People who need relief from sinus congestion, allergies, and nasal irritation frequently turn to nasal sprays. Due to their capacity to deliver focused comfort without the systemic side effects associated with oral drugs, these practical and simple-to-use devices have become quite popular. The Nasal Sprays Market has grown significantly in recent years due to the increased frequency of respiratory diseases and the rising demand for over-the-counter (OTC) medications. Let’s examine the main trends and emerging opportunities in the market for nasal sprays as it changes.
Nasal sprays have long been used to treat allergic rhinitis and symptoms of the common cold. They are now used to treat non-allergic rhinitis as well as sinusitis and nasal polyps, among other respiratory diseases. Nasal sprays are an appealing option for both patients and medical professionals due to their adaptability and localised delivery system.
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At roughly US$ 16.9 billion by the end of 2022, the global market for nasal sprays is expected to grow at a CAGR of 6.2% to US$ 32.6 billion by 2033. According to a recent Future Market Insights report, polymeric packaging materials will account for 88.3% of the global market by 2023.
The formulation and distribution of nasal sprays have seen significant changes as well. Manufacturers are spending money on R&D to increase medicine stability, boost absorption, and reduce negative effects. Concerns about prolonged use and possible negative effects have also been addressed by the creation of formulations without preservatives.
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.
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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.
Competition Analysis:
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 2018 to 2022 and forecast statistics for the period of 2023-2033.
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
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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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
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