Future Market Insights (FMI) has forecast positive outlook for the nasal spray market in a recent study. The rising cases of allergic rhinitis and the demand for better accuracy in drug delivery are identified as chief growth drivers. Growth is expected to remain bullish as various countries showcase high healthcare spending.
According to a study by the Research and Development (RAND) Review blog published in 2017, nearly 60% of Americans have at least one chronic health condition, which often results in accelerating healthcare spending each year. With the incidence of chronic ailments and resultant spending on healthcare projected to spur, nasal sprays market will have positive growth on cards.
As per the report, the market’s overall valuation is likely to surpass US$ 15 Bn by 2021. Growth will continue at a positive rate, thanks to recent approvals to nasal migraine and hormonal therapies.
Among products available, nasal steroid spray will prove exceptionally lucrative, accounting for over 42% of sales in the market. Besides their improving availability, potential to offer relief from nasal allergies and hay fever will drive growth in the category
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Key Takeaways from Nasal Spray Market Study
- Rising at above 6% CAGR between 2021 and 2031, nasal sprays market will report consistent surge in demand
- The market in the U.S. is projected to a fast-growing one, accounting for more than 90% share in the North America market
- Government spending on healthcare has created a conducive environment for growth in the U.K.
- Germany will emerge as a leading market for nasal sprays sales in Europe backed by increasing healthcare spending and presence of leading manufacturers
- Focus on health and wellness will continue rising in Japan and South Korea, driving nasal spray sales in East Asia
“Manufacturers within the nasal sprays market are focusing on expanding their geographic footprint. Consequently, strategic collaborations and acquisitions have emerged as key strategy to achieve competitive edge,” said an analyst at FMI.
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The increasing intranasal vaccines for COVID-19, growing adoption of nasal sprays due to easy administration methods, and rising acceptance in self-medication propel market growth
Government Initiatives toward Nasal Spray Consumption
Governmental support for ongoing clinical research, consumption of Nasal Spray, and restricting misuse have favoured growth in demand for Nasal Spray. For instance, there has been a call for rise in production capacity of budesonide nasal spray which shortens COVID19 recovery time.
Since, nasal sprays are also used for depression patients, the market is likely to grow highly.
Who is Winning?
Nasal spray manufacturers with patented drugs are successfully allocating their distribution rights to local companies that are operational in the pain management business. This strategy provides momentum to the growth of these companies’ business, owing to strong demand for generic drugs.
For instance, In November 2019, Sandoz announced that it has entered into a binding agreement for the planned acquisition of the Japanese business of Aspen Global Incorporated (AGI), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited.
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About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
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