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.
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.
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Covid-19 impact on global cough remedies market:
The ongoing covid-19 pandemic is fuelling the Cough Remedies Market Market industry. This is attributed due to the immense increase of covid-19 testing activities on the global diagnostics system. The demand of vaccine development for covid-19 has resulted in research towards covid-19 vaccine which has also boosted the market growth. For instance, in March 2020, Indian scientists has reveal microscopic image of novel coronavirus.
The high demand covid-19 testing and diagnostics has increased extensive investments towards addition to applications in vaccine research in the pharmaceutical sector which has also contribute towards the growth of the Cough Remedies Market Market.
The report segments the global cough remedies market on the basis of product type, age group, distribution channel, and region.
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.
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Key Findings of the Cough Remedies Market:
.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.
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.
List of Key Players Profiled in the Report:
Astrazeneca PLC (Astrazeneca), Bayer Ag, GlaxoSmithKline PLC, Johnson & Johnson, Novartis AG, Pfizer, Inc., Prestige Brands, Inc., Procter & Gamble, Reckitt Benckiser Group PLC., and Sun Pharmaceuticals Industries Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.