Dextromethorphan Market Trends

Growth Drivers

• Growing Prevalence of Asthma Across the Globe – Asthma is a medical condition in which the air passages narrow or swell and also may produce extra mucus. As a result, individuals suffering from asthma suffer from severe cough at intervals which generates the need for effective medicine such as dextromethorphan to suppress the coughing. Hence, the higher the prevalence of asthma, the higher the utilization rate of dextromethorphan among the global population. As per the statistics released by the World Health Organization (WHO), asthma affected almost 262 million people worldwide in 2019 and caused approximately 455,000 deaths in the same period.

• Rising Cases of Various Respiratory Diseases – A recent estimate suggested that chronic Obstructive Pulmonary Disease (COPD) or chronic bronchitis caused more than 3 million deaths globally in 2019.

• High Level of Air Pollution Across Every Nation of the World – Increasing air pollution level around the world has increased respiratory problems across the world. As a result, the demand for dextromethorphan is expected to increase in the upcoming years. The data released by the Our World in Data calculated that air pollution is responsible for almost 11.65% of the total deaths that occur around the world every year.

• Escalation in Spending on Medicines – As a result of growing economies, the spending capacity of individuals has also increased which has propelled them to spend more on medicines, health, and fitness. Thus, with the growing disposable income, healthcare expenditure increases which is considered to bring favorable opportunities for market expansion for significant revenue generation. The World Bank calculated the global healthcare expenditure to increase from 9.7% of total GDP in 2018 to 9.83% of total GDP in 2019.

• Various Initiatives by Key Players to Develop Novel Cough Suppressants – Owing to the increase in cough cases and other respiratory problems among the population the world, key players operating in the market are investing heavily in research and development activities to aid the manufacturing of novel and advanced medicines such as dextromethorphan to cure cough. According to the World Bank, global expenditure on research and development was calculated to be 2.63% of GDP in 2020 up from 2.2% in 2018.

Challenges

• High Costs Associated with Dextromethorphan – Although dextromethorphan has many benefits in suppressing cough and treating other respiratory problems, the cost of the drug is high. As a result of the high cost associated, it is expected to lower the adoption rate of dextromethorphan among the low and middle-income population and subsequently hamper market growth during the forecast period.
• Rising Concern for Risks Among the Patients
• Constant Change in Regulations and Approvals from FDI