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Rising infections, as well as allergic conditions, are majorly driving the growth of the global nasal spray market. Additionally, certain advantages offered by nasal sprays such as efficient as well as painless drug delivery, easy availability, and better patient convenience are expected to drive the growth of the nasal spray industry during the forecast period.
Certain factors such as the increased risk of recurrent respiratory and CNS Central Nervous System depression as well as increased risk of cardiovascular effects and reported cases of adverse reactions due to nasal sprays such as nasal dryness, nasal inflammation, and nasal congestion are restraining the growth of the global nasal spray market.
In March 2019, FDA approved Spravato (esketamine) nasal spray for curing adult patients with treatment-resistant depression. According to the FDA, in 2018, an estimated 7.4 million adults suffer from treatment-resistant depression in the U.S. which elevates the chances of suicidal tendencies and hospitalizations. Nasal sprays are used to deliver the drug in a smoother way as it contains active ingredients and medications which are dissolved in solutions or suspensions.
Nasal Sprays are helpful in treating blocked nose, efficient drug delivery and to treat nasal allergy. Certain indications such as postnasal drip, fever, coughing, and bad breath are certain causes of nasal allergies. According to the Australian Institute of Health and Welfare, during 2014-2015, an estimated 4.5 million people suffered due to allergic rhinitis in Australia.
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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., Renatus, 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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Among the application segment, nasal allergies are projected to hold major share in the global nasal spray market during the forecast period owing to the higher prevalence of the condition, especially in emerging nations.
North America is projected to dominate the global nasal spray market size during the forecast period owing to growth in nasal allergies, allergic rhinitis, and structural blockages. Certain benefits such as precise drug delivery, painless procedure, and patient convenience are actively driving the nasal spray market share. According to the American College of Allergy, Asthma & Immunology sinus infection is the major health problem in the U.S. Also, each year, an estimated 31.0 million people causes fall prey to sinus infection.
The Asia Pacific and Middle East & Africa also hold huge potential for growth of the global nasal spray market owing to growth in cases of nasal allergies. Combined with this, growing healthcare expenditure in emerging nations, as well as sufficient availability of nasal sprays, is strongly driving the market in this particular region.