Increased Frequency of Allergies and Respiratory Infections to enhance Nasal Spray Demand, expected to reach US$ 6 Billion by 2032. Nasal spray market in Europe is expected to display a CAGR of 5.8% during the forecast period. By distribution channel, the retail segment is expected to have captured about 54% of the global nasal spray market
NEWARK, Del., Sept. 14, 2022 /PRNewswire/ -- The global nasal spray market is likely to exhibit a CAGR of 6.5% while procuring US$ 6 Billion during the forecast period. Changing lifestyles across the globe, enhanced patient compliance, expanding geriatric population, and increasing pollution levels are expected to augment the market size in the forecast period. Increased demand for self-administration will offer remunerative opportunities for the global nasal spray market to expand through the assessment period. Also, various advantages provided by nasal sprays like painless drug delivery, better patient convenience, and easy availability are other vital factors promoting the market during the forecast period.
Also, growing equipment approvals by regulatory bodies are expected to benefit the market in the forecast period. For instance, in March 2019, FDA approved Spravato nasal spray for curing adult patients with treatment-resistant depression. In 2018, FDA revealed that about 7.4 million adults suffer from treatment-resistant depression in the U.S which widens the scope of suicidal tendencies and hospitalizations. The nasal spray offers drugs in an easy way since it comprises active ingredients and medications which are dissolved in solutions.
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Players in the market are taking various initiatives to develop the market in the forecast period. Increasing investment in R&D to offer innovative products in the market is likely to prepare a conducive environment for market growth during the forecast period. For instance, in February 2022, Glenmark Pharmaceuticals Ltd., a renowned pharmaceutical company, and Canadian pharmaceutical company SaNOtize Research & Development Corp announced the launch of its Nitric Oxide Nasal Spray under the brand name FabiSpray ® in India. The product aims to kill the COVID-19 virus in the upper airways. Such initiatives are expected to augment the market size in the assessment period.
However, nasal may spray result in itchiness, redness, and swelling in the nose, leading to reduced consumption, thus, hindering the market expansion. Further, the regulatory obstructions owing to strict laws for the sales of drugs in countries such as Russia and Mexico are likely to be another potential factor controlling the market growth. For instance, the regulatory authority of Mexico, COFEPRIS, set forth new guidelines for permitting registrations of generic drugs, which is not inclusive of patents of new therapeutic uses in its linkage system
Key Takeaways from the Market Study:
- The global nasal spray market is expected to secure a market value worth US$ 3.2 Billion in 2022.
- The nasal spray market in Europe is expected to display a CAGR of 5.8% during the forecast period.
- In 2021, the retail segment is expected to have captured about 54% of the global nasal spray market.
- The nasal spray market in North America is expected to display a CAGR of 6% during the forecast period.
Manufacturers are focusing on introducing nasal sprays capable of administering drug formulations with high efficacy and potency. Hence, the introduction of robust product lines has become a reality, leading to a host of new product launches and innovations, remarks an analyst at FMI.
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Competition Analysis:
Key players in the global nasal spray market 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., and Coster Tecnologie Speciali S.p.A.
Recent Updates from the Industry:
- In October 2021, Cipla's consumer health arm announced an anti-viral nasal spray called Naselin, which contains 'povidone Iodine' to protect against coronavirus and respiratory tract infections.
- In August 2021, CDMO Bora Pharmaceuticals Laboratories Inc. announced its partnership with Kyowa Pharmaceuticals Industry Co. Ltd. The initiative aims to manufacture generic products, including nasal sprays, in Japan.
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More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global nasal spray market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Product (Decongestant Sprays, Nasal Steroid Sprays, Nasal Antihistamine Sprays, Nasal Cromolyn Sodium Sprays, Nasal Anticholinergic Sprays, Nasal Triamcinolone Sprays) by Formulation (Aqueous, Hydroalcoholic, Nonaqueous-Based Solution, Suspension, Emulsions, Dry Powder/Micro particles), by Packaging (Pressurized Canisters, Pump Bottles), by Distribution Channel (Institutional Sales, Retail Sales), & Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
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
Key Segments Profiled in The Nasal Spray Market Report
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation & Development Trends
4. Key Inclusions
4.1. Disease Epidemiology by Key Region
4.2. Application Analysis By Pump Types
4.2.1. Single-Dose Pumps
4.2.1.1. Migraine
4.2.1.2. Vaccines Delivery
4.2.1.3. Cancer Pain
4.2.1.4. Vitamin Deficiency
4.2.1.5. Drug Overdose
4.2.2. Multi-Dose Pumps
4.2.2.1. Allergy
4.2.2.2. Allergic Rhinitis
4.2.2.3. Common Cold
4.2.2.4. Sinusitis
4.2.2.5. Others
4.3. Regulatory Overview
4.4. Production Capacity/Consumption Analysis
Have a Look at Healthcare Domain Related Research Reports:
Steroid-Free Nasal Sprays Market Size: The global steroid-free nasal sprays market was valued at US$ 7.7 Bn in 2021 and is expected to reach US$ 14.9 Bn by 2032
Migraine Nasal Spray Market Growth: Migraine Nasal Spray Market is seen to have lucrative growth during the given forecast period 2021-2031
Nasal Antihistamines Market Outlook: global Nasal Antihistamines Market was valued at US$ 1.8 Bn in 2020 and is expected to register a CAGR of 4.6% during the forecast period 2021-2031
Nasal Packing Devices Market Share: Nasal packing devices market is expected to reach a market valuation of US$ 182.03 Million by the year 2022
Nasal Implant Market Analysis: North America dominates the global market for Nasal Implant due to high adoption rate and diagnosis rate, followed by Western Europe
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SOURCE Future Market Insights
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