Cold Cough Sore Throat Remedies Market - Forecast(2024 - 2030)

The Cold, Cough and Sore Throat Remedies Market size is estimated to reach $15.8 billion by 2030, growing at a CAGR of 8.7% from 2024 to 2030. Cold is an infectious disease that affects the respiratory system. Dextromethorphan, steam inhalation are some Cold, Cough and Sore Throat Remedies that are used to treat cold and to get relief from the symptoms of a cold. An increasing number of cold cases and the growing geriatric population are the major factors driving the growth of the market. Moreover, increasing health awareness and rising advanced medical products further enhance the overall market demand for Cold, Cough and Sore Throat Remedies during the forecast period 2024-2030.

One major trend in the market is the shift towards combination therapies, where multiple active ingredients are combined in a single dosage form to provide comprehensive relief from cold symptoms. Pharmaceutical companies are also focusing on developing innovative formulations, such as nasal sprays and inhalers, to cater to diverse consumer preferences. Moreover, advancements in technology have led to the introduction of novel delivery systems and formulations, enhancing the efficacy and convenience of Cold, Cough and Sore Throat Remedies. Digitalization has also played a significant role, with the emergence of online platforms offering personalized recommendations and convenient purchasing options for consumers. Furthermore, stringent regulatory guidelines and quality standards have compelled manufacturers to ensure product safety and efficacy, driving investments in research and development. Collaborations and partnerships between pharmaceutical companies and healthcare providers are also on the rise to improve distribution channels and enhance market penetration.

The report: “Cold, Cough and Sore Throat Remedies Industry Outlook – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Cold, Cough and Sore Throat Remedies industry.

By Drug Type: Antihistamine, Expectorants, Bronchodilator, Decongestants, Antibiotics, Natural Remedies, and Others.

By Dosage Type: Syrup, Tablets, Capsules, Nasal Drop, and Others.

By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Supermarkets/Hypermarkets, and Online.

By Geography: North America (U.S., Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia, and Rest of South America), Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe), APAC (China, Japan, South Korea, India, Australia & New Zealand, Thailand, Malaysia and Rest of APAC) and RoW (Middle East and Africa).

• In 2023, North America dominates the Cold, Cough and Sore Throat Remedies market owing to development in medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough.

• An increasing number of cold cases and the growing geriatric population is driving the market growth of Cold, Cough and Sore Throat Remedies.

• Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Cold, Cough and Sore Throat Remedies market report.

• Harmful side effects of medications and stringent government regulation are challenging the growth of the market.

                                      

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Based on the drug type, the Cold, Cough and Sore Throat Remedies market is segmented into Antihistamine, Expectorant, Bronchodilators, Decongestants, Antibiotics, Natural Remedies, and others. The expectorant segment is projected to be the fastest-growing segment with a CAGR of 6.3% during the forecast period 2024-2030. This is mainly owing to effective and fast recovery. Moreover, it works by thinning and loosening mucus in the airways, clearing congestion, and making breathing easier that are contributing to the growth of this segment. Factors such as rising awareness about respiratory health and the effectiveness of expectorants in symptom relief are fueling market expansion. Pharmaceutical companies focusing on innovative formulations and targeted marketing strategies are poised to capitalize on this growing segment.

Based on the Dosage Type, the Cold, Cough and Sore Throat Remedies market is segmented into syrup, tablet, capsule, nasal drop, and others. In 2023, tablets held the largest share in the Cold, Cough and Sore Throat Remedies market owing to this being the most preferred dosage form among adults. It is also easy to intake and provides faster reaction. Syrups are the most preferred form of cold medicines among children owing to its pleasant taste. This dominance underscores the preference for tablets as a convenient and widely accepted form of medication among consumers seeking relief from cold symptoms. Factors such as ease of administration, portability, and familiarity contribute to tablets' popularity. Pharmaceutical companies focusing on tablet formulations are strategically positioned to capitalize on this market trend, emphasizing innovation and marketing strategies to maintain and expand their market share.

North America dominated the global market for Cold, Cough and Sore Throat Remedies Market with a market share of 38% in 2023 and is also analyzed to have significant growth over the forecasting period. This is mainly owing to development in medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough.  Firstly, the region's advanced healthcare infrastructure and high consumer awareness contribute to substantial demand for Cold, Cough and Sore Throat Remedies. Additionally, frequent outbreaks of cold-related illnesses and seasonal variations necessitate a consistent need for effective remedies. Major trends such as the increasing preference for natural and herbal remedies, coupled with innovations in product formulations and packaging, further drive market growth. As North America continues to invest in healthcare advancements and consumer education, sustained market expansion is anticipated over the forecast period.

An increasing number of cold cases is a major factor driving the growth of the Cold, Cough and Sore Throat Remedies market. Cold cases are increasing among the people owing to the cold season, allergies, and breathing problems. Moreover, rising awareness of patient safety and changing lifestyles are also set to increase the market growth. With a rising number of individuals affected by cold symptoms globally, there is a corresponding surge in demand for effective remedies to alleviate discomfort and facilitate recovery. This trend stimulates growth opportunities for pharmaceutical companies and healthcare providers offering Cold, Cough and Sore Throat Remedies. 

The burgeoning geriatric demographic stands as the primary factor propelling the Cold, Cough and Sore Throat Remedies Market. According to World Health Organization, by 2030, 1 in 6 people in the world will be aged 60 years or over. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. With a rising elderly population globally, there's a notable increase in cold-related ailments, as older individuals are more susceptible to such illnesses. This demographic's vulnerability fuels demand for Cold, Cough and Sore Throat Remedies, driving market growth. Pharmaceutical companies and healthcare providers strategically focus on developing innovative solutions tailored to the unique needs of this demographic, aiming to capture a significant share of the expanding market. Consequently, the Cold, Cough and Sore Throat Remedies Market experiences substantial growth, driven predominantly by the growing geriatric population.

Adverse effects like drowsiness, dizziness, vomiting, sleep disturbances, and headaches pose significant challenges to the expansion of the Cold, Cough and Sore Throat Remedies market. Consumers are increasingly wary of these side effects, impacting their trust and adoption of such products. The lack of adequate healthcare infrastructure in certain regions limits access to Cold, Cough and Sore Throat Remedies, hindering market penetration and revenue generation. Amidst these challenges, pharmaceutical companies must invest in research and development to mitigate side effects while complying with regulatory standards. India prohibits the use of anti-cold drug combinations for children under four following child fatalities in The Gambia and Uzbekistan, associated with Indian-manufactured cough syrups in 2022.

Product launches, collaborations, and R&D activities are key strategies adopted by players in the Cold, Cough and Sore Throat Remedies Market. Cold, Cough and Sore Throat Remedies's top 10 companies include

1. Johnson and Johnson

2. GlaxoSmithKline plc

3. Bayer AG

4. Prestige Brands Holdings, Inc.

5. Procter & Gamble Corporation

6. Reckitt Benckiser Group plc

7. Sun Pharmaceutical Industries Ltd.

8. Haleon plc.

9. Novartis AG

10. Sanofi Group

• In October 2023, GSK's new vaccine, Arexvy, approved for adults aged 50-59, holds potential in the Cold, Cough and Sore Throat Remedies Market by bolstering immunity against respiratory infections. Its launch signifies an innovative approach in combating cold-related illnesses, catering to the health needs of the aging population.