Nasal Spray Market to grow at a CAGR of 6.1 percent to reach USD 13.17 Bn by 2029 – says Maximize Market Research

Pune, July 12, 2023 (GLOBE NEWSWIRE) — As per Maximize Market Research, a global Healthcare research firm, the total market opportunity for Nasal Spray is USD 13.17 Bn in 2029 from USD 8.7 Bn in 2022 at a CAGR of 6.1 percent. The report on the “Nasal Spray Market”, recently published by Maximize Market Research is available in the market, which indicates immense growth for the manufacturers during the forecast period.

Nasal Spray Market Report Scope and Research Methodology

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The main objective of the report is to provide a comprehensive analysis of the Nasal Spray Market in simple language. It offers a detailed analysis of the market trends at local, regional and global levels with growth drivers, prevailing opportunities, major restraints and upcoming challenges which makes it an investor’s guide. The report also provides detailed information on the Nasal Spray key players in the industry. It covers the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Nasal Spray industry by region, by investment, and strategic intent.

To estimate the Nasal Spray Market size, the bottom-up approach was used. The report is a combination of the data collected by using both primary and secondary research methods, which makes it more accurate and error-free for the clients. The Nasal Spray Market report includes a PESTLE analysis, which aids in the development of strategies of the market players and a SWOT analysis was used to provide the strengths and weaknesses of the market. It also includes Porter’s Five Forces model that provides a detailed analysis of the competitive landscape, new entrants in the market, supplier power, end-user power, and the threats of substitutes in the Nasal Spray Market.

Nasal Spray Market Overview

Nasal sprays provide drugs locally or systemically to nasal cavities. They are used to treat localized problems such as nasal congestion and allergic rhinitis. The global market is driven by the increase in the number of nasal spray product development and launches. As per the research, the market is expected to grow during the forecast period.

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Nasal Spray Market Dynamics

The growing population, urbanization and industrialization have resulted in an increase in the prevalence of allergic diseases such as Allergic Rhinitis (AR) due to which the demand for nasal sprays is increasing. The advantages offered by the nasal sprays such as efficiency with painless drug delivery, easy availability and better patient convenience are expected to drive the global Nasal Spray Market during the forecast period.

The factors such as an increase in the risk of recurrent respiratory and CNS Central Nervous System depression as well as an increase in the risk of cardiovascular effects because of nasal sprays such as nasal inflammation, nasal dryness and nasal congestion are expected to restrain the growth of the market.

Stringent rules and regulations for the manufacturing of the product are more challenging for nasal spray manufacturers to get approval from regulatory agencies. The spray characteristics are influenced by the design of the device and by the handling of the device. The biggest challenge for nasal spray manufacturing is performing tests to get the perfect result, that is, an acceptable range as given by the regulatory body.

Nasal Spray Market Regional Insights

The North American Nasal Spray Market dominated the global market in 2022 due to the increase in nasal allergies, allergic rhinitis, and structural blockages. The US held the major share of the regional market because of increasing rates of allergies and depressive episodes, which has resulted in an increase in the demand for nasal sprays.

The Asia Pacific Nasal Spray Market is expected to grow at a high CAGR during the forecast period. This is majorly due to the increasing number of cases of nasal allergies. The market is driven by the increasing healthcare expenditure in developing countries with sufficient availability of nasal sprays. China dominated the regional market and is expected to grow rapidly in the future because of the growing geriatric population, increase in government spending, and rising consumer affluence.

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Nasal Spray Market Segmentation

By Type

• Saline Nasal Sprays
• Steroid Nasal Sprays
• Antihistamine Nasal Sprays
• Decongestant Nasal Sprays

Based on Type, the Steroid Nasal Sprays segment dominated the global market in 2022 and is expected to retain its dominance during the forecast period. This is attributed to the increase in the use of Steroid Nasal Sprays to treat various conditions including sinusitis, hay fever, nasal polyps, and non-allergic rhinitis. The commercialization of affordable generics of nasal steroid spray and its convenient availability is also driving the Nasal Spray Market growth.

