by The 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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nasal sprays are devices used to spray medication into the nose for treating various nasal and respiratory conditions such as nasal congestion, allergies, asthma, and others. The commonly used nasal sprays include decongestant nasal sprays, saline nasal sprays, and steroid nasal sprays. Decongestant nasal sprays help open nasal passages and provide temporary relief from nasal congestions, saline nasal sprays keep nasal passages moist and thin mucus to make it less thick and easier to blow out, and steroid nasal sprays reduce inflammation in the nose and sinuses and provide relief from symptoms of conditions such as allergies and non-allergic rhinitis.
Market Dynamics:
The U.S. nasal spray market is expected to witness significant growth owing to rising demand for self-administration nasal sprays. Nasal sprays provide immediate relief from nasal congestions and allergies without need for a prescription or healthcare professional assistance. This drives demand for over-the-counter nasal sprays. Additionally, growing prevalence of nasal disorders such as allergic rhinitis, non-allergic rhinitis, and sinusitis are also expected to support market growth over the forecast period. According to the report by Asthma and Allergy Foundation of America published in 2020, more than 60 million Americans suffer from nasal allergies. Furthermore, development of novel nasal spray drug delivery technologies are further expected to propel market growth during the forecast period. However, side effects associated with long-term use of nasal decongestant sprays such as rebound congestion and dependency may hamper market growth.
SWOT Analysis:
- Strength: The U.S. Nasal Spray Market has a strong distribution network with drugs being easily accessible. Nasal sprays provide non-invasive drug administration and fast action. There is a higher customer acceptance of nasal spray drugs for treatments.
- Weakness: Over-dependence on generic products may limit revenue growth potential for companies. Nasal administration poses challenges in delivering large drug payloads into systemic circulation.
- Opportunity: Rising prevalence of allergic rhinitis and other nasal disorders provide an opportunity to introduce innovative products. Growing geriatric population suffering from nasal congestion widens the customer base.
- Threats: Stringent regulations delay the approval and launch of new products. Entry of generic drugs erodes prices and profit margins of established drugs.
Key Takeaways:
The Global U.S. Nasal Spray Market Growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of allergic rhinitis. According to the Center for Disease Control and Prevention (CDC), allergic rhinitis affected over 19 million adults and children in 2019 alone.
Regional analysis:
The North American region dominates the global U.S. Nasal Spray Market accounting for a share of over 80% in 2023. This is attributed to the growing burden of allergic rhinitis, rising pollution levels, and the presence of well-established healthcare infrastructure and major players in the region. The U.S. is expected to retain its dominance in the regional market owing to increasing research and development activities and favorable reimbursement policies in the country.
Key players:
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. These companies hold a majority share of the market and are focused on developing innovative products and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
