U.S. Nasal Spray Market Estimated To Witness Robust Growth Owing To Rising Prevalence Of Allergic Rhinitis
Nasal sprays are medication-delivery devices used to administer drugs to the nasal cavities and sinus passages. They are commonly used to treat allergies, cold symptoms, and nasal congestion. Nasal sprays help to relieve symptoms such as stuffy nose, runny nose, sneezing, and itchy or watery eyes caused due to various conditions such as common cold, allergies, nasal polyps, and sinusitis.
The global U.S. Nasal Spray Market is estimated to be valued at US$ 5.2 Bn 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 Dynamics:
The U.S. nasal spray market is witnessing high growth owing to rising prevalence of allergic rhinitis. According to a study published in March of 2018 by the American Academy of Allergy, Asthma & Immunology, allergic rhinitis affects over 50 million Americans annually. Additionally, the increasing awareness regarding advantages of nasal sprays over oral medication is also fueling the market growth. The ease of administration and quick relief offered by nasal sprays have made them a preferred choice. Furthermore, advancements in technologies used in nasal spray devices and growing preference for over-the-counter medication are some other factors expected to propel the U.S. nasal spray market growth over the forecast period.
SWOT Analysis
Strength: U.S. nasal spray market is expected to witness high growth due to factors such as increasing aging population, surge in allergic disorders and rising healthcare spending. The growing incidence of seasonal allergies and nasal congestion among citizens contributes to the market strength. The expanding product portfolio of players in decongestion sprays category is also fueling the market growth.
Weakness: Side effects associated with nasal spray products such as nasal dryness and irritation pose a major challenge. Lack of clinical evidence for certain products in the market is another weakness. Patent expiries of blockbuster drugs make the market vulnerable to generic competition.
Opportunity: Increasing adoption of combinational therapies presents an opportunity for players. There lies a huge scope for development of advanced nasal spray formulations of vaccines and biologics. Growing preference for over-the-counter products without prescription offers remunerative opportunities.
Threats: Strong competition from alternative treatment options affects the demand. Factors such as risk of dependency, abuse potential also threaten the market growth. Stringent regulatory framework and delays in product approval can hamper business expansion plans.
Key Takeaways
The U.S. Nasal Spray Market Growth is forecast to grow at a CAGR of 7.5% during 2023-2030 on the back of rising prevalence of allergic rhinitis and other respiratory disorders.
The Western region currently dominates the market owing to high disease burden and advanced healthcare facilities. Factors such as increasing awareness, favorable reimbursement scenario contribute to the lead position of this region.
Key players operating in the market are GlaxoSmithKline, Bausch Health, AstraZeneca, Pfizer, Johnson & Johnson, Bayer, Novartis and others. GlaxoSmithKline leads the race with its flagship products such as Flonase and Advair. The company has a robust pipeline of combination therapies to maintain its dominance.
Explore more Healthcare related article on this topic: https://www.newsanalyticspro.com/the-growing-u-s-nasal-spray-market-demand-analysis/
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