Inhalation and Nasal Spray Market Worth USD 57.98 Billion in 2032 | Emergen Research

Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global Inhalation and Nasal Spray Market will be worth USD 57.98 billion by 2032, according to a current analysis by Emergen Research. An increasing number of patients are suffering from COPD and asthma because of which the sales figures of nasal sprays and generic inhalers in likely to grow within the forecasted span. Consumers prefer nasal route as an alternate to injections or pills. Nasal sprays are mainly used for treating local health problems like rhinitis and nasal congestion.

Additionally, it is also used to treat sneezing, runny, stuffy, or restless nose, watery eyes caused by allergic rhinitis or different allergies, making it a go-to option for self-help of consumers. Nasal sprays are available as prescription drugs as well as over the counter, which makes it easily procurable thereby causing no hindrance to the market growth.

Additionally, high costs associated with healthcare, primarily within the developed countries are drawing attention of patients towards generic medication, thereby contributing to the expansion of the inhalation and nasal spray market.

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However, restrictive policies for generic medication in most of the developing nations pose an ideal threat for restraining the market growth at a global scale. The expiry of patents of many hospital grade medications would offer new opportunities for medicine makers within the inhalation and nasal spray market, thereby boosting the market growth to newer heights.

Scope of the Report

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Major Companies and Competitive Landscape

The market for Inhalation and Nasal Spray is highly fragmented with a large number of small as well as medium-sized manufacturers, which account for a major global share of the market. They invest heavily in research and development which often becomes a barrier for new entrants in the market. The manufacturers involved in the Inhalation and Nasal Spray market are desegregated across the value chain. Some of the prominent players in the Inhalation and Nasal Spray market include:

• Teva Pharmaceutical
• Allergan plc
•  Roxane Laboratories, Inc.
• Nephron Pharmaceuticals Corporation
•  Ranbaxy Laboratories Ltd.
•  Beximco Pharmaceuticals
•  Cipla Ltd.
• Mylan N.V.
• Apotex
•  Sun Pharma
• XIANJU PHARMA.
•  Hikma Pharma

Strategic Development

In September 2020, Ena Respiratory, an Austrian biotech company developed a novel product named INNA-051. This novel nasal treatment helps to improve the natural immune system which in turn helps combat common cold and flu. It proved remarkably successful in reducing Covid-19 viral replication as per test results conducted by Public Health England.

Key Highlights from The Report.

• In September 2020, Marinomed Biotech, an Austria based respiratory and ophthalmology organization received approval for Carragelose, a first of its kind over-the-counter medicinal product. It contains decongestant xylometazoline which helps to reduce swelling of mucous, thereby assisting in easy breathing.
• Most of the generic medications have been approved by the U.S. Food and Drug Administration. This is because they have met all the rigid standards as a potentially efficient drug tagged at very affordable prices. Patent expiration of a branded drug ends up in competition among generic medicine manufacturers to provide generic versions at lower costs.
• The principle behind such low costs of inhalation and nasal spray generic medication is that no R&D investments, marketing, promotion, and advertising are concerned in the production of generic medication. Moreover, a wide variety of generic medicine makers have approvals to market and sell one particular product. This brings in competition within the market, leading to cheaper price of generics. Therefore, drug utilization rate is highly expected to expand within the next few years as a handful of inhalation medications is likely to go off patent through 2020. This is inevitable to drive the growth of inhalation and nasal spray market.

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Emergen Research has segmented the global Inhalation and Nasal Spray Market on the basis of applications, drug type, and region:

• Drug Type Outlook (Revenue, USD Billion; 2019-2032)

• Corticosteroids
• Bronchodilators
• Antihistamines
• Decongestant Sprays
• Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

• Asthma
• Chronic Obstructive Pulmonary Disease (COPD)
• Allergic Rhinitis
• Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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