by Cold sores, also known as fever blisters, are fluid-filled lesions caused by herpes simplex virus type 1 (HSV-1). Some of the commonly prescribed cold sore treatments include topical analgesics and antivirals that help reduce pain, swelling, and heal cold sores faster. Oral antiviral drugs are also used to treat recurring cold sore outbreaks or severe cases. The increasing prevalence of viral infections globally is a major factor fueling demand for effective cold sore treatment medications.
The global cold sore treatment market is estimated to be valued at US$ 1.02 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players – Key players operating in the cold sore treatment market are GSK plc, Novartis AG, Teva Pharmaceuticals USA, Inc., AbbVie Inc., Merck & Co., Inc., Pfizer Inc., Sanofi, Mylan N.V., Aurobindo Pharma, Dr. Reddy’s Laboratories, Amgen Inc., GlaxoSmithKline, Ferring Pharmaceuticals, HRA Pharma, Quantum Health, Church & Dwight Co., Inc., Perrigo Company plc, Biofrontera AG, Bausch Health Companies Inc., Meda Pharmaceuticals. These players are focusing on developing advanced treatment solutions to expand their product offerings and strengthen market position.
Growing demand – The rising incidence of viral infections globally due to factors such as stress, lack of sleep, exposure to sun, and compromised immunity is fueling the demand for effective cold sore treatments. According to the World Health Organization (WHO), oral herpes affects over 3.7 billion people worldwide.
Global expansion – Key players are investing in business expansion strategies including mergers & acquisitions, partnerships, and new product launches to increase their global footprint. For instance, in 2021, GSK entered into an agreement with Novartis to acquire its 36.5% stake in GSK Consumer Healthcare for $13 billion to strengthen its global consumer healthcare leadership.
Market key trends
The increasing popularity of online pharmacies and telemedicine is one of the key trends in the Cold Sore Treatment Market Size. During the pandemic, many turned to virtual medical consultations and online channels for purchasing OTC drugs to avoid hospital visits. This boosted the adoption of e-pharmacies providing quick access to medications for common ailments like cold sores from the comfort of home. Online platforms offer a wide assortment of products along with guided self-care, thus driving the demand for cold sore treatment drugs through web-based channels.
Porter’s Analysis
Threat of new entrants: Low barriers to entry given the patent expiration of first-generation antiviral drugs. However, large capital requirements and economies of scale create barriers.
Bargaining power of buyers: Moderate as individual consumers have limited influence over pricing however institutional buyers can negotiate on large volumes.
Bargaining power of suppliers: Low due to availability of substitute raw materials and inputs.
Threat of new substitutes: Moderate threat from new treatments targeting specific stages of virus life cycle.
Competitive rivalry: Intense given the large number of competitors offering generic versions of treatments. Price competition is fierce.
Geographical Regions
North America accounts for the largest share of the Cold Sore Treatment Market Size And Trends in terms of value owing to high prevalence of cold sores and awareness. Rising healthcare expenditure further supplements market growth in the region.
The Asia Pacific region is expected to witness the fastest growth over the forecast period. This can be attributed to growing cases of cold sores in developing nations, increasing spending on healthcare, and greater focus of market players on expanding distribution and penetration in Asia.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
