Over 1/3rd of OTC Cough Cold & Allergy Medicines Sold are Antihistamines
Effectiveness in reducing inflammation, sneezing, and edema is propelling OTC cough cold and allergy medicines sales
Fact.MR, New York: Award winning market research firm Fact.MR projects the OTC cough cold & allergy medicines market to grow at an impressive pace through 2021 and beyond. Growth registered by the market will be underpinned by fast-track regulatory approvals for key drugs amid growing prevalence of allergies and infectious ailments. As per Fact MR, the market is poised to register a CAGR of over 5% through 2031.
The market experienced an unprecedented surge in 2020 in response to the unbridled spread of COVID-19 infection, which prompted consumers to stock up adequately on anti-cough and cold medicines. Mandatory social distancing protocols compelled people to self-isolate. Focus on reducing the number of hospital visits or frequent visits to nearby pharmacies also encouraged them to purchase OTC cough cold and allergy medicines.
According to the Center for Disease Control and Prevention, about 8% of the US population is affected by seasonal flu, with a range between 3-11%. Also, as per Public Health England, overall estimated seroprevalence based on blood donor samples was almost 13% as of February 2021. Hence, pharmaceutical players are leveraging every opportunity to introduce new OTC drugs for immediate administration.
“Quick access to self-administered drugs for minor allergies and illnesses amid greater affordability is prompting pharmaceutical giants to introduce various OTC cough cold & allergy medicines,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s OTC Cough Cold & Allergy Medicines Study
- By drug type, antihistamines are projected to account for over a third of the revenue share, antibiotics catching up
- By OTC channel, pharmacies are likely to remain primary medicine distributors
- Demand for OTC medicines in tablet forms to experience major incline, surpassing an impressive valuation
- High demand for antiretroviral OTC drugs likely in the US market, owing to rising influenza prevalence
- Fast-track drug renewals and approvals to widen sales prospects across the UK
- Germany to emerge as Europe’s leading OTC cough cold & energy drugs market
- High proportion of geriatric population to fuel OTC drug sales across the Indian and Chinese markets
OTC Cough Cold & Allergy Medicines Market- Prominent Drivers
- Increasing incidences of allergies and infectious diseases due to deteriorating air quality increasing consumption of OTC drugs
- Greater affordability compared to prescription drugs are anticipated to fuel future sales
- Easy availability of common drugs to address common and minor illnesses is increasing popularity
OTC Cough Cold & Allergy Medicines Market- Key Restraints
- Documented side-effects and allergies arising out of OTC medicines consumption are likely to hinder future sales prospects
- Stringent regulatory provisions regarding drug approvals is limiting adequate availability in the market
Discover more about the OTC cough cold & allergy market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/71/otc-cough-cold-allergy-medicine-market
Prominent OTC cough cold & allergy medicines market players profiled by Fact.MR include Sanofi SA, Johnson & Johnson Service Inc., Reckitt Benckiser Group Plc., Novartis AG, GlaxoSmithKline Plc., AstraZeneca Plc., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Prestige Brands Holdings Inc., Procter & Gamble Co., Bristol-Myers Squibb Co., Merck & Co. and Allergen among others.
Introducing more effective drug combinations along with capacity expansion initiatives form the core marketing strategies of some of the aforementioned pharmaceutical players. In July 2019, Sanofi SA inked a strategic agreement with Roche for the exclusive OTC rights to Tamiflu® for preventing and treating influenza in the US. As per the agreement, Sanofi is responsible for leading FDA negotiations for the OTC switch and subsequent exclusive marketing and distribution of the drug.
Also, in February 2021, GlaxoSmithKline Plc. announced the selling of its Cephalosporin antibiotics business to Sandoz, a Novartis division, for a sum of US$ 350 million at closing, plus additional milestone payments upto US$ 150 million. The products being divested include the Zinnat, Zinacef and Fortum brands which are now off-patent.
More Insights on the OTC Cough Cold & Allergy Medicines Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global OTC cough cold & allergy medicines market. The study divulges compelling insights on the market based on drug type (antihistamine, expectorants, bronchodilators, antibiotics and others), OTC channel (pharmacy, drug store, modern trade, online and other OTC format) and dosage (liquid, capsule, tablet and lozenges) across seven major regions (North America, Latin America, Europe, APEJ, Japan, Oceania and Middle East & Africa).
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