4 Key Insights On OTC Cough, Cold & Allergy Medicines Market With Demand, Share, Latest Trends And Forecast Till 2022
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Very few individuals consult doctors for common conditions such as cold, cough and allergies; most of them opt for OTC medicines instead. In the view of such prominent practices, the global sales of the OTC cough, cold and allergy medicines have remained propped up for the past decade or so. Cough, cold and allergy medicines are one of most common OTC (over-the-counter) categories, however, physicians recommend their use only for minor health issues. In many countries, there are certain laws enforced on directs sales of these medicines in order to ensure consumer safety. In addition, these medicines offer extreme convenience to a modern consumer, living a fast-paced life.
The aforementioned factors are expected to reflect favorably on the global OTC cough, cold and allergy medicines market over the next five years. Moreover, an increasing number of immunosuppressed individuals and rising global geriatric population is also expected to further drive the demand OTC medicines for cough, cold and allergy. The recent study conducted by Fact.MR reveals that the global OTC cough, cold and allergy medicine market is poised to increase at a CAGR of 4.9% during 2017 to 2022 to reach a valuation of around US$ 37,300 Mn.
Following insights from Fact.MR’s global OTC cough, cold and allergy market will be important for market’s future growth
1- The OTC cough, cold and allergy medicines market in Asia Pacific excluding Japan (APEJ) is anticipated to remain highly attractive throughout the assessment period. In 2017 and beyond, the region is projected to command for a noteworthy revenue share of the global market. This is primarily owing to dropping air quality and increase pollution that is resulting in higher occurrence of respiratory ailments. In addition, rapid adoption of OTC medicines owing to their convenience of purchase and cost-efficiency is facilitating the growth of the market in the region.
2- On the basis of drug type, antihistamine is anticipated to command for over one-third revenues share of the market by the end of 2017. Antihistamines drugs help in restricting the histamine release from histamine-1 receptors, moreover these drugs can effectively treat watery eyes or runny nose, inflammation (redness), sneezing and swelling (edema).
3- By OCT channel, pharmacies will continue to be the top OCT channel for sales of allergy, cold and cough drugs between 2017 and 2022. During the same time, the drug store segment is projected to retain its second spot.
4- Based on dosage, the tablet segment is projected to command for a significant share of the market in terms of revenue and is likely to reach a valuation of nearly US$ 12,425 Mn over 2022.
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Asia-Pacific excluding Japan (APEJ) to Remain the Largest Market for OTC Cough, Cold and Allergy Medicines
Asia-Pacific excluding Japan (APEJ) is projected to remain the most lucrative market for OTC cough, cold and allergy medicines throughout the forecast period. In terms of revenue, APEJ is anticipated to account for an impressive share of the global market in 2017 and beyond. The region’s proximity to air pollution has led to the rise in prevalence of various respiratory disorders. Moreover, acceptance rate of OTC medicines is extremely high in the region owing to their low cost and convenience of purchase.
By dosage, the tablet segment is estimated to account for more than 33% revenue share of the market and is expected to reach a valuation of around US$ 12,400 Mn towards the end of the forecast period.
Key companies profiled in Fact.MR’s report include Sanofi-Aventis, Johnson & Johnson Service, Inc., Reckitt Benckiser Group Plc., Novartis AG, GlaxoSmithKline Plc., AstraZaneca Plc., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Prestige Brands Holdings, Inc., Procter & Gamble Co., Bristol-Myers Squib Co., Merck & Co., and Allergen. Many of these market players are actively focusing on increasing their market presence and development of more efficient products.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Healthcare market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
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