According to a new report published by Allied Market Research, titled, “Cough Syrup Market By Product Type, Age Group, Distribution Channel, and Region: Opportunity Analysis and Industry Forecast, 2020-2027,”
The global cough syrup market was valued at $5,232.73 million in 2019, and is projected to reach $6,108.25 million by 2027, registering a CAGR of 2.8% from 2020 to 2027.
- CAGR: 2.8%
- Current Market Size: USD 5.2 Billion
- Fastest Growing Region: APAC
- Largest Market: North America
- Projection Time: 2019-2027
- Base Year: 2019
Over-the-counter cough and cold medications commonly contain a combination of decongestants, cough suppressants, antihistamines, expectorants, and antipyretics. Parents often use these medications to alleviate symptoms of upper respiratory infections in children, such as runny nose, congestion, cough, and fever. While some medical professionals advocate for hydration and the use of expectorants like guaifenesin to help thin mucus, others recommend dextromethorphan for relieving dry, hacking coughs. However, it's important to note that these medications are generally not intended to suppress coughs that expel mucus, as expectorants aid in clearing secretions from the airways.
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Dry coughs can signal minor issues like allergies or colds, but they're also a significant symptom of COVID-19. Scientists have observed that dextromethorphan, commonly found in cough medicines, may have a "pro-viral" effect, potentially exacerbating symptoms for COVID-19 patients by aiding viral replication and cell hijacking. Therefore, during the pandemic, researchers advise against the use of cold and flu medications containing dextromethorphan.
The cough syrup market is categorized based on product type, age group, distribution channel, and region. Product types include expectorants, cough suppressants/antitussives, and combination medications. Age groups are segmented into pediatric and adult categories, with cough syrups typically recommended for adults without a prescription due to regulatory reasons. Distribution channels encompass retail pharmacies, hospital pharmacies, and online pharmacies. Regionally, North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa) are considered.
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In terms of product type, combination medications are projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period, attributed to their effectiveness in treating various respiratory illnesses. Within the age group segmentation, the adult segment is anticipated to see the highest CAGR, reflecting the prevalent use of cough syrups among adults compared to children. Geographically, Asia-Pacific led in revenue generation in 2019 and is expected to maintain its dominance owing to factors such as widespread availability of cough syrups in retail pharmacies and a growing elderly population. Conversely, LAMEA is forecasted to experience the highest CAGR due to increased investments in healthcare infrastructure and rising cases of respiratory disorders.
Key Findings Of The Study
- By product type, the combination medications segment is anticipated to grow with the highest CAGR over the forecast period.
- Depending on distribution channel, the retails pharmacy segment held the largest revenue share in 2019, and is expected to maintain its dominance from 2020-2027.
- Based on age group, the pediatric segment is expected to grow with a CAGR of 1.1% over the forecast period.
- Region-wise the Asia-Pacific cough syrup market is anticipated to experience 3.2% CAGR during the forecast period.
- The Mexico cough syrup market is anticipated to experience 3.4% CAGR from 2020 to 2027.
About Us
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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