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 Overview:
Nasal spray refers to medication administered through the nose. It is used to effectively treat various conditions such as nasal congestion, allergies, sinusitis and other nasal problems. Nasal sprays work by allowing the medication to directly contact areas inside the nose for faster relief. They are generally available either as over-the-counter (OTC) or prescription medications containing decongestants, antihistamines, steroids or other active pharmaceutical ingredients. Compared to oral medications, nasal sprays have more rapid onset of action and allow for localized treatment of nasal symptoms.
Market key trends:
One of the key trends in the U.S. nasal spray market is the growing prevalence of allergic rhinitis. Allergic rhinitis, commonly known as hay fever, is a type I hypersensitivity disorder affecting 10-30% of the population. According to the Asthma and Allergy Foundation of America, allergic rhinitis affects over 50 million Americans annually. Additionally, climate changes have caused longer pollen seasons leading to a spike in allergic rhinitis cases. As nasal sprays are considered one of the first line therapies for allergic rhinitis, their demand is expected to grow significantly over the forecast period. Some of the advancements in nasal spray formulations such as increased accuracy in dose delivery and inclusion of novel therapeutic molecules are also fueling the market growth.
Porter’s Analysis:
Threat of new entrants: Low start-up costs and established brand availability pose low threat of new entrants in the U.S. nasal spray market.
Bargaining power of buyers: Large customer base increases buyers bargaining power due to availability of substitute products.
Bargaining power of suppliers: Established raw material suppliers and cost effectiveness in supply chain reduces suppliers bargaining power.
Threat of new substitutes: Oral medications and homeopathic remedies pose threats of substitutes.
Competitive rivalry: Strong competition due to presence of global and regional players.
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 allergies and respiratory diseases.
Regional analysis: The Western region dominates the U.S. nasal spray market accounting for over 35% of the market share in 2023. High prevalence of allergic rhinitis and sinusitis drives the demand in the region. The Southern region is expected to be the fastest growing region during the forecast period.
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 plc and Sanofi S.A. are the leading players due to their diverse product portfolio and strong distribution network in the country.
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