A recent study by Triton Market Research titled ‘Global Nasal Spray Market’ comprises the Global Analysis and Forecasts by Application (CNS Disorders, Allergic and Non-Allergic Rhinitis, Vaccination, Nasal Congestion, Other Applications), End-user (Hospital, ASC/Clinics, Pharmacy, Home Care Setting, Other End-users), Prescription (Over-the-Counter, Prescribed), Therapeutic (Antihistamine, Anticholinergic, Nasal Steroids, Mast Cell Inhibitor), Type (Saltwater Solution/ Saline Nasal Spray, Decongestion Nasal Spray, Steroid Nasal Spray), and by Geography (North America, Middle East and Africa, Europe, Asia-Pacific, Latin America).
Nasal sprays have gained significant traction in treating multiple diseases, including asthma, COPD, lung diseases, and others.
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Triton’s report showcases that the global nasal spray market is estimated to advance at a CAGR of 8.47% over the projected period 2021-2028. It is also evaluated to gain revenue worth $40.15 billion by 2028.
In recent years, the disparities in the healthcare sector have stimulated people to opt for self-medication with over-the-counter drugs over doctor consultation, especially during COVID-19. Here, since patients are not qualified medical practitioners, they require straightforward delivery of medications. In this regard, nasal sprays are easier to administer and can help promote greater care. Therefore, rising acceptance of self-administration of medicines, in addition to emerging intranasal vaccines for COVID-19, are expected to drive the growth of the nasal spray market.
However, excess use of nasal sprays may worsen some symptoms, leading to difficulty in breathing and can cause damage to the nose. Thus, complexities arising due to the excess use of nasal sprays hampers the nasal spray market’s progress.
The nasal spray market is sectioned into application, end-user, prescription, therapeutic, and type. Based on application, it is segmented into CNS disorders, allergic and non-allergic rhinitis, vaccination, nasal congestion, and other applications. The end-user section is divided into hospital, ASC/clinics, pharmacy, home care settings, and other end-users. Further, the prescription section is bifurcated into over-the-counter and prescribed. In terms of therapeutic, it is branched into antihistamine, anticholinergic, nasal steroids, mast cell inhibitor. Lastly, the type segment is categorized into saltwater solution/ saline nasal spray, decongestion nasal spray, and steroid nasal spray.
Geographically, North America holds the largest market for nasal sprays. Several companies like Pfizer, Proctor and Gamble, and Allergan have established their operations in the region, supporting the studied market’s growth. Further, there is a significant rise in the aging population in the United States and Canada. Moreover, the elderly population is susceptible to various respiratory diseases, including TB and bronchial asthma. In this regard, the increased allergic disorders and high acceptance of self-administration of medication have surged the demand for nasal sprays. Hence, such developments are supplementing the development of the nasal spray market in North America.
Apotex Inc, Pfizer Inc, Catalent Inc, Sun Pharmaceuticals Industries Ltd, Johnson and Johnson, Bharat Biotech, Cipla Limited, Proctor and Gamble Co, Akorn, Sanotize Research and Development, Viatris, GlaxoSmithKline, Teva Pharmaceutical Industries Ltd, Allergan, and Novartis International AG are major companies in the nasal spray market.
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Question & Answer: Nasal Spray Market
Question 1: What factors are expected to drive the growth of the nasal spray market?
Answer: In recent years, the disparities in the healthcare sector have stimulated people to opt for self-medication with over-the-counter drugs over doctor consultation, especially during COVID-19. Here, since patients are not qualified medical practitioners, they require straightforward delivery of medications. In this regard, nasal sprays are easier to administer and can help promote greater care. Therefore, rising acceptance of self-administration of medicines, in addition to emerging intranasal vaccines for COVID-19, are expected to drive the growth of the nasal spray market.
Question 2: What factor hampers the nasal spray market’s progress?
Answer: The excess use of nasal sprays may worsen some symptoms, leading to difficulty in breathing and can cause damage to the nose. Thus, complexities arising due to the excess use of nasal sprays hampers the nasal spray market’s progress.
Question 3: Which region holds the largest market for nasal sprays?
Answer: Geographically, North America holds the largest market for nasal sprays. Several companies like Pfizer, Proctor and Gamble, and Allergan have established their operations in the region, supporting the studied market’s growth. Further, there is a significant rise in the aging population in the United States and Canada. Moreover, the elderly population is susceptible to various respiratory diseases, including TB and bronchial asthma. In this regard, the increased allergic disorders and high acceptance of self-administration of medication have surged the demand for nasal sprays. Hence, such developments are supplementing the development of the nasal spray market in North America.
Question 4: Which are the major companies in the nasal spray market?
Answer: Apotex Inc, Pfizer Inc, Catalent Inc, Sun Pharmaceuticals Industries Ltd, Johnson and Johnson, Bharat Biotech, Cipla Limited, Proctor and Gamble Co, Akorn, Sanotize Research and Development, Viatris, GlaxoSmithKline Teva Pharmaceutical Industries Ltd, Allergan, and Novartis International AG are major companies in the nasal spray market.
Related Report:
The global hand sanitizer market is anticipated to expand at a CAGR of 10.07% based on revenue through the period of 2019-2028. It is expected to garner a value of $2893.8 million.
The widespread use of hand sanitizers across major sectors, especially in the healthcare industry, is mainly owing to government initiatives globally. Moreover, the COVID-19 outbreak has led to an exponential rise in the use of hand sanitizers.
Factors such as the growing health awareness, new formulation of hand sanitizers, and awareness of hand hygiene support the market’s growth.
Additionally, the increasing healthcare-associated infections and rising disposable income create new opportunities for the hand sanitizer market.
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