16, June 2022
With rapid urbanization and rising energy consumption globally, air pollution levels have soared tremendously. There is an increase in the prevalence of chronic conditions like asthma, chronic obstructive pulmonary disease (COPD), and others. As a result, the rise in respiratory diseases widens the scope of the cough syrup market.
According to our estimations, the global cough syrup market is set to garner revenue worth $7530.40 million by 2028, progressing with a CAGR of 3.27% during the forecast period 2022-2028.
Cough syrups reduce and loosen mucus in the airways, eliminating congestion. In this regard, herbal cough syrups have gained significant traction as an alternative to traditional cough syrups, which are inexpensive and cause minimal side effects. Estimates indicate that around 80% of the world’s population relies on herbal medicine for primary healthcare. For instance, Dabur’s Honitus Herbal Cough Remedy Syrup is among India’s widely opted herbal medications.
Climate change effects create a higher risk of respiratory conditions among obese, diabetic, and other patients. This has led to trends that are shaping the cough syrup market.
As per WHO, the number of diabetic people has surged to around 422 million and is expected to grow over the forecast period. The prevalence of diabetes is rapid in low and middle-income nations compared to high-income nations. Diabetic people are highly susceptible to cold or flu. Since traditional cough syrups include sugar, several companies have introduced sugar-free syrups. For instance, Wockhardt Hospitals introduced Zedex Plus, a sugar-free syrup that treats dry cough.
The world’s older population is growing at an unprecedented rate, presenting various health challenges. As per the Population Division of the UN, in 2020, around 727 million people aged 65 or older across the globe. Here, chronic cough has emerged as a major issue in the elderly, posing therapeutic challenges. As a result, demand for over-the-counter adult cough syrups has soared. Numerous companies offer adult cough syrups, including Novartis International and Abbott Laboratories. This high demand has resulted in the adult category leading in the age group market segment.
The demand for special pediatric cough syrups has grown in recent years. As per the CDC, around 60,000 emergency visits occur from unintentional medication overdose among children yearly in the US. To overcome such medication errors, manufacturers are formulating single-dose packaging solutions. For instance, Drkids, a brand of Tamarac, offers a line of premeasured single-use vials of liquid pediatric allergy and cough medicines. Another company, Wings Biotech Limited, provides Kufma Junior Cough Relief Syrup with bubble gum flavor, which drives the cough syrup market’s growth to a large extent.
The Asia-Pacific cough syrup market is expected to witness the fastest growth rate with a CAGR of 3.69% over the years 2022-2028. Tobacco smoking and air pollution are the major factors fueling the adoption of cough syrups in the region. In 2020, the average annual air pollution PM2.5 level reached over 84 µg/m³ in Delhi, the highest among the megacities in the APAC. Additionally, the population in Japan, Thailand, South Korea, and China are vulnerable to respiratory disease due to the growing geriatric population. These factors thus create a profitable market for cough syrups.
Considering the rising aging population, asthma, chronic obstructive pulmonary disease, and pulmonary hypertension are highly prevalent across Europe. Estimates indicate that one in ten deaths is caused by COPD, lung cancer, or infections like pneumonia. This has led prominent market players to expand through acquisitions to gain a competitive edge in the regional market. For instance, Paris-based Sanofi SA acquired Kymab Ltd for $1.45 billion to strengthen its product pipeline with experimental medicines for inflammation conditions.
Along with children-friendly cough syrups, homeopathic cough syrups are expected to gain momentum in the upcoming years. This is due to the use of natural materials from plants, minerals, and animals, which result in minimal to no allergic reaction. Several well-established players such as GlaxoSmithKline Plc, Procter & Gamble Co, AstraZeneca Plc, Sanofi SA, and Johnson & Johnson are investing millions of dollars in R&D and manufacturing plants to produce a diverse product portfolio. Therefore, the elevated demand for innovative products is expected to create astonishing growth opportunities for manufacturers, positioning the global cough syrup market on a growth path.
Q2) Which are the prominent categories in the cough syrup market?
The adult category in the age group segment and cough suppressants in the product type segment are prominent in the cough syrup market.
Q3) What was the cough syrup market size in 2021?
The cough syrup market garnered revenue worth $5995.46 million in 2021.
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