Pune, India, March 10, 2022 (GLOBE NEWSWIRE) -- The Nasal Sprays Market is slated to witness accelerated growth with increasing regulatory approvals for newer products. According to a report by Fortune Business Insights, titled “Nasal Spray Market Size, Share and Global Trend By Type (Salt Water Solutions, Decongestants, Steroid, Antihistamine), By Application (Asthma, Cold, Nasal Allergies), By Patient Type Infant, Paediatric, Adults), By End User (Hospitals, Clinics, Ambulatory Surgery Centres, Home Care Settings) Geography Forecast till 2029,” the market is likely to surge in the coming years with encouragement from increasing FDA approval of newer products.
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FDA Approves Janssen’s nasal spray ‘Spravato’
In March 2019, the US Food and Drug Administration (USFDA) passed a usage approval for “Spravato”. Janssen’s Spravato was a fast processing antidepressant drug. The approval has encouraged Janssen’s counterparts and many have been encouraged to introduce newer products. Spravato was a product with high efficacy and much reduced side effects. The approval for Spravato will have a positive impact on the global market and is likely to favor the growth of the market in the coming years.
COVID-19 Impact
Decreased Outpatient Visits to Nasal Spray Market During the Pandemic
The COVID-19 pandemic led to the closing of various occupational & therapy clinics due to lockdowns and movement restrictions on the general population. Additionally, shutdown of non-elective procedures during the peak of the pandemic led to further hampering the market value. A sharp decline in hospital visits further slowed down the adoption rate of the U.S occupational & physical therapy services market during the forecast period. However, the market is expected to witness a revival as patients recovering from COVID-19 were suggested physical therapy.
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Increasing Incidence of Allergic Rhinitis to Lead to Increased Demand
According to the Australian Institute of Health and Welfare, in 2014, around 4.5 million people suffered from allergic rhinitis in Australia. Certain indications of allergic rhinitis such as fever, cold and bad breath can be overcome using nasal sprays. A high prevalence of nasal disorders and allergies is likely to cause an increased adoption of nasal sprays, globally. The increased adoption may have a positive impact on the global market and are likely to favor growth of the market in the coming years.
As per a study by the Food and Drug Administration (FDA), in 2018, around 7.4 million adults in the U.S suffer from treatment-resistant depression. Increasing prevalence of this disorder may lead to increased chances of suicidal tendencies and hospitalization. Increasing hospitalization may lead to further demand for nasal sprays and thereby, enable growth of the global nasal sprays market in the forthcoming years.
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Painless drug delivery modes are a major factor that may favor the growth of the global nasal sprays market. Additionally, ease of availability and improved patient convenience are other factors that may boost the market in coming years. Having said that, certain adverse reactions of nasal spray and side effects such as nasal dryness, congestion and inflammation may hamper the growth of the global nasal sprays market in the coming years.
Some of the major companies that are present in the Global Nasal Spray Market are
- ADAPT Pharma, Inc.
- Egalet Corporation
- GlaxoSmithKline plc.
- ARIUS FORMULATIONS PVT LTD.
- Renatu
- Bayer AG
- J Pharmaceuticals
- Aurena
- Cipla Inc
- INNOVUS PHARMACEUTICALS, INC.
- Sandoz International GmbH
- Leeford Healthcare Limited
- ALLERGAN,
- Sunovion Pharmaceuticals Inc.
- Nephron Pharmaceuticals Corporation
- Mylan N.V., and others.
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Segmentation of the Global Nasal Spray Market
By Type
• Salt Water Solutions
• Decongestants
• Steroid
• Antihistamine
• Others
By Application
• Asthma
• Cold
• Nasal Allergies
• Others
By Patient Type
• Infant
• Paediatric
• Adults
By End User
• Hospitals
• Clinics
• Ambulatory Surgery Centres
• Home Care Settings
• Others
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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