A new market study by XploreMR forecasted the OTC cough, cold and allergy medicine market to grow at a healthy rate during the forecast period (2017 to 2022). Increasing consumer awareness and the rising adoption of anti-inflammatory medicines are the primary driving factors of the market growth. A majority of people prefer self-medication over visiting clinics for common conditions such as cold, cough, and allergies. The practice is bolstered by several governments across the world, which allow direct sales of these medicines to ensure consumer safety. Besides, the fast-paced lifestyle is driving consumers to opt for self-medication in the pretext of convenience. Furthermore, the outbreak of COVID-19 is expected to catalyze the market growth.
Technological Advancements Enabling Players to Provide High-quality Products
The adoption of new research processes in various fields such as precision medicine, immunotherapy, and the microbiome are bestowing lucrative revenue opportunities for the players in the OTC cough, cold, and allergy medicine. These technologies provide a range of benefits from bolstering in the understanding of diseases to improvements in research methodologies, thereby allowing players to serve high-quality end products to end-users. Additionally, the burgeoning number of startups in the pharma industry and increasing focus on gene-based therapeutics are anticipated to enhance the overall supply-side demand.
APEJ to Lead Regional Landscape while North America Bestows Lucrative Opportunities
Asia-Pacific excluding Japan (APEJ) is expected to remain the leading regional market for OTC cough, cold, and allergy medicines during the forecast period. The region's dominance is predominantly attributed to respiratory disorders among the population caused by the high levels of air pollution. Additionally, backed by low cost and convenience of purchase, OTC medicines are highly preferred in the region. Similarly, North America is offering substantial revenue opportunities for emerging market players, on the back of rising demand from consumers, access to healthcare, and expansion of public healthcare programs in recent years.
Antihistamine: The Most Sought-out OTC Medicine
Antihistamine is expected to hold more than 1/3rd of market share, backed by its ability to reduce the release of histamine from histamine-1 receptors, which helps in treating allergic reactions such as inflammation, swelling, watery eyes, runny nose, and sneezing.
Global Market Beholds High Demand Amid COVID-19
The outbreak of COVID-19 is propelling the sales of OTC cough, cold and allergy medicine market as consumers are stocking up the medicines while practicing social isolation. With cold and cough being primary symptoms of the COVID-19, the high awareness regarding the infection is driving people across the world to be prepared to combat the infection by using OTC medicines. As the preparedness translates into sales, the global OTC cough, cold, and allergy medicines market will witness tremendous demand through the pandemic.