by Nasal sprays provide an effective route of administration for various drugs treating respiratory conditions. Nasal sprays are used for treating allergies, congestion and other symptoms caused by conditions such as common cold, flu and sinusitis. They offer instant relief by clearing blockage and allowing free air flow through the nose. The products come pre-filled and provide accurate dose of medication with every spray. This ensures correct dosage and adherence to prescribed treatment. Aging population and rising pollution levels have increased the prevalence of chronic respiratory diseases in the country. As per estimates, over 25 million Americans suffer from allergic rhinitis annually.
The global U.S. Nasal Spray Market is estimated to be valued at US$ 5.6 Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Self-administration and accurate dosing are key factors driving demand for nasal sprays. The products come pre-filled and provide a measured dose of medication with every spray. This ensures correct dosage and adherence to prescribed treatment regimen without requiring direct supervision. As people now prefer quick treatment options for temporary relief from symptoms, on-the-go nasal sprays have gained considerable popularity over pills and oral medications. Their non-invasive route of administration further aids compliance.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While the pharmaceutical industry requires significant R&D investments and regulatory compliance, established competitors in the nasal spray market may deter some new companies from entering.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of generic alternatives for many nasal spray products. Buyers can exert pressure on prices through comparison shopping.
Bargaining power of suppliers: Nasal spray manufacturers require specialized ingredients and components from suppliers that have significant bargaining power due to limited alternatives.
Threat of new substitutes: The threat of substitutes is moderate as other decongestant, antihistamine, and steroid products compete with nasal sprays. However, sprays provide convenience and ease of use.
Competitive rivalry: Competition in the nasal spray market is high among leading players. Companies compete based on product innovation, pricing, promotions, and brand loyalty.
Key Takeaways
The global U.S. Nasal Spray Market Growth is expected to witness high growth over the forecast period owing to rising prevalence of allergy and increasing adoption of nasal sprays for symptoms management. The global U.S. Nasal Spray Market is estimated to be valued at US$ 5.6 Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to dominate the U.S. nasal spray market during the forecast period. This is attributed to the presence of major market players and growing accessibility of advanced nasal sprays in the region.
Key players analysis: Key players operating in the U.S. nasal spray market are Teva Pharmaceutical, Mylan N.V, Becton Dickinson, GlaxoSmithKline, and AptarGroup.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
