Nasal Sprays Market Detail Analysis of Current and Future Projection 2023-2033

Research and Trends

By the end of 2022, the global market will be worth US$ 16.9 billion, and it will grow at a CAGR of 6.2% to be worth US$ 32.6 billion by 2033. According to a recent Future Market Insights study, polymers packaging materials are expected to account for 88.3% of the global market in 2023.

In 2022, the market value was approximately 23.5% of the overall US$ 71.9 Bn global nasal drug delivery technology market. From 2015 to 2022, the market expanded at a CAGR of 5.8%.

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.

Request a Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-13112

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.

Contact our Market Research Specialist@ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-13112

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.

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).

Buy Complete Report@ https://www.futuremarketinsights.com/checkout/13112

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

About Future Market Insights (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.

Contact:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedInTwitterBlogs

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these