Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Western Asia

Western Asia

In Western Asia, the revenue generated in the Cold & Cough Remedies market market in 2024 amounts to US$0.92bn.
This market is projected to experience an annual growth rate of 4.93% (CAGR 2024-2029).
In comparison to other countries worldwide, the in the United States generates the highest revenue with US$11,190.00m in 2024.
When considering the population size, per person revenues of US$4.14 are generated in 2024.
In Western Asia, there is a growing trend of consumers seeking natural and herbal remedies for cold and cough, driven by a cultural preference for traditional medicine.

Key regions: Australia, Japan, India, Brazil, Canada

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Analyst Opinion

The Cold & Cough Remedies market in Western Asia is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Western Asia have shifted towards natural and herbal remedies for cold and cough. Consumers are becoming more health-conscious and are seeking products that are perceived to be safer and have fewer side effects. This has led to an increase in demand for natural remedies such as herbal teas, essential oils, and homeopathic medicines. Additionally, there is a growing preference for products that are free from artificial ingredients and chemicals.Trends in the market indicate a rising demand for over-the-counter (OTC) cold and cough remedies. This can be attributed to the convenience and accessibility of OTC products, as consumers can easily purchase them without a prescription. OTC cold and cough remedies are also often more affordable compared to prescription medications, making them a popular choice among consumers. Additionally, there is an increasing trend of self-medication, where consumers are taking proactive measures to treat their symptoms without seeking medical advice.Local special circumstances in Western Asia, such as the prevalence of dry and dusty climates, contribute to the growth of the Cold & Cough Remedies market. These environmental conditions can exacerbate cold and cough symptoms, leading to a higher demand for remedies. Furthermore, the region experiences seasonal changes that are associated with an increase in cold and flu cases, driving the need for effective remedies.Underlying macroeconomic factors also play a role in the development of the Cold & Cough Remedies market in Western Asia. The region has witnessed steady economic growth, leading to an increase in disposable income among consumers. This has resulted in higher purchasing power and a willingness to spend on healthcare products, including cold and cough remedies. Additionally, Western Asia has a growing population, which further contributes to the market growth as more individuals require remedies for cold and cough symptoms.Overall, the Cold & Cough Remedies market in Western Asia is expanding due to changing customer preferences towards natural remedies, the trend of OTC products, local special circumstances, and favorable macroeconomic factors. As consumers continue to prioritize their health and seek convenient and affordable solutions for cold and cough symptoms, the market is expected to witness further growth in the coming years.

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.