Global Cough Syrup Market: Overview
Used for treating common cold, hay fever, or other upper respiratory allergies., cough syrups are set to witness a growth in demand. Owing to rise in respiratory disorders and massive air pollution, global cough syrup market would see decent CAGR (Compound Annual Growth Rate) over the forecast period of 2019-2027.
A rise in incomes in developing economies will also add to growth of the global cough syrup market. The market is also set to see growth owing to increase in geriatric population.
Global Cough Syrup Market: Notable Development
The global cough syrup market is witnessing a number of significant developments that are not just crucial for players to take note of but also to understand how the market would operate over the coming years. A comprehensive analysis in can be found in our upcoming report.
- In February of the year 2019, Merck expanded its R&D facility in Billerica, Massachusetts. It invested USD 70 million to develop a robust clinical pipeline. This highlights the need to always be up an about in terms of product development and innovation.
- In July 2018, Zarbee’s Naturals was acquired by Johnson and Johnson. The move was in sync with demand for natural cough syrups for kids. It also helped Johnson and Johnson to diversify its portfolio.
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The global cough syrup market is fragmented and prominent players in the market include Pfizer, Inc. (US), Novartis AG (Switzerland), Merck KGaA (US), Johnson & Johnson Services, Inc. (US), GlaxoSmithKline PLC (UK), Acella Pharmaceuticals, LLC (US), Procter & Gamble (US), Reckitt Benckiser Group PLC (UK), Abbott (US), and Sanofi (France)., among others. Players are focusing on improving their products.
Global Cough Syrup Market: Key Trends and Drivers
Certain factors are shaping the growth curve for Global Cough Syrup Market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- Rise in geriatric population is set to increase demand in the global cough syrup market. It might be pertinent to make a note here that already the year 2018 has proven to be historical in terms of a major demographic shift. In the said year, number of people aged 65 and above actually surpassed the number of people aged five and below. And, by 2050, it is predicted that globally, one in six people will fall into this age bracket. In North America, the ration will be one is to four, making the situation more pronounced and helping the global cough syrup market take a higher trajectory.
- Rise in pollution is a major hassle for most governments at this point. And, it is particularly so because as pollution levels rise, incidence of respiratory illnesses also increases. And, thus, rises costs associated with healthcare. This will contribute to growth of global cough syrup market in a big way. And, as incomes rise considerably in the developing economies, the profits for the market would only grow further.
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Global Cough Syrup Market: Geographical Analysis
The North American region will hold the biggest chunk of market share, followed by Europe due to a large number of geriatric population, which is increasing a significant pace. Besides, the two regions have the presence of some of the most prominent names in the global cough syrup market landscape.
On the other hand, the growth chart would be dominated by the Asia Pacific (APAC) region owing to high incidence of respiratory disorder. Besides, there is a high prevalence of mould and fungus in homes which remains undetected for the major part of the population.
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