A latest study published by Future Market Insights (FMI) uncovers factors propelling the demand in the nasal antihistaminesmarket. It offers analysis of scope for expansion in various segments including product, age group, distribution channel, and region.
DUBAI, UAE, Oct. 19, 2021 /PRNewswire/ -- As per a recent survey by FMI, the global Nasal Antihistamines Market is projected to total US$ 1.9 billion in 2021. Rising preference for alternative modes of drug administration other than injectable and oral is propelling the demand for the nasal drug delivery solutions. Driven by this, the market is expected to reach US$ 3.08 billion by the end of 2031.
A significant rise in prevalence of allergies has been witnessed across the world due to the increasing sensitization to allergens and intensifying air pollution. According to the Asthma and Allergy Foundation of America, allergies are the sixth leading cause of chronic illness in the U.S. The country reports over 50 million cases of allergies every year. Increasing demand for speedy relief from allergic reactions such as nose congestion, itchy and runny nose, and sneezing is creating immense sales opportunities for the market.
Several players in the market are focusing on launching novel products to capitalize on this opportunity. For instance, Glenmark Pharma announced launching a new nasal spray named Ryaltris in India in May 2021. In response to a slew of novel product launches, sales are expected to rise at a CAGR of 4.6% during the forecast period 2021-2031.
As per FMI, nasal sprays are the most preferred product available in the nasal antihistamines market, accounting for around 90% of global sales. Attributes such as fast relief, easy to carry, and cost-effectiveness are accelerating the demand for nasal sprays.
"Growing inclination towards the non-invasive treatments and increasing approvals by the Food and Drug Administration (FDA) for over-the-counter (OTC) sales of prescription-based nasal antihistamines are expected to favor the market growth in the coming years," says the FMI analyst.
Key Takeaways from Nasal AntihistaminesMarket Study
The U.S. is expected to hold the largest revenue share in the North America market, accounting for 90.7% of sales in the region in 2021.
The U.K. is projected to emerge as a highly remunerative market, contributing more than 17.9% of sales in Europe in 2021.
The market in China is forecast to witness the fastest growth in East Asia, expanding at a CAGR of 6.5% over the assessment period.
Sales of nasal antihistamines in South Korea and Japan are anticipated to rise at 3.8% and 5.3% CAGR, respectively, by the end of the coming decade.
Based on distribution channel, retail pharmacies are estimated to account for over 40% of revenue share in the segment, projecting sales growth at a CAGR of 4.4% through 2031.
Increasing healthcare expenditure, ease in product approvals, and rising funding for life science research, and new product launches are expected to accelerate the growth of the nasal antihistamine market.
Rising prevalence of respiratory diseases including asthma, allergic rhinitis, and others are fuelling the demand for low-cost generic medical products across China, India, Mexico, Brazil, and South Africa, which is propelling the demand for nasal antihistamines.
Side effects associated with nasal antihistamines such as dizziness, dry mouth, and nose, headache, and others is hampering sales of nasal antihistamines.
Availability of alternatives such as oral antihistamines and others are hindering the growth of nasal antihistamines market.
As per FMI, the global market is dominated by Bayer Healthcare, Novartis AG, Glenmark Pharmaceuticals, GlaxoSmithKline, Cipla, Merck & Co., Sun Pharmaceuticals, Viatris, Proctor & Gamble, Ascend Laboratories, Centaur Pharmaceuticals, J pharmaceuticals, Sato Pharmaceuticals, and Altair Pharmaceuticals.
Leading players are emphasizing on launching new products and receiving regulatory approvals to expand their product portfolios. Some of the manufacturers are aiming at engaging into strategic collaborations, acquisitions, agreement, and merger to increase their market share and expand their global presence. For instance,
In April 2020, Cipla, an Indian multinational pharmaceutical company, announced receiving final approval for its generic version of Proventil® High Functioning Autism (HFA) Inhalation Aerosol, from the U.S. FDA. The product approval will assist the company to strengthen their presence in the U.S. pharmaceutical market.
In December 2020, GlaxoSmithKline, a leading pharmaceutical company in India, announced launching a saline wash natural nasal spray, Otrivin Breathe clean. It offers symptomatic relief from allergic rhinitis with moisturizing benefit as it has natural glycerin in it.
Some of the key players operating in the market profiled by FMI are:
Bayer Healthcare LLC
Merck & Co.
Viatris (Meda Pharmaceuticals)
Proctor & Gamble
Ascend Laboratories LLC (Alkem Laboratories)
More Valuable Insights on Nasal AntihistaminesMarket
FMI, in its new report, offers an unbiased analysis of the global nasal antihistamines market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in nasal antihistamines market with detailed segmentation:
The report offers insight into nasal antihistamines market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for nasal antihistamines market between 2021 and 2031
Nasal antihistamines market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Nasal antihistamines market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.