Nasal Spray Market Overview and Analysis:
The Nasal Spray Market was currently valued at USD 10.7 billion in the year 2022 registering a CAGR of 6.1% over the forecast period, 2023-2030.
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Nasal sprays are used to provide drugs locally or systemically to the nasal cavities. Localized problems like nasal congestion and allergic rhinitis are treated with the help of nasal spray. Because it offers a more palatable option than an injection or pill, the nasal administration route may be chosen for systemic therapy in some circumstances.
The increasing prevalence of asthma and COPD and the availability of low-cost generic drugs are also significant factors driving the market growth. The global population is getting old rapidly, owing to reduced birth rates and increasing life expectancy. Rapid urbanization in several countries and a large amount of pollution have contributed to a higher rate of respiratory diseases globally.
Segmentation:
The Nasal Spray Market is Segmented
By Drug Class :
- Corticosteroids
- Bronchodilators
- Antihistamines
- Decongestant Sprays
- Other Drug Classes
Application :
- Asthma
- COPD
- Allergic Rhinitis
- Other Applications
Geography :
- North America
- Europe
- Asia-Pacific
- South America
- Middle East
- Africa
The report offers the value in USD million for the above segments.
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Drivers:
Growth and Innovations in the Pharmaceutical Industry for the Manufacturing of Nasal Spray Products Owing to a Massive Pool of Health-Conscious Consumers
The launch of new products by key market players is fuelling the growth of the studied market. For instance, in February 2022, Glenmark Pharmaceuticals Limited (Glenmark) and Canadian pharmaceutical company SaNOtize Research & Development Corp. today announced the launch of its Nitric Oxide Nasal Spray under the brand name FabiSpray in India for the treatment of adult patients with COVID-19 who have a high risk of progression of the disease.
The Increasing Prevalence of Asthma and COPD and The Availability of Low-Cost Generic Drugs Are Also Significant Factors Driving The Market Growth.
The global population is getting old rapidly, owing to reduced birth rates and increasing life expectancy. Rapid urbanization in several countries and a large amount of pollution have contributed to a higher rate of respiratory diseases globally. For instance, as per the article published in 2022 by EGU journal, urbanization influences air pollutants through urban development and emission growth and increases health risks. Rapidly growing economies tend to have more urbanization, thereby high chances of air pollution leading to airway and respiratory issues. In such a scenario, the utilization of inhalation and nasal spray generic drugs is expected to boost market growth.
Restraints:
Strict Government Regulations Associated with Generic Respiratory Drugs Restrain
The strict government regulations associated with generic respiratory drugs may slow down the growth of the studied market. Most of these products are sold only under prescription-based drugs.
COVID-19 Impact on Nasal Spray Market
COVID-19 had a notable impact on the inhalation and nasal spray generic drugs market, as one of the main symptoms associated with COVID-19 is shortness of breath. During the pandemic, the demand for inhalation and nasal spray increased. For instance, an article published by NCBI in February 2023, reported that A nitric oxide nasal spray (NON) manufactured by SaNOtize was found to reduce COVID-19 viral loads to significant levels in patients. Thus, such instances show that the demand for nasal spray significantly increased during COVID-19, however with the subsequent decrease in COVID-19 cases, the demand for nasal spray market is expected to become stabilized compared to the beginning of the pandemic. It is estimated due to the other benefits offered by the nasal spray, the demand for the studied market is expected to increase over the forecast period.
Segmental Analysis :
Asthma Holds Significant Share in the Global Inhalation and Nasal Spray Generic Drugs Market
Asthma is a major noncommunicable disease (NCD). It affects both children and adults and is the most common chronic disease among children. In the United States, asthma is more common in adult women than in adult men. According to the CDC 2020 report, approximately 25 million Americans suffer from asthma. Asthma affects around 20 million people in the United States aged 18 and over. Furthermore, according to AAFA, approximately 25 million people had asthma in 2021. Also, around 5 million American youngsters had asthma in 2021.
