OTC Cough, Cold, and Allergy Medicine Market
OTC Cough, Cold, and Allergy Medicine Market Report By Drug Type (OTC Antihistamine, OTC Expectorants, OTC Bronchodialators, OTC Antibiotics), By OTC Channel (via Pharmacies, Drug Store, Modern Trade, Online Sales), By Dosage, By Application - Forecast to 2021–2031
OTC Cough, Cold, and Allergy Medicine Market Outlook
The global OTC cough, cold, and allergy medicine market was valued at around US$ 35 Bn in 2020, and is expected to accelerate at a CAGR of over 5.5% through 2031.
|Market Size Value in 2020||US$ 35 Bn|
|Market Forecast Value for 2031||US$ 60 Bn|
|Projected Global Growth Rate (2021 to 2031)||5.5% CAGR|
|Share of Top 5 Companies||40%|
Demand for bronchodialators is set to increase at a CAGR of 5% across the assessment period of 2021 to 2031. Overall, the worldwide OTC cough, cold, and allergy medicine market is projected to expand 1.7X over the decade.
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Demand Analysis of OTC Cough, Cold, and Allergy Medicines from 2016 to 2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR, a market research and competitive intelligence provider, the global market for OTC cough, cold, and allergy medicines was valued at US$ 35 Bn in 2020.
Rather than going to a doctor, a large number of people around the world buy OTC (over-the-counter) medicines to treat minor cough, cold, or allergy problems. This has been a major factor in the rising sales of OTC bronchodialators and OTC antibiotics.
Furthermore, a modern consumer's busy lifestyle makes such medicines even more important, as consulting a doctor for every single health issue can take a long time. Growing percentage of immunocompromised people, rising demand for antihistamine drugs and OTC expectorants, and an increasing worldwide aging population are expected to drive demand for OTC medicines.
The number of pharmacies and over-the-counter (OTC) products available at stores is growing. Cough, cold, and allergy medicines are becoming more widely available as a result of these rising numbers.
Latest trends of OTC cough, cold & allergy medicines, increasing demand for OTC cough medicines, allergy medicines, and rising sales of OTC cold medicines are factors that OTC cough, cold & allergy medicine market growth is anticipated to rise at CAGR of more than 5.5% through 2031.
Is Wider Availability of OTC Cough, Cold, and Allergy Medicines Fueling Market Growth?
The global market is being driven by the availability of a large number of OTC products for cough, cold, and allergy treatment. Customers can choose from a wide range of products offered by the market's major players.
Anti-congestant and cough suppressant tablets, balms, rubs, syrups, and nasal drops are among the products available. Consumers have a greater number of options to choose from because of the companies' wider variety of products.
As a result, consumers are more likely to purchase products that meet their needs, resulting in increased sales of OTC cough, cold & allergy medicines. Furthermore, OTC products are readily available and simple to use. This contributes to the market's expansion.
Other factors, such as the rising trend of self-medication and increased awareness among consumers are expected to boost the demand for cough, cold, and allergy medicines globally.
Latest innovations in OTC antibiotics and rising opportunities for top manufacturers of OTC cough, cold & allergy medicines for babies, these factors are fueling the market growth.
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What are the Challenges Faced by OTC Cough, Cold, and Allergy Medicine Manufacturers?
Side effects and allergies linked to the use of over-the-counter medicines are likely to impede future sales. Drug approvals are subject to stringent regulatory requirements, limiting market availability.
Moreover, costs associated with the product's manufacturing process are expected to restrain growth of the OTC cough, cold, and allergy medicine market over the coming years.
Which Regional Market is the Most Profitable for OTC Cough, Cold, and Allergy Medicine Suppliers?
Global dominance of the Asia-Pacific excluding Japan (APEJ) region is due to improved healthcare infrastructure and increased health awareness among people. Revenue in the APEJ region will grow 1.3X by 2031.
Because of the region's proximity to air pollution, the prevalence of various respiratory disorders has increased. Furthermore, due to their low cost and ease of purchase, OTC medicines have a very high acceptance rate in the region.
Latest trends of OTC liquid cough, cold & allergy syrups and demand for OTC liquid cough, cold & allergy medicines and capsules in the region are expected to drive the market growth.
Growing demand for OTC medicines in the U.K, rising sales of OTC antibiotics in Russia, and increasing demand for OTC liquid cough, cold & allergy syrup in Germany are contributing to global market growth prospects for over-the-counter cough, cold & allergy medicines and paving the way for the top online retailers of OTC cough, cold & allergy medicines.
What is the OTC Cough, Cold, and Allergy Medicine Demand Outlook for the U.S.?
The U.S dominates the global OTC cough, cold, and allergy medicine market in terms of revenue. The U.S. market is expected to increase 1.7X by 2031.
Increased knowledge of OTC cough, cold, and allergy medicines, their health benefits, and higher willingness to spend money on medication are major drivers anticipated to fuel the demand for OTC cough, cold & allergy medicines in the U.S.
In the U.S., factors such as improving economic conditions and increased product awareness have a significant impact on OTC cough, cold, and allergy medicine sales.
