Major players in the cold and cough preparations market are AstraZeneca, Bayer, Blackmores Limited, Dabur, and GlaxoSmithKline. The global cough and cold preparations market is expected to decline from $14.
New York, May 04, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cough And Cold Preparations Global Market Report 2021: COVID 19 Implications And Growth to 2030” – https://www.reportlinker.com/p06067911/?utm_source=GNW
94 billion in 2020 to $13.02 billion in 2021 at a compound annual growth rate (CAGR) of -12.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $12.37 billion in 2025 at a CAGR of -1.3%.
The cold and cough preparations market consists of sales of drugs for cold and cough.The drugs for the treatment of cold and cough acts on the receptors to which the virus causing the infection gets attached to, by antagonizing the action of the receptors and killing the viral infection, thereby reducing congestion by lysing the mucus and dilating the bronchioles constricted by the mucus deposition.
In this market, sales of antihistamines, antibiotics, decongestants, expectorants and bronchodilators are also included.
The cold and cough preparations market is regulated by authorities such as the Food and Drug Administration in the US.For instance, in November 2018, the Food and Drug Administration (FDA) restricted the use of codeine in children.
Codeine is approved to treat pain and cough but this medicine carries serious risks, including slowed or difficult breathing and can be potentially fatal.This risk is greater in children younger than 12 years but the use of codeine should also be limited in some older children.
Single-ingredient codeine is FDA-approved only for use in adults. FDA is also recommending against the use of codeine in breastfeeding mothers due to possible harm to their infants.
Threat from substitute products such as generic and counterfeit drugs, is significantly restraining the global cold and cough preparations market.Pharmaceutical companies invest a large sum of money in drug development process.
Once a drug candidate is developed and approved by the regulatory authorities, companies patent their inventions to protect their intellectual property.During the patency period, the company holding the patent holds exclusivity for manufacturing and distribution.
Post expiration of patency, generic versions of the drugs are manufactured by other companies.The prices of the generics are very low in comparison to the original brand of the drug.
According to an article of Alpha Invesco, a new FDA-approved blockbuster drug that netted $100 million a year in profit during its patent protection duration could become one that earns only $1 million a year in profit overnight after losing its patent. Additionally, there is a major international problem with counterfeit drugs. The best of these counterfeits duplicates a real drug’s formula and sells it at a lower price, which hurts pharmaceutical companies’ profits. Moreover, the counterfeits made with low-grade materials can destroy the reputations of the legitimate products, thus affecting the growth of the market.
Advancements in technologies are driving the global pharmaceutical sector including cold and cough preparations.According to global life sciences report by Deloitte, adoption of AI, robotic automation, the Internet of Medical Things (IoMT), blockchain, DIY diagnostics, virtual care, mobility in drug delivery and clinical trials, genomics, next-generation therapies, cloud computing, Real-World Evidence (RWE), and data-driven precision medicine are the major technologies driving the life sciences sector.
AI technology is being used in diagnoses, treatment planning, patient monitoring, and drug discovery.The IoMT is allowing new business models to emerge and enhancing customer experiences.
Pharmaceutical companies are also increasingly using biomarkers in the drug development process to reduce the time taken to bring the product into the market. Biomarkers are biological indicators which are objectively measured and evaluated for biological processes, pathogenic processes or pharmacological responses to a therapeutic intervention.
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