Cold & Cough Remedies - Colombia

Colombia

Highlights

In Colombia, the revenue generated in the Cold & Cough Remedies market market in 2024 amounts to US$146.70m.
According to projections, the market is expected to grow annually by 7.85% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in this market, with US$11.19bn in 2024.
Taking into account the total population, per person revenues of US$2.80 are generated in Colombia in 2024.
Colombia's growing middle class and increasing healthcare awareness are driving the demand for cold and cough remedies in the OTC Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cold & Cough Remedies market in Colombia has been experiencing steady growth in recent years.

Customer preferences: Colombian consumers have shown a growing preference for over-the-counter cold and cough remedies. This can be attributed to several factors, including the convenience and accessibility of these products, as well as the increasing awareness of the importance of self-care and symptom management. Additionally, the rising incidence of cold and cough-related illnesses in the country has also contributed to the growing demand for these remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Colombia is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients in the products they use and are seeking alternatives to traditional pharmaceutical remedies. This trend is in line with the global shift towards natural and organic products, driven by concerns about the potential side effects of synthetic medications.Another trend in the market is the growing popularity of combination products. These products offer multiple benefits, such as relieving both cold and cough symptoms, and are favored by consumers who prefer a holistic approach to their health. Combination products also provide convenience, as they eliminate the need to purchase multiple remedies for different symptoms.

Local special circumstances: Colombia's healthcare system is characterized by a high out-of-pocket expenditure, which means that consumers often have to bear the cost of their healthcare expenses. As a result, many consumers opt for self-medication and over-the-counter remedies, including cold and cough remedies. This preference for self-care has contributed to the growth of the Cold & Cough Remedies market in the country.Additionally, Colombia has a large rural population, which often faces limited access to healthcare facilities. In these areas, over-the-counter remedies are often the first line of defense for managing common ailments such as colds and coughs. This has further fueled the demand for cold and cough remedies in the country.

Underlying macroeconomic factors: Colombia has experienced steady economic growth in recent years, which has led to an increase in disposable income among consumers. This has had a positive impact on the Cold & Cough Remedies market, as consumers are more willing to spend on healthcare products and remedies. The growing middle class in the country has also contributed to the increase in demand for these remedies.Furthermore, the aging population in Colombia is another factor driving the growth of the Cold & Cough Remedies market. As the population ages, the incidence of cold and cough-related illnesses tends to increase. This has created a larger consumer base for cold and cough remedies, as older adults are more likely to seek relief from these symptoms.In conclusion, the Cold & Cough Remedies market in Colombia is experiencing steady growth, driven by consumer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, and the convenience of combination products. The country's healthcare system, with its high out-of-pocket expenditure and limited access to healthcare facilities in rural areas, has also contributed to the growth of the market. Additionally, macroeconomic factors such as steady economic growth and an aging population have further fueled the demand for cold and cough remedies in Colombia.

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.