Nasal sprays are topical decongestant and corticosteroid medicines which provide temporary relief from nasal congestion, swelling of nasal passages, and other sinus related problems like allergies and cold. They work by thinning and shrinking swollen nasal tissues and membranes to relieve blockage and make breathing easier. Demand for nasal sprays is increasing owing to rising prevalence of allergic rhinitis and sinusitis conditions among people.
The global U.S. Nasal Spray Market is estimated to be valued at US$ 9903.35 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising incidences of allergies and sinus related problems among Americans provides huge market opportunity for nasal spray products. As per American Academy of Allergy Asthma & Immunology (AAAAI), more than 60 million Americans experience allergic rhinitis yearly. Growing pollution levels and changing climatic conditions are making allergies and sinus issues more prevalent. Nasal sprays are ideal for quick relief from related symptoms like nasal congestion and provide comfort. This growing patient pool experiencing nasal blockage and other allergy symptoms will continue driving demand for effective nasal spray medications over the forecast period. Companies operating in this market have an opportunity to launch new products targeting specific allergy types and expand existing line of nasal sprays to cash-in on increased need for relief from nasal congestion and sinusitis.
Porter’s Analysis
Threat of new entrants: The U.S. Nasal Spray Market exhibits moderate threat of new entrants given the established distribution channels of existing players. However, emerging players can target niche therapy areas not addressed by major brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of generic alternatives and treatment options from other players. However, branded products have established brands and customer loyalty.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and fragmented nature of suppliers. However, few API suppliers exert influence on pricing.
Threat of new substitutes: Threat of new substitutes is high due to continual development of alternative drug delivery methods and therapies for indications like cold, allergy and congestion.
Competitive rivalry: The market is highly competitive due to presence of major global companies.
SWOT Analysis
Strength: Wide product portfolios, strong brand awareness, extensive distribution network and R&D capabilities.
Weakness: High marketing expenses, price controls in certain regions, patent cliff of major drugs.
Opportunity: Growing incidence of respiratory ailments, alternative therapies, emerging markets expansion.
Threats: Entry of generics, regulatory hurdles for new drugs, reimbursement cuts.
Key Takeaways
The U.S. Nasal Spray Market Size is expected to witness high growth over the forecast period owing to rising allergy prevalence, growing elderly population and innovative product launches. The market size for 2024 is estimated to be US$ 9903.35 Mn registering a CAGR of 7.5% during 2023-2030.
Regional analysis: The Southern region holds the dominant share currently owing to environmental factors and growing populations. States like Texas and Florida are major revenue generators for players. The Western region is witnessing fastest growth with increasing healthcare investments and adoption of new therapies.
Key players operating in the U.S. Nasal Spray Market are GlaxoSmithKline plc, Sanofi S.A., Bayer AG, Merck & Co., Inc., Novartis AG, Johnson & Johnson Services, Inc., Pfizer Inc., Procter & Gamble, AstraZeneca Plc., NeilMed Pharmaceuticals Inc., Church & Dwight Co., Inc., and Neurelis, Inc.
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https://www.trendingwebwire.com/u-s-nasal-spray-market-size-share-growth-outlook-2023/
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