A large number of people across the globe purchase OTC (over-the-counter) medicines for treating minor cough, cold or allergy related problems rather visiting the doctor. This has been a major reason behind the incessant sales of OTC cough, cold and allergy drugs. Many of the medicines for cold, cough and allergy fall under common categories of OTC. In order to ensure customer safety, healthcare regulatory bodies in some countries have even set guidelines for selling or purchasing of such medicines.
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Moreover, the busy lifestyle of a modern consumer make such medicines more important as consulting a doctor for every single health issue might consume a hefty amount of time. Factors as such are playing a crucial role in further boosting the demand for OTC cough, cold and allergy medicines. In addition, growing number of immunosuppressed patients and expanding global geriatric population is anticipated to drive the growth of the market. Fact.MR’s recently published report reveals that the global OTC cough, cold and allergy medicine market is set to witness 4.9% between 2017 and 2022. This market is estimated to stand at around US$ 37,323 Mn towards the end of the forecast period.
Asia-Pacific excluding Japan (APEJ) is projected to remain the most lucrative market for OTC cough, cold and allergy medicines throughout the forecast period. In terms of revenue, APEJ is anticipated to account for an impressive share of the global market in 2017 and beyond. The region’s proximity to air pollution has led to the rise in prevalence of various respiratory disorders. Moreover, acceptance rate of OTC medicines is extremely high in the region owing to their low cost and convenience of purchase.
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By drug type, antihistamine is projected to account for more than one-third share of the market in terms of revenue by 2017-end. Antihistamines drugs reduce the release of histamine from histamine-1 receptors and are commonly used for treating allergic reactions such as inflammation (redness), swelling (edema), watery eyes or runny nose and sneezing.
Pharmacies will remain the leading OTC channel for sales of cough, cold and allergy medicines during the assessment period. Meanwhile, drug store OTC channel segment is expected to account for the second largest revenue share of the market by 2017-end.
By dosage, the tablet segment is estimated to account for more than 33% revenue share of the market and is expected to reach a valuation of around US$ 12,400 Mn towards the end of the forecast period.
Fact.MR has profiled some of the key players in its report, which include Allergen, Bristol-Myers Squib Co., Prestige Brands Holdings, Inc., Pfizer Inc., GlaxoSmithKline Plc., Reckitt Benckiser Group Plc., AstraZaneca Plc., Johnson & Johnson Service, Inc., Procter & Gamble Co., Sanofi-Aventis, Novartis AG, Merck & Co., and Sun Pharmaceutical Industries Ltd. Many of these companies are concentrating on improving the product efficiency in order to increase their market presence.
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