Nasal Spray Market Expected to Reach $16.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nasal Spray Market," The nasal spray market size was valued at $9.2 billion in 2021, and is estimated to reach $16.9 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.The nasal spray market trends that drive the growth of the market include advantages associated with a nasal spray such as easy administration and easy refill of the medicines.

Increase in the number of generic nasal spray product approvals for the treatment of respiratory diseases including allergic rhinitis, which drive the growth of the market. Moreover, painless drug administration, improved patient convenience, and widespread availability of nasal spray for nasal allergies and structural blockage are further expected to boost the market growth during the forecast period. However, side effects associated with nasal spray are expected to hamper the growth of the nasal spray market during the forecast period. Conversely, increase in growth potential of emerging economies is expected to provide numerous opportunities for market growth during the nasal spray market forecast. 

By type, the steroid segment dominated the nasal spray market share in 2021 and is expected to remain dominant during the forecast period, owing to steroid nasal sprays effectively reducing swelling (inflammation) and mucus in the nose. The medication mostly affects the nose and has very little impact anywhere else in the body. Therefore, they are considered to be very safe to use. 

In addition, the commercialization of affordable generics of nasal steroid spray and its convenient availability further drives the market growth. For instance, In March 2020, Apotex Inc. introduced a generic version of Dymista, a nasal spray used to treat allergic rhinitis that combines the medications azelastine and fluticasone. 

By application, the sinusitis segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to an increase in respiratory disorders. In addition, the increase in the prevalence of sinusitis, the growing awareness about the benefits of nasal sprays for sinusitis treatment, and the availability of a wide range of over-the-counter (OTC) and prescription nasal sprays drive the segment growth. addition

However, the nasal polyps segment is expected to register the highest CAGR during the forecast period, owing to environmental factors, such as pollution or cigarette smoke, which can increase the risk of developing nasal polyps. In addition, the availability of various nasal sprays for the treatment of nasal polyps, including corticosteroid sprays, antihistamine sprays, and decongestant sprays, further drive the growth of the segment. 

By distribution channel, the drug stores & retail pharmacies segment dominated the nasal spray market in 2021 and is expected to remain dominant during the forecast period, owing to the availability of nasal sprays in drug stores & retail pharmacies. However, the online providers segment exhibited the highest CAGR during the forecast period, owing to easy accessibility and heavy discounts & offers provided by these online platforms boosting sales of nasal sprays during nasal spray market analysis. 

Region-wise, North America has the highest nasal spray market share and is expected to remain dominant during the forecast period. Owing to the presence of a large patient population, the strong presence of key players, ease of product availability, and well-developed healthcare infrastructure. In addition, favorable reimbursement policies in healthcare system, and the higher number of research and development further boost the market growth. In addition, the presence of a well-established healthcare infrastructure, high purchasing power, and a rise in the adoption rate of nasal spray products are expected to drive market growth. Moreover, the increase in the prevalence of chronic respiratory disease in the region as well as the rise in awareness about disease prevention among people lead to a rise in demand for nasal spray products, and further boost the growth of the nasal spray market size.

Asia Pacific is projected to register the highest CAGR during the forecast period. The evolving healthcare regulatory landscape and the government's emphasis on enhancing R&D capabilities for innovative product development are the key driving factors that boost the growth of the market in the region. Moreover, the growing infrastructure of industries, rising disposable incomes, as well as the well-established presence of domestic companies in the region. In addition, the rise in contract manufacturing organizations within the region provides great opportunities for new entrants in this region.

 Key findings of the study

• On the basis of type, the steroid segment dominated the nasal spray industry in 2021, and is expected to continue this trend during the forecast period.
• By application, the sinusitis segment dominated the market in 2021.
• On the basis of distribution channel, the drug stores & retail pharmacies segment dominated the market in 2021.
• Region-wise, North America garnered the largest revenue in nasal spray industry in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR  during the forecast period.