Decongestants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
- Transparency Market Research
Decongestants are widely used in the treatment of nasal congestion. They are also used for relieving systems associated with hay fever, sinusitis, and colds and flu. Decongestants are usually available in the form of tablets, capsules, and nasal sprays. Considering that nasal congestion is often accompanied with other symptoms, pharma companies usually include painkillers in their decongestant formulations. Many decongestants are usually available over-the-counter, however, in case of children below six years of age and pregnant women, a prescription from a GP may be required.
Key Factors Expected to Impact Decongestants Market
Global demand for decongestants has remained stable over the years, with sales usually increasing in winters when cold and flu cases are on an increase. During the forecast period 2016-2024, the global decongestants market is expected to witness steady growth, owing to increasing demand from Asia Pacific. Owing to steady economic growth, a burgeoning middle class has emerged in many Asian countries, especially in China and India. This consumer segment has increased the demand for many OTC healthcare products, as consumers are finally reducing their reliance on home remedies to treat common health problems. As a result of this, pharma companies can expected to witness higher demand for decongestants in the Asia Pacific region during the forecast period.
Seasonal allergies also have a bearing on the sales of decongestants as many people suffer from common symptoms like blocked nose, cold, and cough during early spring and late winter – when pollen concentration in the environment increases. Many pharma companies increase their marketing outreach during these months.
Demand for decongestants is also projected to be influenced by the growing geriatric population. As the world population ages, demand for various healthcare products and services is also witnessing an increase. Many elderly people suffer from nasal congestion when temperatures become sub-zero. It is forecasted that growing aging population will lead to higher sales of decongestants during the forecast period 2016-2024.
Recent Studies Can Impede Market Growth
While demand for decongestants is anticipated to remain steady during the forecast period, recent studies suggesting the placebo effect of these medicines can stymie demand, especially among consumers who are proactively looking for in-depth information on drugs they consume. According to a study published in the Journal of Allergy and Clinical Immunology: In Practice in 2015, oral intake of phenylephrine was ineffective in treating nasal congestion. Phenylephrine is one of the major components of various decongestants available in the market.
Region-wise Analysis: Decongestants Market
In addition to Asia Pacific, Western Europe and North America are the other key markets for decongestants globally. Demand for decongestants in North America is largely driven by high sales in the U.S. – a lucrative market for OTC products. The U.S. is anticipated to remain a leading market for decongestants during the forecast period, while Canada will also contribute a significant share to total revenues in North America. Demand for decongestants in Western Europe is majorly influenced by climate, with sales witness an uptick during winters. The Western Europe decongestants market is expected to witness steady growth during the forecast period 2016-2024.
Decongestants Market: Key Players
Leading companies in the decongestants market include Beximco Pharmaceuticals Ltd., Sandoz International GmbH (Novartis AG), Cipla Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., and Ranbaxy Laboratories Ltd.
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