By Age Type

Based on Age Type, the Adults segment dominated the global Nasal Spray Market in 2022 due to the high prevalence of allergic rhinitis and sinusitis, among adults compared to children and infants. Adults often seek nasal sprays for symptom relief and management.

By Application

• Allergic Rhinitis
• Sinusitis
• Nasal Congestion
• Nasal Polyps
• Cold and Flu

Based on Application, the Allergic Rhinitis segment dominated the global market in 2022 due to the high prevalence of allergic rhinitis across the world. The Sinusitis and Nasal Polyps segments are expected to grow rapidly during the forecast period due to the increasing prevalence of sinusitis and nasal polyps.

By Distribution Channel

• Pharmacies and Drug Stores
• Online Retailers
• Supermarkets and Hypermarkets
• Convenience Stores

Based on Distribution channels, the Pharmacies and Drug Stores segment dominated the global Nasal Spray Market in 2022 and is expected to grow at a high rate during the forecast period. This is attributed to the presence of skilled professionals and the availability of diverse products. Nasal sprays do not require a prescription including saline nasal sprays, and decongestant nasal sprays, which is increasing the demand for over-the-counter (OTC) nasal sprays in Pharmacies and Drug Stores.

Nasal Spray Key Competitors include:

• Naselin
• Nutra respiro
• GlaxoSmithKline plc
• Johnson & Johnson
• Pfizer Inc
• Novartis AG
• Merck & Co., Inc
• Teva Pharmaceutical Industries Ltd
• Sun Pharmaceutical Industries Ltd
• Sandoz International GmbH (a division of Novartis)
• Mylan N.V
• Cipla Inc
• Perrigo Company plc
• Glenmark Pharmaceuticals Ltd.
• Hikma Pharmaceuticals PLC
• Akorn, Inc.
• Sandoz International GmbH (a division of Novartis)
• Cipla Inc.
• Glenmark Pharmaceuticals Ltd.
• Stada Arzneimittel AG
• Sosei Group Corporation

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Key questions answered in the Nasal Spray Market are:

• What is Nasal Spray?
• Which segment of the Nasal Spray Market is expected to grow rapidly during the forecast period?
• What are the global trends in the Nasal Spray Market?
• What are the upcoming industry applications and trends for the Nasal Spray Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for Nasal Spray Market?
• What growth strategies are the players considering to increase their presence in Nasal Spray Industry?
• What are the major challenges that the Nasal Spray Market could face in the future?
• Which region held the largest Nasal Spray Market share in 2022?
• Which regional Nasal Spray Market is expected to grow at a high CAGR during the forecast period?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Type, Age Type, Application and Distribution Channel and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Healthcare research firm, has also published the following reports:

Inhalation and Nasal Spray Generic Drugs Market – The market size is expected to reach USD 46.20 billion by 2029 at a CAGR of 4.83 percent during the forecast period. The market is expected to be driven by the low cost involved with generic prescription drugs and the growing geriatric population.

Nasal Drug Delivery Market – The market size is expected to reach USD 93.69 billion by 2029 at a CAGR of 6.9 percent during the forecast period. The market is expected to be driven by the rising adoption of self-administration practices and the increasing incidence of chronic diseases.

Nasal Drug Delivery Technology Market – The market size is expected to reach USD 106.25 billion by 2029 at a CAGR of 6.5 percent during the forecast period. The market is expected to be driven by the increasing preference of patients for nasal drug delivery as a result of easy administration and better efficacy.

Child Cold Medicine Market – The market size is expected to reach USD 21.28 billion by 2029 at a CAGR of 5.4 percent during the forecast period. The market is expected to be driven by the rising awareness among parents and caregivers of the increasing prevalence of cold-related illnesses in children.

Rhinosinusitis Treatment Market – The market size is expected to reach USD 5280.30 Million by 2029 at a CAGR of 6.9 percent during the forecast period. The market is expected to be driven by the increasing need for advanced diagnostic tests and medicines.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.