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
- Global OTC cough, cold, and allergy medicine market to top US$ 60 Bn by 2031.
- Bronchodialators projected to reach valuation of around US$ 25 Bn by 2031.
- Antihistamine projected to record above 4% CAGR over next 10 years.
- Market in APEJ holds share of more than 40%.
- Market in South Korea expected to reach valuation of US$ 15 Bn by 2031.
- Market in Australia to record 3% CAGR over forecast period of 2021- 2031.
“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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Drug Type
- OTC Antihistamine
- OTC Expectorants
- OTC Bronchodialators
- OTC Antibiotics
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OTC Channel
- Sales of OTC Cough, Cold & Allergy Medicines via Pharmacies
- Drug Store Sales of OTC Cough, Cold & Allergy Medicines
- Modern Trade Sales of OTC Cough, Cold & Allergy Medicines
- Online Sales of OTC Cough, Cold & Allergy Medicines
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Dosage
- OTC Cough, Cold & Allergy Medicine Capsules
- OTC Cough, Cold & Allergy Medicine Liquid
- OTC Cough, Cold & Allergy Medicine Tablets
- OTC Cough, Cold & Allergy Medicine Lozenges
- Others
- OTC Liquid Cough, Cold & Allergy Solutions
- OTC Liquid Cough, Cold & Allergy Drops
- OTC Liquid Cough, Cold & Allergy Granules
- OTC Liquid Cough, Cold & Allergy Syrup
- OTC Liquid Cough, Cold & Allergy Pills
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Application
- OTC Cough, Cold & Allergy Medicines for Babies
- OTC Cough, Cold & Allergy Medicines for Adults
- OTC Cough, Cold & Allergy Medicines for School-age Children