The Global Nasal Spray Market is Expected to Gain CAGR of 8.47% by 2028
Based on Triton's research report, the global market for nasal spray is anticipated to witness growth at a CAGR of 8.47% over the forecasting years 2021-2028.
Nasal sprays help treat several conditions, such as lung diseases, congestion, sinus infections, asthma, and COPD, among others.
Globally, depression is among the prevalent conditions generally associated with suicide. In this regard, Esketamine has been used to treat depression for several years. Later, a more potent version of ketamine gained FDA approval to be used as a nasal spray for individuals with treatment-resistant depression. Thus, the use of nasal sprays to treat depression creates new opportunities for the nasal spray market. However, complications arising due to excess use of nasal sprays hampers the overall development of the studied market.
The Asia-Pacific is anticipated to become the fastest-growing region in the nasal spray market over the projected phase. Aeroallergen exposure poses a high risk to the severity of the atopic condition, specifically in the pediatric population. Moreover, allergic diseases have surged significantly across the region, mainly owing to urbanization and environmental pollution. Besides, the most prevalent causes of respiratory morbidity include smoking and air pollution. This rise in conditions increases the need for nasal sprays for various treatments, which will widen the nasal spray market's scope over the forecast period.
The companies thriving in the nasal spray market are Proctor and Gamble Co, Sun Pharmaceuticals Industries Ltd, Johnson and Johnson, Akorn, Teva Pharmaceutical Industries Ltd, Allergan, Apotex Inc, Pfizer Inc, Catalent Inc, Sanotize Research and Development, Viatris, Bharat Biotech, Cipla Limited, Novartis International AG, and GlaxoSmithKline.
Several prominent companies like Pfizer, Allergan, and Proctor and Gamble are dominating the nasal spray market. High investments in R&D and manufacturing plants are crucial for producing a larger portfolio and catering to consumers. This restricts the entry of new players, resulting in the threat of new entrants being moderate. Further, the companies with larger product portfolios are spending significantly to expand their facilities, amplifying the competition. For instance, recently, Merck invested over $29.42 million to expand its production facilities in Europe. Other than this, several companies offer unique products, capturing a major share in specific target products. Hence, the competition levels among existing players are likely to be high.
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