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.
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A dry cough can be a sign of something minor, such as allergies or cold, but it is also a major symptom of COVID-19. As per scientists, dextromethorphan has a “pro-viral” effect, which is used for the treatment of dry cough. This pro-viral effect of the drugs helps the coronavirus to replicate and hijack the cells, which can make COVID-19 positive patients feel sicker. Therefore, researchers suggested to avoid cold and flu medicines, especially dextromethorphan, during the pandemic.
The cough syrup market is segmented on the basis of product type, age group, distribution channel, and region. By product, the market is divided into expectorants, cough suppressants/antitussives, and combination medications. On the basis of age group, the cough syrup market is bifurcated into pediatric and adult. By distribution channel, the market is distributed into retail pharmacy, hospital pharmacy, and online pharmacy. Region-wise, the cough syrup market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By product type, the combination medications segment is expected to register the highest CAGR during the forecast period. This is attributed to the treatment of a wide range of respiratory illness.
By age group, the adult segment is expected to register the highest CAGR during the forecast period, owing to the fact that cough syrups are mainly recommended to the adult age group by the government and pediatric age group cannot be provided with OTC cough syrups without any prescription.
By region, Asia-Pacific accounted for the largest share of revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027 due to easier availability of cough syrups at retail pharmacies, rise in geriatric population, and less stricter laws regarding the abuse of cough & cold medicines in the region. However, LAMEA is expected to register the highest CAGR during the forecast period as governments are investing in the development of healthcare infrastructure and increasing cases of respiratory disorder.
The report provides some of the key players operating in the cough syrup market such as Novartis AG, Pfizer, Inc., Merck KGaA, GlaxoSmithKline PLC, Johnson & Johnson Services, Inc., Acella Pharmaceuticals, LLC, Reckitt Benckiser Group PLC, Sanofi, Procter & Gamble, and Abbott Laboratories. The other players (not profiled in the report) in the value chain include Sun Pharmaceutical Industries, Shanghai Pharmaceutical, AstraZaneca, and others.
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.
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