Cough Syrup Market Size is Expected to Reach $6.10 Billion by 2027: Says AMR
Surge in number of patients suffering from respiratory disease, developments in cough syrup product, and growth in elderly population drive the growth of the global cough syrup market. By product type, the cough suppressant segment held the major share in 2019. By region, on the other hand, LAMEA would grow at the fastest CAGR by 2027.
Portland, OR, March 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cough Syrup Market was pegged at $5.23 billion in 2019 and is estimated to hit $6.10 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Surge in number of patients suffering from respiratory disease, developments in cough syrup product, and growth in elderly population drive the growth of the global cough syrup market. On the other hand, cough syrup abuse and stringent rules and certain regulations in the developed countries impede growth to some extent. However, further developments in the market is anticipated to create new opportunities in the coming years.
Covid-19 scenario-
- The corona virus outbreak has had a mixed impact on the global cough syrup market. The sale for cough syrup primarily took a leap, as this over-the-counter drug has been widely used for patients with sneezing, common cold, runny nose, and other respiratory allergies.
- However, a new research paper published in the journal Nature found that dextromethorphan might intensify the replication of SARS-CoV-2, the virus that causes COVID-19. A cough syrup ingredient has pro-viral properties and as per scientists, it should be avoided by people infected by the covid-19 virus.
- Simultaneously, the manufacturers happened to face several challenges related to high cost of raw materials and shortage of supply during the lockdown.
The global cough syrup market is analyzed across product type, age group, distribution channel, and region. Based on product type, the cough suppressant segment contributed to more than half of the total market share in 2019, and is estimated to dominate during the forecast period. At the same time, the combination medication segment is expected to manifest the fastest CAGR of 3.8% from 2020 to 2027.
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Based on age group, the adult segment accounted for nearly four-fifths of the global cough syrup market revenue in 2019, and is projected to lead the trail throughout the forecast period. The same segment would also exhibit the fastest CAGR of 3.2% by 2027.
Based on region, Asia-Pacific garnered the major share in 2019, generating nearly two-fifths of the global market. Simultaneously, the market across LAMEA would showcase the fastest CAGR of 3.9% from 2020 to 2027.The other two regions covered the report include Europe and North America.
The leading market players analyzed in the global cough syrup market report include Pfizer, Inc., Merck KGaA, Abbott Laboratories, Novartis AG, GlaxoSmithKline PLC, Sanofi, Johnson & Johnson Services, Inc., Acella Pharmaceuticals, LLC, Reckitt Benckiser Group PLC, and Procter & Gamble.These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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