According to Future Market Insights, the global intranasal corticosteroids industry is projected to grow at a steady CAGR of 5.0% from 2023 to 2033, signaling a transformative period for the industry.
The market, valued at USD 6.8 billion in 2023, is expected to reach an impressive USD 11.2 billion by the end of the forecast period. This remarkable growth trajectory underscores the increasing adoption of intranasal corticosteroids for managing allergic and non-allergic rhinitis, as well as the ongoing shift toward advanced immunotherapy treatments.
Key Drivers of Growth:
- Rising Recognition of Efficacy: Intranasal corticosteroids are gaining widespread acceptance for their ability to deliver targeted and efficient relief for rhinitis patients.
- Steady Growth: The market experienced a year-over-year growth of 4.8% from 2022 to 2023, reflecting consistent demand.
- Innovation in Immunotherapy: Manufacturers are focusing on developing advanced and targeted immunotherapy solutions that promise better patient outcomes and sustained market growth.
Strategic Maneuvers Amid Challenges:
While challenges like high treatment costs and expiring patents persist, industry leaders are leveraging innovative strategies to maintain competitiveness:
- Patent Lifecycle Management: Companies are strategically filing new patents based on dosage and prescription adjustments to extend their product lifecycle.
- OTC Transition: The shift of prescription drugs to over-the-counter availability is reshaping the market, offering new opportunities for manufacturers.
- Focus on Self-Medication: In markets like the United States, the growing trend of self-medication is creating substantial growth avenues for allergic rhinitis treatment products.
The global intranasal corticosteroids industry continues to present an affordable and convenient treatment option for patients worldwide. With its strong growth trajectory and focus on innovation, the market is well-positioned to address the evolving needs of consumers and healthcare providers.
As manufacturers embrace advanced therapies and strategic planning, the industry is poised to redefine patient care standards while achieving robust financial performance.
Key Takeaways from Market Study:
- Fluticasone Propionate Dominates the Market: In 2022, Fluticasone Propionate held a commanding 25.3% value share in the global market, credited to its superior efficacy in reducing airway inflammation compared to other drugs.
- Corticosteroids for Allergic Rhinitis Lead Sales: Corticosteroids, especially for treating seasonal allergies, accounted for approximately 58.1% of the market value in 2022. The spike in sales is driven by the high release of pollens, fungi, and seeds during seasonal transitions.
- Retail Pharmacies as Key Distribution Channels: Retail pharmacies captured a significant 31.7% value share in 2022 due to their widespread presence in neighborhoods and communities, offering convenient accessibility and availability of intranasal corticosteroids.
- Intranasal Sprays Dominate the Segment: Intranasal sprays led the market with a 72.3% share in 2022, attributed to their ease of administration and non-invasive nature.
- United States Drives North American Market Growth: The U.S. exhibited a growing trend in the usage of intranasal corticosteroids, fueled by over-the-counter self-medication for rhinitis treatment. The U.S. market accounted for approximately 30.3% of the global value share in 2022.
“Intranasal corticosteroids is a thriving market driven by rising allergic rhinitis cases, self-medication trends, making it profitable sector to venture by entrepreneurs ” says an analyst of Future Market Insights.
Increased Market Demand: Get In-Depth Analysis and Insights with Our Complete Report!
Market Competition:
Pharma industries are involved in research and development to make the corticosteroid delivery fast and with higher efficiency. The medications are also made cheaper with respect to pre-existing drug to reduce competition
- In September 2022, Ryaltris has been approved by the US Food and Drug Administration, and it provides a wide variety of therapy options for children to the elderly, with the added bonus of having an onset of action of 15 minutes for nasal symptoms.
Key Companies Profiled:
- Merck & co.
- GlaxoSmithKline
- AstraZeneca
- Sanofi
- Perrigo Co.
- Teva Pharmaceutical Industries
- Glenmark Pharmaceuticals
- Mylan
- Novartis
- Pfizer
- Pharmascience
Key Market Segments Covered in the Intranasal Corticosteroids Industry Research:
By Drug:
- Fluticasone Propionate
- Budesonide
- Beclomethasone Dipropionate
- Mometasone Furoate
- Triamcinolone Acetonide
- Ciclesonide
- Flunisolide
- Tixocortol
By Indication:
- Allergic Rhinitis (AR)
- Seasonal AR
- Perennial AR
- Non-Allergic Rhinitis (NAR)
- Infectious NAR
- Vasomotor NAR
- Atrophic NAR
By Dosage Form:
- Intranasal Drops
- Intranasal Sprays
By Distribution Channel:
- Hospitals Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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