U.S. Nasal Spray Market is Estimated to Witness High Growth Owing to Opportunity to Curb Rising Allergies
U.S. Nasal Spray Market is Estimated to Witness High Growth Owing to Opportunity to Curb Rising Allergies
Nasal Spray Market

Nasal sprays are widely used drug delivery system that can deliver medications to treat various conditions such as nasal congestion, allergies and other nasal problems. Nasal sprays are preferred over oral medications as it allows for direct application of drugs to nasal linings. Growing cases of allergies such as allergic rhinitis due to changing environment and lifestyle has fueled the demand for effective nasal spray products.

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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The key opportunity driving the growth of the U.S Nasal Spray Market is rising cases of allergies in the country. According to a report by Asthma and Allergy Foundation of America, more than 50 million Americans suffer from allergies every year. Factors such as increased pollution levels, changing climate and lifestyle changes have contributed to increased allergic reactions. Nasal allergies cause symptoms such as sneezing, nasal congestion and runny nose which affects daily life. Nasal spray products provide instant relief and are becoming the preferred treatment option for allergies. The demand for over-the-counter as well as prescription nasal spray formulations is expected to surge over the forecast period owing to multitude of environmental allergens and growing health awareness among consumers regarding timely treatment of allergy symptoms.

Porter's Analysis

Threat of new entrants: The threat is low as there are high costs involved in R&D for new products and gaining market acceptance. However, opportunities exist for new players to enter with specialized products.

Bargaining power of buyers: The bargaining power of buyers is high in this market as there are many established brands and product options. Buyers can easily switch between brands based on price and promotions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given the requirement of specialized ingredients and manufacturing facilities. However, key players have significant control over suppliers.

Threat of new substitutes: The threat is moderate as other drug delivery routes like tablets provide substitutes. However, nasal sprays have convenience for certain conditions.

Competitive rivalry: The competitive rivalry is high among key players to increase their market share through new product launches, promotions and brand-building activities.

SWOT Analysis

Strengths: Wide product portfolio and brand recognition of key players. Established distribution channels. Growing prevalence of conditions like allergies and sinusitis.

Weaknesses: High R&D and marketing costs. Risk of side-effects and allergenic reactions. Seasonal market affected by climatic conditions.

Opportunities: Growing healthcare expenditure and OTC switch of certain prescriptions. Emerging markets offer growth potential. Personalized products can improve compliance.

Threats: Stringent regulations on new product approvals. Patents expiry allows generic competition. Reimbursement issues impact pricing.

Key Takeaways

U.S. Nasal Spray Market Size is expected to witness modest growth aided by the growing prevalence of conditions like allergies and sinusitis. The market size was valued at US$ 9903.35 Mn in 2023 and is projected to reach US$ 14,987.96 Mn by 2030 at a CAGR of 6.8% during the forecast period.

Regional analysis: The Western region dominates the market currently owing to high healthcare awareness and accessibility. However, the South is expected to offer lucrative opportunities with rising income levels and healthcare infrastructure improvements.

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. GlaxoSmithKline and Sanofi collectively hold over 30% share. 

Get More Insights on this Topic- https://www.dailyprbulletin.com/nasal-spray-market-demand-growth-and-insights/ 

What's your reaction?



0 comment

Write the first comment for this!

Facebook Conversations