Throat lozenges are medicated tablets that are used for temporary treatment of sour throat, cough and others. The tablets are intended to slowly dissolve in mouth to soothe and lubricate irritated tissues of the throat and to stop coughs. The throat lozenges are available for sale through over the counter sales and generally may be dispensed without a prescription. The global market for throat lozenges is expected to witness a substantial growth growing with a CAGR of over 4% over the forecast period of 2019-2026. Cold and cough are among the most common diseases, an adult approximately 2 to 4 times is effected by cold in a year as per National Prescribing Service (NPS, Australia). High incidences of cold and cough, growing geriatric population along with growing air population act as key drivers for the growth of the market.
The report on the global throat lozenges market covers segmentation analysis of ingredients and type. Based on the type the global market for Throat lozenges has been sub segmented into hard candy lozenges, soft lozenges and compressed lozenges. Hard candy lozenges hold the largest revenue share in the type segment. Ease of storage and transportation and wider availability of hard candy lozenges are the key factors for dominance of hard candy lozenges. Further availability of hardy candy in different ingredients has also lead the way for its greater acceptance in the market. Based on the ingredients the global market of throat lozenges has been sub-segmented into mint, peppermint oil, menthol, eucalyptus oil, honey and ginger, lemon and others. The menthol segment is set to dominate the ingredients. Moreover honey and ginger is expected to grow at the highest CAGR on the account of growing acceptance of natural ingredients by the consumers.
Geographically, Europe commanded the largest market share in terms of revenue for the Throat lozenges market followed by North America and Asia Pacific 2017. High level of consumer awareness towards healthcare and medication, high prevalence of cold and cough due to cold atmosphere in the European Region and high healthcare expenditure are the primary factors driving the throat European throat lozenges market. Asia Pacific throat lozenges market is expected to grow at the highest rate primarily driven by rising geriatric population coupled with the demand of improved healthcare and medication backed up by increasing healthcare expenditure.
The global Throat lozenges market is a highly saturated market with presence of number of global as well as regional players. The key players in the market are Reckitt Benckiser Group plc (UK), Procter & Gamble (P&G, USA), Bliss GVS Pharma Ltd (India), Pfizer Inc. (US), GlaxoSmithKline (UK) and others. The companies in the market are adopting various strategies such as, collaboration, partnership, product launch, merger and acquisition. Whereas, acquisition is the key strategy adopted by companies in global throat lozenges market.