Nasal Spray Market Report | Size, Growth, Demand, Scope, Opportunities and Forecast 2022-2032

The Global Nasal Spray Market is expected to be valued at US$ 3.2 billion in 2022. During the projection period of 2022-2032, the market is expected to grow at a CAGR of 6.5%, generating US$ 6 billion.

Nasal Spray
Nasal Spray 

Changing lifestyles across the globe, enhanced patient compliance, expanding geriatric population, and increasing pollution levels are expected to augment the market size in the forecast period. Increased demand for self-administration will offer remunerative opportunities for the global nasal spray market to expand through the assessment period. Also, various advantages provided by nasal sprays like painless drug delivery, better patient convenience, and easy availability are other vital factors promoting the market during the forecast period.

Also, growing equipment approvals by regulatory bodies are expected to benefit the market in the forecast period. For instance, in March 2019, FDA approved Spravato nasal spray for curing adult patients with treatment-resistant depression. In 2018, FDA revealed that about 7.4 million adults suffer from treatment-resistant depression in the U.S. which widens the scope of suicidal tendencies and hospitalizations. The nasal spray offers drugs in an easy way since it comprises active ingredients and medications which are dissolved in solutions.

Players in the market are taking various initiatives to develop the market in the forecast period. Increasing investment in R&D to offer innovative products in the market is likely to prepare a conducive environment for market growth during the forecast period. For instance, in February 2022, Glenmark Pharmaceuticals Ltd., a renowned pharmaceutical company, and Canadian pharmaceutical company SaNOtize Research & Development Corp announced the launch of its Nitric Oxide Nasal Spray under the brand name FabiSpray ® in India. The product aims to kill the COVID-19 virus in the upper airways. Such initiatives are expected to augment the market size in the assessment period.

Access Full Report: https://www.futuremarketinsights.com/reports/nasal-spray-market

However, nasal may spray result in itchiness, redness, and swelling in the nose, leading to reduced consumption, thus, hindering the market expansion. Further, the regulatory obstructions owing to strict laws for the sales of drugs in countries such as Russia and Mexico are likely to be another potential factor controlling the market growth. For instance, the regulatory authority of Mexico, COFEPRIS, set forth new guidelines for permitting registrations of generic drugs, which is not inclusive of patents of new therapeutic uses in its linkage system

Key Takeaways from the Market Study:

  • The global nasal spray market is expected to secure a market value worth US$ 3.2 Billion in 2022.
  • The European nasal spray market is expected to display a CAGR of 5.8% during the forecast period.
  • In 2021, the retail segment is expected to have captured about 54% of the global nasal spray market.
  • The nasal spray market in North America is expected to display a CAGR of 6% during the forecast period.

Manufacturers are focusing on introducing nasal sprays capable of administering drug formulations with high efficacy and potency. Hence, the introduction of robust product lines has become a reality, leading to a host of new product launches and innovations, remarks an analyst at FMI.

Competition Analysis:

Key players in the global nasal spray market include Astra Zeneca Plc., Cipla Ltd., Johnson & Johnson Services, Inc. (Johnson & Johnson Pacific Pty Limited), GlaxoSmithKline Plc., Novartis International AG, Procter & Gamble, Sanofi S.A. (Sanofi-aventis LLC.), Boehringer Ingelheim GmbH, AdvaCare Pharma, Bayer AG (Bayer Consumer Health, Covis Pharma S.a.r.l., Nipro Corporation (NIPRO JMI Pharma Ltd.), Viatris Inc. (Meda Pharmaceuticals Inc.), Perrigo Company plc, AptarGroup, Inc., Berry Global, Inc., URSATEC GmbH, Gerresheimer AG, Bona, Avantor, VWR International, LLC, Spectrum Laboratory Products, Inc.  (Spectrum Pharmacy Products), SKS Bottle & Packaging, Inc., and Coster Tecnologie Speciali S.p.A.

Recent Updates from the Industry:

  • In October 2021, Cipla's consumer health arm announced an anti-viral nasal spray called Naselin, which contains 'povidone Iodine' to protect against coronavirus and respiratory tract infections.
  • In August 2021, CDMO Bora Pharmaceuticals Laboratories Inc. announced its partnership with Kyowa Pharmaceuticals Industry Co. Ltd. The initiative aims to manufacture generic products, including nasal sprays, in Japan.

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