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An elixir is a sweet liquid that is used for medical purposes. When used in pharmaceutical preparation, elixirs contain at least one active ingredient and are designed to be taken orally by the patient. Elixir is a hydro-alcoholic solution in which the alcohol is used to retard the crystallization of sugar, preserve the finished product, solubilize the pharmaceutical excipients, and enhance the flavor of the product. Medicated elixirs are often used as sedatives, expectorants, and antihistamines. In addition, pediatric elixirs are available such as cholate hydrate, which has limited the use as a hypnotic and sedative pharmaceutical drugs.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
However, with COVID-19 the supply chain of raw materials required to manufacture pharmaceutical elixirs has been disrupted in many countries. In addition, the market growth of pharmaceuticals is declining, as manufacturers of drugs have slowed down their production due to the pandemic. This, in turn, is expected to have a significant impact on the pharmaceutical elixir market.
Top Impacting Factors
The demand for nonmedicated elixirs is often on rise in the pharmaceutical industry. This is attributed to the fact that this type of elixir is often used as solvent for preparing drugs. Hence, this factor is leading to the growth of the pharmaceutical elixir market.
Many people who suffer from allergies often use antihistaminic elixirs. Thus, rising number of individuals suffering from allergies is contributing to the growth of the pharmaceutical elixir market.
In addition, pharmaceutical elixirs are used as sedatives to induce drowsiness and sleep. Such elixirs help people who suffer from insomnia. Therefore, this factor has led to the growth of the market of pharmaceutical elixirs.
However, pharmaceutical elixirs contain alcohol, which is not good for pediatric patients. In addition, pharmaceutical elixirs require storage in watertight screw-top jars, which are not cost-effective. These are some of the factors that can restrain the growth of the pharmaceutical elixir market.
Key Market Trends
The pharmaceutical elixir market in North America is expected to grow significantly during the forecast period, owing to the decline in medical taxes and lowered drug prices in the U.S.
Asia-Pacific is expected to witness significant growth in the pharmaceutical elixir market, owing to the launch of many low-priced generics made using pharmaceutical elixirs.
Rising cases of patients with different forms of allergies is anticipated to boost the growth of the pharmaceutical elixir market. This is attributable to the fact that such patients are now being prescribed antihistaminic elixirs, which can relieve different symptoms of allergies such as itchy eyes, watery eyes, and runny nose.
In addition, governments of many developing countries are focused on research and development regarding different formulations and indications of pharmaceutical elixirs, which is anticipated to lead to market growth during the forecast period.
Key Benefits of the Report
Questions Answered in the Pharmaceutical Elixir Report
Key Market Segments
Key Market Players