Seattle, Jan. 24, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the cough suppressant drugs market was valued at US$ 1100.4 million in 2017 and is projected to exhibit a CAGR of 3.7% over the forecast period (2018–2026).
Key Trends and Analysis of the Cough Suppressant Drugs Market:
Approvals and launches of novel drugs in key regions is expected to drive the global cough suppressant drugs market growth during the forecast period. For instance, in March 2018, Perrigo Company plc. received the FDA approval for the brand OTC equivalent of Mucinex DM Maximum Strength (Guaifenesin and Dextromethorphan Hydrobromide Extended-release Tablets, 1200 mg/60 mg). Mucinex DM Maximum Strength is indicated to control cough and to break up mucus, making coughs more productive.
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Key players in the market are focused on adopting mergers and collaboration strategies, in order to develop, manufacture, and market new cough suppressant drugs and to increase their market share. For instance, in 2015, Tris Pharma, Inc. entered into a license, supply, and distribution agreement with Pfizer Consumer Healthcare (a part of Pfizer Inc.). According to the agreement, Pfizer will commercialize Tris’ extended release dextromethorphan cough syrup under the brand name Robitussin. In exchange, Tris Pharma Inc. will receive an upfront payment, milestone payment, and sales-based royalties.
High prevalence of cough is expected to increase demand for cough suppressant drugs over the forecast period which in turn is expected to drive global cough suppressant drugs market growth. For instance, according to the data published by Journal of The Association of Physicians of India in 2016, it was estimated that around 54% of the population in India suffers from cough.
For instance, in January 2018, FDA introduced the regulation, which inhibits the use of codeine-based cough suppressant drugs in children less than 18 years of age. In August 2018, Colorado introduced a law, which prohibits the sales of over-the-counter (OTC) medicines containing the cough suppressant dextromethorphan (DXM) to minors. Such strict regulations against sales of cough suppressant drugs is expected to hinder the market growth.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 3.7% during the forecast period (2018–2026). This growth is attributed to frequent approvals and launch of new cough suppressant drugs and high prevalence of cough and cold.
- North America cough suppressant drugs market is expected to account for the largest market share during the forecast period, owing to frequent approval of new drugs by FDA. For instance, in 2017, Aurobindo Pharma Limited received the U.S. Food & Drug Administration (FDA) approval for its Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets, 600/30 mg and 1200/60mg (OTC) indicated to loosen mucus and phlegm, and thin out bronchial secretions, making coughs more productive.
- Key players in the market are focusing on strategic partnerships for the development of new cough suppressant drugs. For instance, in 2012, Vernalis plc., a U.K.-based development stage pharmaceutical company, and Tris Pharma Inc., a U.S.-based specialty pharmaceutical company, entered into an exclusive license agreement for the development and commercialization of multiple novel products focused on the U.S. prescription cough/cold market.
- Furthermore, stringent regulations against the use and sales of cough suppressant is expected to hinder the market growth over the forecast period. For instance, in 2017, Health Canada proposed to ban non-prescription cough suppressant drug codeine sales in 2017.
- Some of the major players operating in the global cough suppressant drugs market include Perrigo Company plc, Vernalis plc. Tris Pharma Inc., Pfizer Inc., Aytu BioScience, Inc., Acella Pharmaceuticals LLC, Mayne Pharma Inc., Taro Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Aurobindo Pharma Ltd, and GlaxoSmithKline plc.
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