Cough syrup is a medicine prescribed by doctors for patients with runny nose, sneezing, common cold, and other respiratory allergies. Availability of the medicine at over-the-counter (OTC) pharmacies and its efficacy in providing relief has widened its scope. The global cough syrup market report by Market Research Future (MRFR) contains valuable insights and measures for syrup producers for the period of 2019 to 2026 (forecast period). The outbreak of the COVID-19 virus and its impact on the industry has been explored as well.
The global Cough Syrup Market is expected to register a CAGR of 3.45% to reach USD 5,139.63 million by 2026. Rise of respiratory disorders, common cold, and the surge in pollution levels can drive the market growth exponentially. According to the Forum of International Respiratory Societies (FIRS), indoor air pollution, pollution from traffic, and tobacco smoke are main causes of air pollution. This is evident with 4.3 million deaths have been caused by air pollution, as per the report by WHO. The large elderly populace and the active pharmaceutical sector are other drivers of the market.
The misuse of cough syrup by consumers can deter its market growth.
The global cough syrup market has been segmented into product type, category, and application.
Based on product type, the market has been segregated into combination and individuals. Combination product type has been further classified as dextromethorphan + guaifenesin, guaifenesin + pseudoephedrine, and brompheniramine + pseudoephedrine. The individual product type has been further divided into dextromethorphan, guaifenesin, ambroxol, and codeine.
Based on the category, the market has been segmented into cough suppressants and expectorants.
By application, the cough syrup market has been categorized as adults and child.
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The global cough syrup market, based on region, has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is expected to hold a maximum share of the global cough syrup market and is projected to register a CAGR of 3.16% during the forecast period. Presence of significant market players, strategic acquisitions by major players, increasing cases of respiratory disorders, and availability of advanced medications for the treatment of chronic obstructive pulmonary disease (COPD) are main drivers of the regional market. The low growth risk and high competition can ensure the steady growth of the market.
Europe accounts for the second-largest, in the global cough syrup market, majorly due to the presence of key players such as GlaxoSmithKline, Reckitt Benckiser Group PLC, and Novartis. Moreover, the purchase of over-the-counter (OTC) syrups from retail pharmacies over the preference of the local healthcare provider can bode well for the market.
APAC is estimated to be the fastest-growing market due to the continuous development in developing countries such as India and China. High prevalence of respiratory disorders due to vehicular pollution, tobacco smoke, exposure to air pollutants at home and the workplace, and indoor air pollution from biological agents are major drivers of the regional cough syrup market. The prevalence of smog due to industrial pollution in China can drive the product sales.
The MEA cough syrup market is driven by advances in healthcare infrastructure, increasing healthcare expenditure, and increasing per capita disposable incomes of the people in the UAE and Saudi Arabia. Africa is the least developed region with limited healthcare resources and facilities for the people. The low growth rate due to less developed and less efficient health systems is hampering the growth of the market.
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Reckitt Benckiser Group PLC, Merck KGaA, Johnson & Johnson Services, Inc., Novartis AG, Sanofi, Procter & Gamble, Abbott, Acella Pharmaceuticals, LLC, Pfizer, Inc., and GlaxoSmithKline PLC are key players of the global cough syrup market.