April 20, 2024
U.S. Nasal Spray Market

U.S. Nasal Spray Market is Estimated To Witness High Growth Owing To Rising Prevalence of Allergic Rhinitis

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 spray refers to a class of medical device or medication designed to be administered via the nose. It offers a non-invasive method for delivering drugs to treat various conditions affecting the nose and sinuses, such as allergic rhinitis, nasal congestion, and headaches. Common active ingredients in nasal sprays include corticosteroids, antihistamines, and decongestants. These help provide rapid relief from nasal congestion, sneezing, runny nose, and itching caused due to conditions like allergies or common cold.

Market Key Trends:

The U.S. nasal spray market is witnessing high growth owing to rising prevalence of allergic rhinitis. According to a study published by the American Academy of Allergy Asthma & Immunology, allergic rhinitis affects over 50 million Americans annually. The symptoms caused due to allergic rhinitis including nasal congestion and difficulty breathing can significantly impair quality of life. Moreover, the Centers for Disease Control and Prevention (CDC) states that the total economic burden of nasal allergies in the U.S. is over $18 billion each year, primarily due to indirect costs such as decreased work and school productivity. Rising awareness about treatment options and availability of over-the-counter nasal sprays are driving the market growth. Additionally, manufacturers are increasingly focusing on development of novel formulations delivering multiple actives and demonstrating fast relief from symptoms, as customer preference is shifting towards combination therapies. This is further supporting the U.S. nasal spray market growth.

Porter’s Analysis:

  • Threat of new entrants: The U.S. Nasal Spray market has moderate threat of new entrants as it requires high marketing and R&D investment to introduce new products. However, large competitors can leverage economies of scale.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of generic products and substitutes. However, brand loyalty and patented products provide bargaining power to some companies.
  • Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and components. However, suppliers of patented drugs and key ingredients can negotiate on prices.
  • Threat of new substitutes: Threat of substitutes is moderate as other oral and topical drug delivery forms can be used for common indications like congestion and allergies.
  • Competitive rivalry: The market is highly competitive with presence of major global companies.

SWOT Analysis:

  • Strength: Wide product portfolio and strong brand image of major players. Innovation in delivery technologies.
  • Weakness: Heavy dependence on few therapeutic areas and seasonal demand nature. Generic competition eroding margins of many drugs.
  • Opportunity: Expanding indications like treatment of chronic diseases. Emerging markets offering high growth potential.
  • Threats: Pricing pressures due to regulations. Shift towards generic drugs and alternative delivery routes impacting revenues.

Key Takeaways:

The U.S. Nasal Spray Market Demand is expected to witness a high growth of 6.8% CAGR over the forecast period, due to rising prevalence of allergic rhinitis and other indications. The market size is projected to reach $16,912.81 Mn by 2030 from $9,903.35 Mn in 2023.

By region, the South regional market will continue to dominate during the forecast period attributed to presence of major manufacturers. The West region willwitness fastest growth of over 7.5% CAGR owing to growing patient populationSeekingsafe and effective treatment options.

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. Major players are focused on new product launches and acquisitions 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