Cough Syrup Market

Global Cough Syrup Market Size (2023 to 2028)

The global cough syrup market is expected to be worth USD 6010 million by 2028 from USD 5154 million in 2023, growing at a CAGR of 3.12% from 2023 to 2028.

Cough syrups are medically prescribed or taken by self-care. These are liquids used to treat coughing, cold, sore throat, hay fever, and others that occur when someone comes down with a common cold. These medications contain antihistamines and non-opioids, which work on the cough center in the brain and stop the naturally released histamines that cause allergies. Cough syrups are commonly not recommended for children below the age of 6. Cough syrups can help relieve dry and wet coughs with runny noses and thick mucus. However, cough syrups can make you feel exhausted and want to rest. In addition, excessive cough syrups can have several side effects, such as headache, nausea, and vomiting; therefore, taking only the amounts prescribed on the bottle or by your physician is essential.

Impact of COVID-19 on the global cough syrup market:

The covid-19 pandemic, which originated in China and spread worldwide, resulted in several fatalities and unfortunate events. Due to the shutdown of all companies and services, the pandemic caused significant economic loss and a recession. The rigorous lockdown's effects caused many productions to experience demand and supply chain interruptions, which resulted in enormous waste output and a loss of investment for people. Without any source of income, many households lost their jobs, and businesses began to lay off employees to save money. In addition, the government started assistance payments for those struggling financially. The market segment that was most significantly impacted was the healthcare industry.

The pandemic has negatively impacted the growth rate of the global cough syrup market.

Research has proven that dextromethorphan, a component of many prominent cold medications and especially present in cough syrups, can cause the propagation of the SARS-CoV-2 virus, which is the virus causing covid-19. Therefore, doctors and researchers believe that the usage of cold medicine and cough syrups which contain dextromethorphan should be avoided during the pandemic. This avoidance, along with the disruptions in the production and supply chains, led to the decline in the growth rate of the cough syrup market.

MARKET DRIVERS:

Rapid growth in respiratory diseases worldwide and concerns about self-care are the key factors propelling the cough syrup market growth.

In addition, the sedentary lifestyles of the population leading to bad habits such as smoking addiction can lead to many respiratory, throat, and lung diseases, further pushing the market to grow. Furthermore, a continuous rise in the geriatric population needing assistance is propelling the expansion of the market. There have also been many innovations and advancements in the cough syrup market, like producing cough syrups that are safe for kids and have lower side effects with natural ingredients.

Rising levels of air pollution help the cough syrup market progress.

The rising levels of air pollution leading to more respiratory disorders is a significant concern for the governments of different nation’s leading the market to progress. According to a report by the United Nations Environmental Program, around 7 million premature deaths happen worldwide due to air pollution, and approximately 99% of the world's population lives in areas where the WHO-produced air pollution guidelines are not met.

Additionally, the availability of over-the-counter cough syrups and the abundance of stocks for the product, along with the growing disposable incomes for people in countries with growing economies, are expected to support the growth of the cough syrup market. Growing efforts and investments from the major market participants are anticipated to boost the cough syrup market's growth rate.

MARKET RESTRAINTS:

Using cough syrups for the wrong purposes and the stringent guidelines for approving new cough syrup formulas and the product's side effects are hampering the growth of the cough syrup market.

This research report on the global cough syrup market has been segmented and sub-segmented based on age, product, distribution channel, and region.

Cough Syrup Market – By Age-group:

• Pediatric
• Adult

The adult segment is expected to have the most significant share in the global cough syrup market based on the age group during the forecast period because most cough syrup consumers are adults. Often cough syrups are avoided from being prescribed to kids as it is not kid-friendly. The cough syrup prescribed by pediatrics is produced explicitly for kids and is tested not to harm them.

Cough Syrup Market – By Product:

• Expectorants
• Cough Suppressants
• Antihistamines
• Combination Medications

The cough suppressants/antitussives segment led the market in 2022 and is expected to dominate the cough syrup market during the forecast period. This segment's dominance is due to the wide range of awareness and applications for cough syrups as a cough medication. Cough syrups are primarily considered for dry and wet coughs; all its other benefits are secondary and not very well known. Therefore, the market for cough/antitussives is expected to dominate the market share.

Cough Syrup Market – By Distribution Channel:

• Retail Pharmacy
• Hospital Pharmacy
• Online Pharmacy

The retail pharmacy segment accounted for the leading share of the cough syrup market worldwide in 2022. This is mainly because the common cold and flu or cough are very basic problems, and often people don't opt to go to a doctor if it isn't severe and continuing. Most of the population takes over-the-counter cough syrups, which don't require prescriptions; therefore, the retail stores make a lot of revenue from this market.

On the other hand, owing to the growing awareness among the public, the online pharmacy segment is anticipated to register a healthy CAGR during the forecast period.

Cough Syrup Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the APAC region led the market for cough syrup worldwide in 2022. The APAC region is anticipated to showcase domination in the global market during the forecast period. Factors such as a rise in the elderly population, laxer restrictions against the misuse of cough and cold medications because cough syrups are more readily available at retail pharmacies, a high prevalence of respiratory disorders, an increase in cigarette use, an infection, and air pollution are favoring the cough syrup market in the Asia-Pacific. Asthma has become very common in the area due to increased air pollution and greenhouse farming techniques. The vulnerability to occupational lung diseases and tuberculosis. The population of countries like India, China, Thailand, and others, are in danger of contracting more respiratory disorders pushing the market growth in the region.

North America and Europe, on the other hand, are also expected to witness fast growth during the forecast period due to the presence of key market players in the region and the rapidly advancing pharmaceuticals and geriatric populations in this region.

The cough syrup market in regions such as Latin America, the Middle East, and Africa is also expected to experience healthy growth due to the emerging markets in the region and the government's initiatives toward developing the healthcare systems and the prevalence of respiratory disorders in the area.

KEY MARKET PLAYERS:

Abbott Laboratories, Acella Pharmaceuticals, LLC, GlaxoSmithKline plc, Johnson & Johnson Services Inc., Merck KGaA, Novartis International AG, Pfizer Inc., Procter & Gamble, Reckitt Benckiser Group Plc, and Sanofi are a few of the noteworthy companies operating in the global cough syrup market profiled in this report.

RECENT HAPPENING IN THIS MARKET:

In September 2022, health officials in France removed cough syrups due to the danger of allergies. Therefore, syrups based on pholcodine will no longer be offered. However, no urgent action is necessary if you have already taken the medication. Health officials in France have verified that four cough syrups have been taken off the market because of a "severe risk" of allergies. The action was taken by the Agence Nationale de Sécurité des Médicaments and des Produits de Santé (ANSM) regarding syrups based on pholcodine since this might subsequently result in an allergy risk when taken before a drug used in general anesthesia.