Why is China Offer Increasing Opportunities for Manufacturers of OTC Cough, Cold, and Allergy Medicines?
Product innovations, high penetration, and the preference of pharmaceutical companies toward OTC drugs over prescription drugs are driving the OTC cough, cold, and allergy medicine market growth in China.
Rapid urbanization as well as a rise in disposable income in China, may create a critical mass of people who can access OTC medications.
Growth of the OTC cough, cold & allergy medicine market size in China is being bolstered by new channels of accessibility in pharmacies & drug stores and prominent presence of top retailers of OTC antihistamine drugs.
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Why are Bronchodialators Gaining Immense Popularity across the World?
Demand for bronchodialators is expected to increase 1.9X over the forecast period, while demand for other segments is expected to grow slowly. The dominance can be attributed to a higher prevalence of asthma among the global population.
According to the World Health Organization (WHO), In 2019, Asthma affected approximately 262 Mn people worldwide and is responsible for approximately 461000 deaths.
Bronchodialators are medications that open the airways to treat asthma as well as assist in the removal of mucus from the lungs.
They're also used to expand the wind pipe, which helps patients with lung infections, bronchial asthma, and chronic obstructive pulmonary disease (COPD) breathe better.
Will Pharmacies Remain Preferred for Sales of OTC Cough, Cold, and Allergy Medicines?
According to OTC channel analysis of cough, cold, and allergy medicines, pharmacies will continue to be the most popular OTC channel for sales of cough, cold, and allergy medicines over the next ten years. Pharmaceutical companies are seizing every opportunity to introduce new over-the-counter (OTC) drugs for immediate use.
Use of cough, cold, and allergy medicines boosts immunity and aids in fitness maintenance. Immunity and fitness help to prevent a variety of diseases and disorders. Abundance of OTC cough, cold, and allergy medicines available in pharmacies. So people can easily purchase medicines from a local pharmacy. As a result, more OTC cough, cold, and allergy medicines are consumed.
COVID-19 Impact on Industry
The rapid spread of COVID-19 has caused significant changes in healthcare systems around the world. In response to the uncontrolled spread of COVID-19 infection in 2020, the market experienced an unprecedented surge, prompting consumers to stock up on anti-cough and cold medicines.
COVID-19 has impacted sales of OTC cough, cold & allergy medicines for toddlers and school-age children and is expected to have long-term consequences on the top OTC antibiotics brands.
People were forced to self-isolate due to mandatory social distancing protocols. To avoid frequent hospital visits, people purchase OTC cough, cold, and allergy medicines.
In the post-pandemic era, top manufacturers of OTC liquid cough, cold, and allergy drops, as well as OTC expectorants, work with a sense of urgency and consumer focus.
As a result, COVID-19 pandemic, sales of OTC cough, cold & allergy tablets, drops, syrup, and lozenges surged and are projected to be better for the OTC cough, cold & allergy medicine market share in 2021.
The market is hugely competitive with a number of top OTC cough, cold, and allergy medicine manufacturers. Few major players currently dominate the market in terms of revenue share.
Personalized patient care and access to complete end-to-end medical device products and services are now available from healthcare service providers and top companies in the OTC cough, cold & allergy medicine market.
Mid-size and smaller businesses, on the other hand, are expanding their market presence by introducing new products at lower prices, thanks to technological advancements and product innovation.
OTC Cough, Cold, and Allergy Medicine Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Cu. M|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments in OTC Cough, Cold, and Allergy Medicine Industry Research
- OTC Antihistamine
- OTC Expectorants
- OTC Bronchodialators
- OTC Antibiotics
- 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
- OTC Cough, Cold & Allergy Medicine Capsules
- OTC Cough, Cold & Allergy Medicine Liquid
- OTC Cough, Cold & Allergy Medicine Tablets
- OTC Cough, Cold & Allergy Medicine Lozenges
- 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
- OTC Cough, Cold & Allergy Medicines for Babies
- OTC Cough, Cold & Allergy Medicines for Adults
- OTC Cough, Cold & Allergy Medicines for School-age Children
- FAQs -
The global OTC cough, cold, and allergy medicine market is currently worth more than US$ 35 Bn.
From 2016-2020, sales of OTC cough, cold, and allergy medicines registered a CAGR of 3%
Rising geriatric population and laws enforcing consumer safety are the main factors that are driving sales of OTC cough, cold, and allergy medicines.
Sales of OTC cough, cold, and allergy medicines in Canada are forecasted to reach over US$ 15 Bn by 2031.
Key players operating in this space are Sanofi-Aventis, Johnson & Johnson Service Inc., Reckitt Benckiser Group Plc., Novartis AG, and GlaxoSmithKline Plc.
With 40% of global market share, APEJ will largely contribute to growth of OTC cough, cold, and allergy medicine revenue.
OTC cough, cold, and allergy medicine sales in Germany are expected to rise at a CAGR of 3% over the forecast period of 2021 to 2031.
Bronchodialators account for a share of 50% in the market.
The U.S., China, U.K, Germany, and Russia are expected to drive most demand for OTC cough, cold, and allergy medicines.
The global market is anticipated to rise at a CAGR of more than 5.5% over the forecast period of 2021 to 2031.
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