North America is Expected to Witness a Growth in the Inhalation and Nasal Spray Generic Drugs Market During the Forecast Period
The North American inhalation and nasal spray generic drugs market is anticipated to have a significant share of the global market owing to the increasing burden of asthma and COPD coupled with well-established healthcare infrastructure and rising awareness. According to the Government of Canada report, chronic obstructive pulmonary disease (COPD) affected 453,700 and 488,100 people in 2019 and 2020, accounting for 7.2% and 7.5% of the total population, respectively. Hence increasing number of chronic respiratory diseases in the North American region is a driving factor for the utilization of nasal and inhalational generic drugs, thereby boosting the market growth. Furthermore, the presence of key market players and the advancement of product technologies are fuelling the region's market growth. For instance, in March 2021, in Mexico and the United States, AstraZeneca PLC started a Phase III clinical trial to assess the efficacy and safety of budesonide/glycopyrronium/formoterol inhalers in adults and adolescents with severe asthma inadequately controlled with the standard of care. The trial is expected to be completed in September 2023.
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Nasal Spray Market Competitive Landscape:
The market is fragmented and consists of several major players. The key players are concentrating on innovations and advancements in inhalation and nasal spray generic drugs, which are predicted to enhance competition in the market. Few players now dominate the industry due to adopting new strategies. Many companies are concentrating on mergers, acquisitions, and collaboration to increase their products' regional availability.
Key Players :
- Akorn Incorporated
- Apotex
- Beximco Pharma
- Cipla Inc.
- Hikma (Roxane)
- Mylan N.V.
- Novartis AG (Sandoz)
- Sun Pharma (Ranbaxy)
- Teva Pharmaceuticals
Recent Developments:
1) August 2022: Lupin received approval from the FDA for Formoterol Fumarate Inhalation Solution, used to treat chronic obstructive pulmonary disease symptoms. The company received approval from the USFDA for the generic version of Mylan Specialty's Perforomist Inhalation Solution.
2) March 2022: Viatris Inc., in partnership with Kindeva, received its first FDA approval for the generic version of Symbicort Inhalation Aerosol, Breyna (Budesonide and Formoterol Fumarate Dihydrate Inhalation Aerosol), which is used for the maintenance treatment of asthma and chronic obstructive pulmonary disease (COPD).
Frequently Asked Questions (FAQ) :
Q1. What is the current Nasal Spray Market size?
The Nasal Spray Market was currently valued at USD 10.7 billion.
Q2. What is the Growth Rate of the Nasal Spray Market?
Nasal Spray Market is registering a CAGR of 6.1% over the forecast period.
Q3. Which is the leading Component Segment in the Nasal Spray Market?
Asthma is the leading Component Segment in the Nasal Spray Market.
Q4. Which Region is expected to hold the highest Market share?
North American region is expected to hold the highest Market share.
Study Assumptions and Market Definition
Scope of the Study
RESEARCH METHODOLOGY
EXECUTIVE SUMMARY
MARKET DYNAMICS
Market Overview
Market Drivers
Growth and Innovations in the Pharmaceutical Industry for the Manufacturing of Nasal Spray Products Owing to a Massive Pool of Health-Conscious Consumers
The Increasing Prevalence of Asthma and COPD and The Availability of Low-Cost Generic Drugs Are Also Significant Factors Driving The Market Growth.
Market Restraints
Strict Government Regulations Associated with Generic Respiratory Drugs Restrain
Porter's Five Force Analysis
Threat of New Entrants
Bargaining Power of Buyers/Consumers
Bargaining Power of Suppliers
Threat of Substitute Products
Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
By Drug Class
Corticosteroids
Bronchodilators
Antihistamines
Decongestant Sprays
Other Drug Type
By Application
Asthma
COPD
Allergic Rhinitis
Other Application
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
COMPETITIVE LANDSCAPE
Company Profiles
Akorn Incorporated
Apotex, Beximco Pharma
Cipla Inc.
Hikma (Roxane)
Mylan N.V.
Novartis AG (Sandoz)
MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
