NEWARK, Del, Sept. 25, 2023 (GLOBE NEWSWIRE) -- According to a study by Future Market Insights, the worldwide migraine nasal spray market is anticipated to expand at a CAGR of 7.0% during the forecasted period. By 2033, the market value is anticipated to have increased from US$ 501.1 million to US$ 983.5 million. By the end of 2022, the migraine nasal spray market is expected to rise by 6.9% year over year in 2023.
The global market for migraine nasal spray is expected to grow significantly in the coming years, driven by several factors, including the increasing efficiency of intranasal drug delivery to combat migraine.
The extraordinary efficiency of intranasal delivery of drugs compared to other means of administration could be attributed to the exponential rise of the migraine nasal spray industry. Nasal spray growth provides a direct and rapid route for medication absorption through the nasal mucosa, which is highly dense with blood vessels, allowing for faster onset of action and potentially increased bioavailability.
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Unlike oral drugs, which must be broken down, nasal sprays avoid this step, minimizing degradation and first-pass metabolism. This results in a more effective and constant therapeutic impact, relieving migraine sufferers immediately.
Also, the ease and convenience of intranasal administration contribute to the market's growth. Patients frequently prefer nasal sprays to injections or oral pills, which leads to improved compliance and patient satisfaction. This preference is significant for people who feel nauseated or have difficulty swallowing during migraines.
Intranasal drug delivery is efficient, corresponding to the fast-paced nature of modern living, making it a favorable choice for people seeking quick and effective treatment. The growing recognition of intranasal delivery fuels the migraine nasal spray market's better efficiency than traditional methods as research continues to substantiate the benefits of nasal sprays and pharmaceutical companies innovate to improve their formulations.
Key Takeaways from the Market Study:
- By formulation, aqueous segment contributed around USD 251.4 million in 2022. The aqueous segment dominates the migraine nasal spray market with enhanced solubility, faster absorption, and lower discomfort.
- By packaging, pump bottles contributed around US$ 349.4 million in 2022. Due to its user-friendly shape, accurate dosage distribution, and hygienic application, the pump bottle segment leads the migraine nasal spray market.
- By dosage segment, the multi-dose segment contributed around USD 440.3 million in 2022, Multi-dose nasal sprays lead the migraine industry with ease, cost-effectiveness, and user-friendliness, offering multiple doses and larger quantities for repeated migraine attacks.
- By distribution channel, institutional sales contributed around USD 263.9 million in 2022. The institutional sales segment dominates the migraine nasal spray industry, serving large healthcare facilities, hospitals, and clinics.
- By region, North America held the dominant share in the world in 2022, contributing US$ 164.5 million. Due to its healthcare expertise, facilities, research, and development, North America dominates the migraine nasal spray market.
“Increasing incidence of migraines and comorbid disorders to enhance the worldwide migraine nasal spray market,” says an analyst of Future Market Insights.
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Market Competition
There are limited number of companies active within the migraine nasal spray market, however, there are several companies having products in clinical pipeline. Continuous participation in conferences, increased research funding and quicker approval/certification processes are what the leading players are looking out for, to rope in majority of market share.
Key Companies Profiled
- Pfizer Inc.
- GlaxoSmithKline (GSK)
- AstraZeneca
- RENAISSANCE LAKEWOOD, LLC
Key Market Developments
- In March 2023, Renaissance Lakewood LLC. makes an investment in more packing and assembly capacity for high-speed nasal sprays.
- On June 2017, AstraZeneca disclosed that it had reached a deal with Grünenthal for the rights to market Zomig (zolmitriptan) outside of Japan.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the migraine nasal spray market in its latest study, presenting a historical demand assessment of 2017 to 2022 and projections for 2023 to 2033. The global migraine nasal spray market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The analysis is based on formulation (aqueous, hydroalcoholic, non-aqueous based solutions, suspensions, emulsions, and dry powder/microparticles), by packaging (pressurized cannisters and pump bottles), by dosage (multi dose, bi dose and single/unit dose), and by distribution channel { institutional sales (hospitals, community clinics, specialty clinics, public health agencies), and retail sales (retail pharmacies, drug stores and mail order pharmacy), across seven key regions around the world.
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Key Market Segments Covered in Migraine Nasal Spray Industry Research:
By Formulation
- Aqueous
- Hydroalcoholic
- Non-aqueous based solutions
- Suspensions
- Emulsions
- Dry powder/Microparticles
By Packaging
- Pressurized Cannisters
- Pump Bottles
By Dosage
- Multi dose
- Bi dose
- Single/unit dose
By Distribution Channel
- Institutional Sales
- Hospitals
- Community Clinics
- Specialty Clinics
- Public Health Agencies
- Retail Sales
- Retail Pharmacies
- Drug Stores
- Mail Order Pharmacy
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About the Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Market Insights Domain:
Nasal Sprays Market Size: The global market holds a valuation of US$ 16.9 billion by the end of the year 2022 and further, expand at a CAGR of 6.2% to reach a valuation of ~US$ 32.6 billion by the year 2033.
Nasal Packing Devices Market Share: The global nasal packing devices market is expected to reach a market valuation of US$ 189.4 million by 2023, accelerating with a moderate CAGR of 5.1% from 2023 to 2033. The nasal packing devices market size is anticipated to be valued at about US$ 311.9 million by 2033 end.
Inhalation And Nasal Spray Generic Drugs Market Growth: The global inhalation and nasal spray generic drugs market is projected to have a moderate-paced CAGR of 8.96% during the forecast period. The current valuation of the inhalation and nasal spray generic drugs market is US$ 20.78 billion in 2023. The value of the inhalation and nasal spray generic drugs market is anticipated to reach a high of US$ 49.01 billion by the year 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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