COLD, COUGH, AND SORE THROAT REMEDIES MARKET ANALYSIS

Market Challenges And Opportunities

Global Cold, Cough, and Sore Throat Remedies Market: Drivers

Increasing rate of self-medication among patients and availability of over-the-counter (OTC) drugs is expected to boost growth of the global cold, cough, and sore throat remedies market over the forecast period. For instance, according to the study, ‘Self-medication with over the counter drugs, prevalence of risky practice and its associated factors in pharmacy outlets of Asmara, Eritrea’, published in February 2019, in the journal BMC Public Health, 93.7% of the survey participants practiced self-medication with OTC drugs. The most frequently preferred OTC drug group was analgesics followed by antipyretics, and cough and cold preparations.

Moreover, increasing development and launch of generic drugs is also expected to aid in growth of the market. For instance, in July 2019, Dr. Reddy's Laboratories launched generic Allegra-D, used to relieve symptoms caused by the common cold, flu or allergies, in the U.S. market.

Global Cold, Cough, and Sore Throat Remedies Market: Restraints

However, OTC sore throat products may contribute to antibiotic resistance, which is expected to limit their adoption, thereby hindering growth of the market. For instance, according to a study presented at the 29th European Congress of Clinical Microbiology & Infectious Diseases, in April 2019, OTC throat products may be contributing to antibiotic resistance.

Moreover, recall and failure of cold, cough, and sore throat remedies is also expected to hinder growth of the market. For instance, in March 2019, DG Health issued a recall for its DG/health Naturals baby Cough Syrup + Mucus due to a bacterial contamination.

Global Cold, Cough, and Sore Throat Remedies Market: Opportunities

Moving a product from prescription to OTC presents an attractive opportunity for manufacturers. For instance, according to Consumer Healthcare Products Association, in the U.S., sales of OTC medicines reached US$ 35.2 billion in 2018, up from US$ 34.6 billion in 2017.

Emergence of new coronavirus is also expected to aid in growth of the market. For instance, in January 2020, China reported 2, 700 cases of new coronavirus with symptoms of common cold — runny nose, headache, fever, cough, sore throat, and a general ill feeling.