Press release
The Global Nasal Spray Market Deemed to Attain $40.15 Billion in Revenue by 2028
Nasal Spray Market
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Triton's report predicts the global nasal spray market to grow at a CAGR of 8.47% through the years 2021-2028. It is further estimated to attain revenue at $40.15 billion by 2028.
Nasal sprays are used to treat conditions like asthma, COPD, and congestion. They are available as a prescribed or over-the-counter drug.
The differences in the healthcare sector have influenced people to shift towards self-medication with the help of over-the-counter medicines than doctor consultations. This trend gained momentum during the COVID-19 immensely.
However, since patients are not qualified medical professionals, the demand for an easy mode of delivery has increased. Hence, nasal sprays have gained traction due to easy administration, propelling the nasal spray market on a growth path. However, complexities arising due to the surplus use of nasal sprays negatively impact the development of the nasal spray market.
The nasal spray market is sectioned into end-user, application, therapeutic, prescription, and type.
The end-user section is divided into home care setting, hospital, ASC/clinics, pharmacy, and other end-users. The application segment is branched into allergic and non-allergic rhinitis, nasal congestion, CNS disorders, vaccination, and other applications. Further, the therapeutic section is divided into anticholinergic, antihistamine, nasal steroids, and mast cell inhibitor. Lastly, the type section includes decongestion nasal spray, steroid nasal spray, and saltwater solution/ saline nasal spray.
Globally, North America dominates the nasal spray market. This robust growth can be attributed to the presence of prominent companies Allergan and Pfizer in the region. Other than this, the growing elderly population has led to a surge in diseases, including asthma. This rise in disease, along with the growing self-administration of medication, has enhanced the demand for nasal sprays. Therefore, as mentioned above, these factors are driving the progression of the nasal spray market.
Proctor and Gamble Co, Akorn, Apotex Inc, Pfizer Inc, Novartis International AG, Johnson and Johnson, Bharat Biotech, Catalent Inc, Sun Pharmaceuticals Industries Ltd, Viatris, GlaxoSmithKline, Cipla Limited, Sanotize Research and Development, Allergan, and Teva Pharmaceutical Industries Ltd are established companies in the nasal spray market.
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Question & Answer: Nasal Spray Market
Question 1: What aspects are propelling the nasal spray market on a growth path?
Answer: The differences in the healthcare sector have influenced people to shift towards self-medication with the help of over-the-counter medicines rather than doctor consultations. This trend gained momentum during the COVID-19 immensely. However, since patients are not qualified medical professionals, the demand for an easy mode of delivery has increased. Hence, nasal sprays have gained traction due to easy administration, propelling the nasal spray market on a growth path.
Question 2: What factors negatively impact the development of the nasal spray market?
Answer: The complexities arising due to the surplus use of nasal sprays negatively impact the development of the nasal spray market.
Question 3: Which region dominates the nasal spray market?
Answer: Globally, North America dominates the nasal spray market. This robust growth can be attributed to the presence of prominent companies Allergan and Pfizer in the region. Other than this, the growing elderly population has led to a surge in diseases, including asthma. This rise in disease, along with the growing self-administration of medication, has enhanced the demand for nasal sprays. Therefore, as mentioned above, these factors are driving the progression of the nasal spray market.
Question 4: Which are the established companies in the nasal spray market?
Answer: Proctor and Gamble Co, Akorn, Apotex Inc, Pfizer Inc, Novartis International AG, Johnson and Johnson, Bharat Biotech, Catalent Inc, Sun Pharmaceuticals Industries Ltd, Viatris, GlaxoSmithKline, Cipla Limited, Sanotize Research and Development, Allergan, and Teva Pharmaceutical Industries Ltd are established companies in the nasal spray market.
Related Report:
Global Hand Sanitizer Market - https://www.tritonmarketresearch.com/reports/hand-sanitizer-market
The global hand sanitizer market is estimated to grow in revenue from 2019-2028 at a compound annual growth rate of 10.07%.
In recent years, the rising governmental initiatives have enhanced the use of hand sanitizers across various sectors, specifically in the healthcare sector. Besides this, the pandemic outbreak has led to the high demand for sanitizers across the globe.
The growing adoption of new formulations and rising health awareness pertaining to hand hygiene have supported the growth of the hand sanitizer market.
Conversely, hidden toxicants and side effects of hand sanitizers impede the overall growth of the hand sanitizer market.
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