEA regions are predicted to grow rapidly during the forecast period. The tremendous market potential in unexplored emerging markets is expected to aid in the growth of the cough syrup industry during the forecast period.
Key Market Players
The major players in the market are Sanofi, GlaxoSmithKline plc, Mankind Pharma Ltd., Novartis AG, Reckitt Benckiser Group Plc, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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