Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Eastern Asia

Eastern Asia

In 2024, the revenue in the Cold & Cough Remedies market market in Eastern Asia amounts to US$11.17bn.
It is projected to experience an annual growth rate of 6.83% (CAGR 2024-2029).
When compared to other regions globally, the in the United States leads the way with revenue amounting to US$11,190.00m in 2024.
Taking into account the population figures, the per person revenue in Eastern Asia is US$6.83 in 2024.
In Eastern Asia, the demand for traditional herbal remedies for cold and cough is on the rise, reflecting the cultural preference for natural and holistic healthcare practices.

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

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Analyst Opinion

The Cold & Cough Remedies market in Eastern Asia is experiencing steady growth due to changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Eastern Asia are shifting 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 increased demand for natural ingredients such as ginger, honey, and ginseng in cold and cough remedies. Additionally, there is a growing preference for products that are easy to consume, such as liquid formulations or lozenges, as they provide quick relief.Trends in the market indicate a rise in the use of traditional Chinese medicine (TCM) for treating cold and cough symptoms. TCM has a long history in Eastern Asia and is believed to have holistic healing properties. As a result, there is a growing demand for TCM-based cold and cough remedies, such as herbal teas, herbal patches, and herbal supplements. This trend is further supported by the increasing popularity of alternative medicine and the perception that TCM offers a more natural and sustainable approach to healthcare.Local special circumstances in Eastern Asia also contribute to the development of the Cold & Cough Remedies market. The region experiences high levels of air pollution, particularly in urban areas, which can lead to respiratory issues and an increased prevalence of cold and cough. This drives the demand for remedies that can alleviate these symptoms and improve overall respiratory health. Furthermore, Eastern Asia has a large aging population, which is more susceptible to respiratory illnesses. This demographic trend further fuels the demand for cold and cough remedies.Underlying macroeconomic factors also play a role in the growth of the Cold & Cough Remedies market in Eastern Asia. The region has been experiencing rapid economic growth, leading to an increase in disposable income and healthcare expenditure. As a result, consumers are more willing to spend on healthcare products, including cold and cough remedies. Additionally, the rising middle class in Eastern Asia has access to a wider range of products and is increasingly seeking out remedies that offer convenience and effectiveness.In conclusion, the Cold & Cough Remedies market in Eastern Asia is developing due to changing customer preferences towards natural remedies, emerging trends in the market such as the use of traditional Chinese medicine, local special circumstances such as air pollution and an aging population, and underlying macroeconomic factors such as rapid economic growth and increasing disposable income. These factors are driving the demand for innovative and effective cold and cough remedies in the region.

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.