In 2020, the Cold & Cough Remedies market witnessed a regression due to COVID-19-related restrictions. The regulations including lockdowns and remote working protected people from seasonal illness, leading to a reduction of the demand for cold and cough remedies. The growing awareness of hygiene during the COVID-19 pandemic further scales down the demand for cold and cough products. Nevertheless, some COVID-19-related symptoms are also quite similar to cold symptoms, which drives the market growth to some extent.
In the forecast period, the market is expected to generate higher revenues due to the growing share of the elderly population, who is more likely to get infected, and increased environmental pollution. The rising awareness of self-medication also plays an important role. The market is estimated at a CAGR of around 6% in the forecast period.
Data coverage:
Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.
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