NEWARK, Del, July 06, 2022 (GLOBE NEWSWIRE) -- Steroid-free nasal sprays are medications that are directly delivered to nasal cavities with the avoidance of first-pass metabolism and also provide better bioavailability. It includes nasal antihistamine sprays, nasal decongestant sprays, nasal anticholinergic sprays, and nasal cromolyn sodium sprays.
As per Future Market Insights’ latest industry analysis, the global steroid-free nasal sprays market was valued at over US$ 7.75 Bn in 2021 and is expected to exhibit a CAGR of 6.3% over the forecast period, pushing the market size to US$ 14.9 Bn by 2032.
There is a subsequent rise in the prevalence of allergic rhinitis worldwide due to several risk factors including urbanization and environmental pollutants. According to a recent study conducted in 2022, allergic rhinitis affects about 25% to 40% of the population worldwide. It also states that approximately 80% of allergic rhinitis symptoms develop before the age of 20.
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Recently, there has been an increasing emphasis on mental illnesses due to the significant rise in cases of major depressive disorders. Among these, depression is a common mental disorder. According to WHO, approximately 280 million people of all ages suffer from depression.
Due to rising adverse effects of depression, manufacturers in the steroid-free nasal sprays market are focusing on introducing products that can be used for the treatment of these disorders in the most effective manner.
Moreover, an increased number of regulatory approvals have been observed in the steroid-free nasal sprays market which is propelling the launch of innovative products. Therefore, manufacturers in the market are focusing on getting regulatory approvals to improve sales in the market.
“Rising availability of generic nasal sprays, along with increasing promotional activities by manufacturers at online channels will boost sales of steroid-free nasal sprays over the assessment period,” says an FMI analyst.
Key Takeaways:
- Based on product type, sales of nasal antihistamine sprays will increase at a 5.9% CAGR through 2032.
- The aqueous by formulation segment dominated the steroid-free nasal sprays market with around 55.4% share in 2021.
- In terms of distribution channels, demand in the institutional segment will grow at a 6% CAGR through 2032.
- North America accounted for the highest share of 35.6% of the global steroid-free nasal sprays market share in 2021.
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Competition Landscape
Prominent players operating in the global steroid-free nasal sprays market are focusing on the development, launch, and approval of innovative products to improve their product portfolios. For instance:
- In February 2022, Glenmark Pharmaceuticals Limited along with SaNOtize Research & Development Corp. announced the launch of FabiSpray, the nitric oxide nasal spray for the treatment of COVID-19 in India.
- In March 2021, Cipla Limited announced that it has received final approval from the FDA for its abbreviated new drug application (ANDA) for Sumatriptan Nasal Spray, 20 mg which is an AB-rated generic therapeutic equivalent version of GlaxoSmithKline’s Imitrex nasal spray.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the steroid-free nasal sprays market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032. The global steroid-free nasal sprays market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The steroid-free nasal sprays market is segmented into three parts based on the product (nasal antihistamine sprays, nasal decongestant sprays, nasal anticholinergic sprays, nasal cromolyn sodium sprays, and others), formulation (aqueous, suspension, nonaqueous-based solution, hydroalcoholic, emulsions, and dry powder/micro particles) and distribution channel- (institutional sales {hospitals, specialty clinics, community clinics, public health agencies, and others}, retail sales {retail pharmacy, drug stores, mail order pharmacy}), across seven key regions of the world.
Steroid-Free Nasal Sprays Market by Category
By Product:
- Nasal Antihistamine Sprays
- Nasal Decongestant Sprays
- Nasal Anticholinergic Sprays
- Nasal Cromolyn Sodium Sprays
- Others
By Formulation:
- Aqueous
- Suspension
- Nonaqueous-Based Solution
- Hydroalcoholic
- Emulsions
- Dry Powder/Micro Particles
By Distribution Channel:
- Institutional Sales
- Hospitals
- Specialty Clinics
- Community Clinics
- Public Health Agencies
- Others
- Retail Sales
- Retail Pharmacy
- Drug Stores
- Mail Order Pharmacy
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
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