Recent market study by Fact MR predicts that as investments in the development of healthcare infrastructure continue to rise, sales of over-the-counter cough, cold, and allergy medications would rise at an accelerated CAGR until 2031. Finding development possibilities, important trends, growth drivers, and obstacles is the aim of the study. It also offers suggestions to help companies get ready for unanticipated difficulties.
One of the primary growth drivers will continue to be the emphasis on enhancing total patient care. In addition, the market for over-the-counter cough, cold, and allergy medications will keep growing as more patients and families are prepared to pay for cutting-edge medical care.
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Key Market Drivers Shaping the Growth of the OTC Cough, Cold, and Allergy Medicine Industry
Growing Transition from Prescription to OTC Fuels Market Expansion
A significant trend driving the market is the increasing shift by manufacturers from prescription (Rx) drugs to over-the-counter (OTC) products. Many companies are actively transitioning their Rx medications to OTC status. For example, Bayer AG highlighted in its 2019 annual report that part of its strategy includes converting certain prescription drugs suitable for self-care into OTC products. This shift is expected to boost the availability of OTC medicines for various conditions in both emerging and developed markets.
Rising Popularity of Private-Label OTC Products
Another key trend influencing the market is the growing presence of private-label OTC products. In the U.S., private-label OTC sales grew from 26.0% in 2009 to 31.0% in 2018. Additionally, the rise in online sales of OTC products and collaborations between private-label manufacturers and e-commerce platforms are reshaping the market landscape. For instance, in February 2018, Amazon.com, Inc. launched OTC healthcare products from Perrigo, a private-label manufacturer. These evolving trends are expected to drive market growth further during the forecast period.
Regional Analysis
According to Fact.MR, the U.S. OTC cough, cold, and allergy medicine market is projected to grow at a robust CAGR of 5.4% through 2032, with market size expected to expand 1.7x by the end of the forecast period.
The U.S. leads the global market in terms of revenue, driven by increased awareness of the health benefits of OTC medicines and a growing willingness among consumers to invest in healthcare solutions. Improving economic conditions and heightened awareness about OTC products significantly contribute to the rising demand for cough, cold, and allergy medications in the country.
OTC Cough, Cold, and Allergy Medicine Market: Competitive Landscape
Leading players in the industry are expanding through partnerships, acquisitions, and product launches. In 2022, AFT Pharmaceuticals collaborated with RooLife Group to launch OTC products on China’s Tmall Global, while Glenmark Pharmaceuticals acquired generic OTC drugs in the U.S. Bayer also secured FDA approval for Astepro Allergy as an OTC medication in 2021, underscoring the competitive drive to meet growing market demand.
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