May 24, 2024

The Growing Need for Symptom Relief is Driving the Global Decongestant Market

Decongestants are a class of pharmaceuticals that are widely used to relieve nasal congestion associated with rhinitis, sinusitis, cold or influenza by constricting blood vessels in nasal passages and reducing inflammation. Oral and topical decongestants open up nasal passages by constricting the blood vessels in the nasal mucosa, quickly relieving stuffiness. The market comprises different categories of decongestants such as pseudoephedrine, phenylephrine, oxymetazoline, and xylometazoline. As common colds and seasonal allergies are among the most frequently occurring illnesses worldwide, the demand for quick and effective decongestant medicines continue to rise across both developed and developing nations.

The global decongestant market is estimated to be valued at US$4,710.4 million in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing preference for over-the-counter (OTC) decongestants owing to self-medication practices is a major trend witnessed across key markets. As respiratory illnesses like cold and flu are usually mild and self-limiting, patients prefer to buy OTC decongestant drugs directly from pharmacies and retail stores without prescription to get quick relief. Introduction of advanced nasal decongestant spray formulations that provide faster and longer-lasting nasal congestion relief compared to oral tablets is another key trend. For instance, nasal sprays containing oxymetazoline provide effective decongestion within 10-15 minutes for 8-10 hours with a single application. Rise in availability of decongestant combinations that provide integrated relief for multiple symptoms like nasal congestion, sore throat, cough and fever is gaining traction among consumers seeking ‘one-stop’ treatment options.

Porter’s Analysis:

Threat of new entrants: Low cost of entry and availability of raw materials make it easy for new players to enter this market. However, established brands enjoy high customer loyalty which acts as a barrier.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives in the market. Switching costs are low for customers.

Bargaining power of suppliers: Raw material suppliers have low bargaining power due to availability of substitutes. Suppliers are dependent on leading brands for volumes.

Threat of new substitutes: Threat from alternate treatment options like home remedies is low. However, threat remains from new generation products offering additional wellness benefits.

Competitive rivalry: Intense competition exists among leading brands on parameters of innovation, promotion and pricing. Brand loyalty acts as a barrier.

Key Takeaways:

The global decongestant market is expected to witness high growth over the forecast period. The global decongestant market is estimated to be valued at US$4,710.4 million in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.

Regionally, North America is expected to dominate the market owing to rising allergies and increasing self-medication. Europe is also among the fastest growing markets worldwide for decongestant products.

Key players operating in the decongestant market are Johnson & Johnson, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Sanofi S.A., Bayer AG, Reckitt Benckiser Group plc, Prestige Consumer Healthcare Inc., Procter & Gamble Co., and Sun Pharmaceutical Industries Ltd. Brand loyalty and strong marketing by companies give them an edge over other players. Players focus on new product launches and partnership with pharmacies and online retailers for increased reach.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it