Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Western Asia

Western Asia

Revenue in the Cold & Cough Remedies market is projected to reach US$0.87bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.37%, resulting in a market volume of US$1.13bn by 2029.
In global comparison, most revenue will be generated in China (US$7,826.00m in 2024).
In relation to total population figures, per person revenues of US$3.91 are generated in 2024.

Key regions: Canada, United Kingdom, United States, China, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Western Asia is experiencing significant growth due to changing customer preferences and increasing demand for over-the-counter medications.

Customer preferences: Customers in Western Asia are increasingly seeking convenience and quick relief from common cold and cough symptoms. As a result, they are turning to pharmacies to purchase over-the-counter remedies that can provide immediate relief. This shift in customer preferences is driving the growth of the Cold & Cough Remedies market in the region.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Western Asia is the rising popularity of natural and herbal remedies. Customers are becoming more conscious about the ingredients in the products they consume and are opting for natural alternatives to traditional medications. This trend is driving the demand for herbal cold and cough remedies in the region. Another trend in the market is the increasing availability of combination products that offer relief from multiple symptoms. Customers prefer products that can provide relief from both cold and cough symptoms, as well as other related symptoms such as nasal congestion and sore throat. Pharmacies are responding to this demand by stocking a wide range of combination products to cater to customer needs.

Local special circumstances: The Cold & Cough Remedies market in Western Asia is also influenced by local cultural and social factors. In some countries in the region, there is a strong emphasis on traditional medicine and natural remedies. This preference for traditional remedies can impact the demand for over-the-counter medications in the market.

Underlying macroeconomic factors: The growing middle-class population in Western Asia is a key driver of the Cold & Cough Remedies market. As disposable incomes rise, more individuals are able to afford over-the-counter medications to manage their cold and cough symptoms. Additionally, the increasing urbanization in the region is also contributing to the growth of the market, as urban dwellers have easier access to pharmacies and a greater awareness of over-the-counter remedies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Western Asia is witnessing growth due to changing customer preferences, increasing demand for convenience, and the availability of a wide range of products. The market is also influenced by local cultural factors and underlying macroeconomic factors such as rising disposable incomes and urbanization.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.