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Increasing Worldwide Aging Population Are Expected To Drive Demand For OTC Medicines

As per Fact.MR, a market research and competitive intelligence provider, the global OTC cough, cold, and allergy medicine market is anticipated to top US$ 60 Bn by 2031, progressing at a CAGR over 5.5% over the next ten years.

OTC cough, cold, and allergy medicines are easily available in almost every pharmacy. Sales of cough, cold, and allergy medicines are constantly high because they reduce inflammation, sneezing, and edoema. Overall market is expected to grow due to increase in the global geriatric population, laws enforcing consumer safety, and increased use of cold and cough medications for minor issues.

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Key Takeaways from Market Study

“Increasing investments by public and government bodies in the healthcare sector, higher availability of a wide range of products, and easy access to self-administered drugs for minor allergies and illnesses are positively impacting sales of OTC cough, cold, and allergy medicines,” says a Fact.MR analyst.

Market Competition

The market for OTC cough, cold, and allergy medicines is extremely competitive, as evidenced by the presence of many prominent players. Key players in the market are focusing on introducing more effective drug combinations along with capacity expansion initiatives.

Pharmaceutical companies are concentrating on improving product efficiency to increase their market presence. They’re concentrating on improving product prototyping and lowering operating costs.

Key Segments in OTC Cough, Cold, and Allergy Medicine Industry Research

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