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