Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - ASEAN

ASEAN

In ASEAN, the revenue generated in the Cold & Cough Remedies market market is projected to reach US$1.73bn in 2024.
It is anticipated that the market will experience an annual growth rate of 8.24% (CAGR 2024-2029).
When compared globally, the in the United States stands out as the top revenue generator, with US$11,190.00m in 2024.
To put this into perspective, in 2024, the per person revenue in ASEAN amounts to US$2.50.
This indicates the amount of revenue generated in relation to the total population figures.
The demand for Cold & Cough Remedies in the ASEAN market is driven by the prevalence of seasonal illnesses and the growing awareness of self-medication.

Key regions: United States, Japan, Australia, United Kingdom, China

Market

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Currency

Analyst Opinion

The Cold & Cough Remedies market in ASEAN is experiencing significant growth due to changing customer preferences and trends in the market.

Customer preferences: Customers in ASEAN are increasingly seeking out cold and cough remedies that are natural and have fewer side effects. This shift towards natural remedies is driven by a growing awareness of the potential harm that can come from long-term use of pharmaceutical products. As a result, there is a rising demand for herbal and homeopathic remedies in the region. Additionally, customers are also looking for products that provide quick relief and are convenient to use, such as cough syrups or lozenges.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in ASEAN is the increasing popularity of traditional medicine. Traditional medicine, which includes herbal remedies and traditional practices, has a long history in the region and is deeply ingrained in the culture. As a result, there is a strong demand for traditional remedies for cold and cough, such as herbal teas or herbal supplements. This trend is further supported by the growing interest in holistic health and wellness, with customers seeking out remedies that not only treat the symptoms but also promote overall well-being.

Local special circumstances: ASEAN is a diverse region with varying healthcare systems and cultural practices. This diversity has an impact on the Cold & Cough Remedies market, as different countries have different preferences and regulations. For example, in countries like Indonesia and Malaysia, traditional medicine is widely accepted and integrated into the healthcare system, while in countries like Singapore and Thailand, there is a stronger focus on Western medicine. This means that companies operating in the region need to tailor their products and marketing strategies to suit the specific preferences and regulations of each country.

Underlying macroeconomic factors: The growing middle class in ASEAN is driving the demand for Cold & Cough Remedies. As incomes rise, more people have the means to purchase healthcare products and are willing to spend on products that can provide relief from common ailments like cold and cough. Additionally, the increasing urbanization in the region is also contributing to the growth of the market, as urban dwellers are more likely to be exposed to air pollution and other environmental factors that can lead to respiratory issues.In conclusion, the Cold & Cough Remedies market in ASEAN is experiencing growth due to changing customer preferences towards natural remedies, the increasing popularity of traditional medicine, the diverse healthcare systems and cultural practices in the region, and the underlying macroeconomic factors such as the growing middle class and urbanization. Companies operating in the market need to adapt to these trends and circumstances in order to successfully tap into the growing demand for Cold & Cough Remedies in ASEAN.

Methodology

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.