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An increasing number of cold cases is a major factor driving the growth of the cold remedies market.
HYDERABAD, TELANGANA, INDIA, January 20, 2023 /EINPresswire.com/ — Cold remedies Market size is estimated to be $7.8 billion, growing at a CAGR of 9.5% during the forecast period 2020-2025. Cold is an infectious disease that affects the respiratory system. Dextromethorphan and steam inhalation are some cold remedies that are used to treat colds and to get relief from the symptoms of a cold. An increasing number of cold cases and the growing geriatric population are the major factors driving the growth of the market. Moreover, increasing health awareness and rising advanced medical products further enhance the overall market demand for cold remedies during the forecast period 2020-2025.
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Key Takeaways
1. North America dominates the cold remedies market owing to the development of medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough.
2. An increasing number of cold cases and the growing geriatric population is driving the market growth of cold remedies.
3. Detailed analysis of the Strength, Weaknesses, and opportunities of the prominent players operating in the market will be provided in the cold remedies market report.
4. Harmful side effects of medications and stringent government regulations are challenging the growth of the market.
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Segment Analysis
1. Based on the drug type, the cold remedies market is segmented into Antihistamines, Expectorants, Bronchodilators, Decongestants, Antibiotics, Natural Remedies, and others. The expectorant segment is projected to be the fastest-growing segment with a CAGR of 6.3% during the forecast period 2020-2025. This is mainly owing to effective and fast recovery. Moreover, it works by thinning and loosening mucus in the airways, clearing congestion, and making breathing easier which are contributing to the growth of this segment.
2. Based on the Dosage Type, the cold remedies market is segmented into syrup, tablet, capsule, nasal drop, and others. In 2019, tablets held the largest share in the cold remedies market owing to this being the most preferred dosage form among adults. It is also easy to intake and provides a faster reaction. Syrups are the most preferred form of cold medicine among children owing to their pleasant taste.
3. North America dominated the cold remedies market share accounting for 38% of the market in 2019. This is mainly owing to development in medical products, an increase in the number of R&D activities, and the growing number of patients suffering from cough. According to the World Health Organization, it is estimated that 2.5 million people suffering from colds and about 61,000 people died from the flu in 2019. Cold cases are rising continuously in North America that are contributing to the growth of the cold remedies market.
Competitive landscape:
The top 5 players in the Cold Remedies industry are:
1. Utley Pharmaceuticals
2. Novartis AG
3. Johnson and Johnson
4. GlaxoSmithKline plc
5. Bayer AG
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