The global U.S. Nasal Spray Market Growth Accelerated by Increasing Prevalence of Allergies
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| U.S. Nasal Spray Market |
Nasal spray is a drug delivery
device used to spray medicine into the nose. It contains a sterile liquid drug
formulation that is propelled from a sealed container through nozzles into the
nasal cavities. Some common nasal sprays are used to treat congestion,
allergies, pain, infections, and other sinus-related issues. The antihistamine
nasal spray works by blocking the action of histamine, a chemical released in
the body during an allergic reaction. Steroid nasal sprays reduce inflammation
and swelling inside the nose. Decongestant nasal sprays work by narrowing blood
vessels in the nasal passages to provide relief from stuffy nose.
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 7.5% over the forecast period 2023 to 2030, as highlighted in
a new report published by Coherent Market Insights.
Market Dynamics:
The wide range of therapeutic
applications of nasal spray is driving high growth of the U.S. Nasal Spray
Market. Nasal sprays are quite effective in treating various respiratory issues
like common cold, flu, congestion, allergies, sinus infections, and other
conditions affecting the nasal passages. The advantages of nasal sprays over
tablets or capsules include direct application to target site, rapid onset of
action, and improved patient compliance. Another key driver fueling the market
is rising prevalence of allergic rhinitis and sinusitis in the U.S. population.
According to estimates, allergic rhinitis affects over 50 million Americans
annually. The economic and social burden associated with these diseases is
prompting increasing adoption of nasal sprays for effective treatment and
symptom relief. However, adverse effects associated with long term use of nasal
decongestants such as rebound congestion and addiction could hamper the market
growth to some extent over the forecast period.
SWOT Analysis
Strength: The U.S. nasal spray
market has high demand for congestion relief and allergy treatment products.
New technology in drug delivery of nasal sprays has improved efficacy and ease
of use. A wide range of formulations are available for various symptoms.
Weakness: Side effects such as
irritation and bleeding can negatively impact patient compliance with nasal
spray regimens. Overuse of decongestant nasal sprays can cause rebound
congestion. Dependence issues have been reported with some antihistamine sprays.
Opportunity: Growing incidence of
allergic rhinitis and sinusitis presents an opportunity to educate patients on
the benefits of prescription and OTC nasal sprays. Digital technologies allow
for remote monitoring of symptoms and improved chronic disease management.
Threats: new drugs and devices
for sinonasal conditions entering the market increase competition. Generic
formulations threaten revenues of major patented brands. Regulatory
restrictions on ingredients and dosage forms add compliance costs.
Key Takeaways
The U.S.
Nasal Spray Market Size is expected to witness high growth at a CAGR of
7.5% during the forecast period of 2023 to 2030. The market size for 2024 is
estimated at US$ 9903.35 Mn.
Regional analysis: The North Central region has the highest demand
for nasal sprays due to severe seasonal allergies and harsh weather conditions
exacerbating respiratory illnesses. California, Texas and New York represent
major markets due to large populations and high healthcare expenditures.
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.
Get More Insights Here
https://www.newswirestats.com/u-s-nasal-spray-market-size-share-growth-outlook-2023/
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