by Nasal sprays offer a convenient way of administering medication for conditions such as allergies, congestion and other respiratory issues. They provide quick relief by depositing the drug substance directly into the nasal passageways for localized effect. Common active ingredients in nasal sprays include steroids, antihistamines and decongestants. Steroid sprays are prescribed for respiratory allergies to reduce inflammation of the nasal tissues. Antihistamine sprays help relieve symptoms of seasonal allergies such as sneezing and runny nose. Decongestant sprays are useful for temporary relief of nasal congestion.
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 key trends:
Rising prevalence of allergic rhinitis and respiratory diseases due to pollution, changing lifestyles and other environmental triggers has significantly increased the demand for nasal sprays in the U.S. According to the Asthma and Allergy Foundation of America, allergic rhinitis affects over 60 million Americans annually. Moreover, growing health conscious consumer preference for over-the-counter medication is another major driver for enhanced sales of OTC nasal sprays. Introduction of combination nasal sprays containing multiple active ingredients is an important trend witnessed in the market, providing added relief from co-morbid symptoms. However, certain side effects associated with long term use such as nasal dryness and irritation may somewhat limit market growth.
Porter’s Analysis
Threat of new entrants: Low due to high capital investment required for R&D for new product development, need for specialized manufacturing facilities and equipment, and strong branding of existing players.
Bargaining power of buyers: Moderate as buyers have bargaining power due to availability of alternative medicated as well as OTC nasal spray products from various brands.
Bargaining power of suppliers: Moderate as raw material suppliers have moderate power due to availability of substitute materials from other suppliers.
Threat of new substitutes: Moderate threat from oral medications but nasal sprays offer quick relief and are convenient to use.
Competitive rivalry: High due to strong competition between major brands offering generic as well as branded products across prescription and OTC categories.
Key Takeaways
U.S. Nasal Spray Market Size is expected to witness high growth. The market size in 2023 is estimated to be US$ 9903.35 Mn and is expected to grow at a CAGR of 6.8% during the forecast period.
Regional analysis: The West region currently dominates the market owing to higher healthcare expenditure and increasing prevalence of allergies and respiratory disorders. Growth will be higher in the South region over the forecast period due to rising awareness regarding nasal spray therapy.
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. Key players focus on new product launches, mergers, 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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
