Press release
The Nasal Spray Market is expected to expand at a moderate CAGR of over 6.1% over the next 10 years, and be valued at more than US$ 3.21 Billion by 2030
Future Market Insights (FMI) has forecast positive outlook for the nasal spray market in a recent study. The rising cases of allergic rhinitis and the demand for better accuracy in drug delivery are identified as chief growth drivers. Growth is expected to remain bullish as various countries showcase high healthcare spending.According to a study by the Research and Development (RAND) Review blog published in 2017, nearly 60% of Americans have at least one chronic health condition, which often results in accelerating healthcare spending each year. With the incidence of chronic ailments and resultant spending on healthcare projected to spur, nasal sprays market will have positive growth on cards.
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As per the report, the market’s overall valuation is likely to surpass US$ 15 Bn by 2021. Growth will continue at a positive rate, thanks to recent approvals to nasal migraine and hormonal therapies.
Among products available, nasal steroid spray will prove exceptionally lucrative, accounting for over 42% of sales in the market. Besides their improving availability, potential to offer relief from nasal allergies and hay fever will drive growth in the category
Prominent companies offering nasal spray include:
Astra Zeneca Plc. Cipla Ltd., Johnson & Johnson Services, Inc. (Johnson & Johnson Pacific Pty Limited), Glaxosmithkline Plc., Novartis International AG, Procter & Gamble, Sanofi S.A. (Sanofi-aventis LLC.), Boehringer Ingelheim GmbH, AdvaCare Pharma, Bayer AG (Bayer Consumer Health, Covis Pharma S.a.r.l., Nipro Corporation (NIPRO JMI Pharma Ltd.), Viatris Inc. (Meda Pharmaceuticals Inc.), Perrigo Company plc, AptarGroup, Inc., Berry Global, Inc., URSATEC GmbH, Gerresheimer AG, Bona, Avantor, VWR International, LLC, Spectrum Laboratory Products, Inc. (Spectrum Pharmacy Products), SKS Bottle & Packaging, Inc., Coster Tecnologie Speciali S.p.A
Key Takeaways from Nasal Spray Market Study
Rising at above 6% CAGR between 2021 and 2031, nasal sprays market will report consistent surge in demand
The market in the U.S. is projected to a fast-growing one, accounting for more than 90% share in the North America market
Government spending on healthcare has created a conducive environment for growth in the U.K.
Germany will emerge as a leading market for nasal sprays sales in Europe backed by increasing healthcare spending and presence of leading manufacturers
Focus on health and wellness will continue rising in Japan and South Korea, driving nasal spray sales in East Asia
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Government Initiatives toward Nasal Spray Consumption
Governmental support for ongoing clinical research, consumption of Nasal Spray, and restricting misuse have favoured growth in demand for Nasal Spray. For instance, there has been a call for rise in production capacity of budesonide nasal spray which shortens COVID19 recovery time.
Since, nasal sprays are also used for depression patients, the market is likely to grow highly.
Who is Winning?
Nasal spray manufacturers with patented drugs are successfully allocating their distribution rights to local companies that are operational in the pain management business. This strategy provides momentum to the growth of these companies’ business, owing to strong demand for generic drugs.
Nasal Spray Market by Category
Product
Decongestant Sprays
Nasal Steroid Sprays
Nasal Antihistamine Sprays
Nasal Cromolyn Sodium Sprays
Nasal Anticholinergic Sprays
Nasal Triamcinolone Sprays
Formulation
Aqueous
Hydroalcoholic
Nonaqueous-Based Solution
Suspension
Emulsions
Dry Powder/Micro particles
Packaging
Pressurized Canisters
Pump Bottles
Distribution Channel
Institutional Sales
Hospitals
Community Clinics
Specialty Clinics
Public Health Agencies
Veterinary Hospitals & Clinics
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Retail Sales
Retail Pharmacies
Drug Stores
Mail Order Pharmacy
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
MEA
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About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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