Nasal Spray Market value worth US$ 3.2 Billion in 2022, is likely to exhibit a CAGR of 6.5%, procuring US$ 6 Billion from 2022 - 2032 | FMI

[250 Pages Report] 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.

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Nasal Spray Market is expected to expand at a moderate CAGR of over 6.1% over the next ten years, and be valued at more than US$ 3.21 Bn by 2030-end. As per product, the demand for nasal steroid spray will remain considerably high, accounting for the leading share in the market though the course of the forecast period.

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.

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.

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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

Key Players:

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

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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

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.

For instance, In November 2019, Sandoz announced that it has entered into a binding agreement for the planned acquisition of the Japanese business of Aspen Global Incorporated (AGI), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited.

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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
Retail Sales
Retail Pharmacies
Drug Stores
Mail Order Pharmacy

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About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.