2020-2027 Analysis and Review Corticosteroid Nasal Sprays Market
Corticosteroid Nasal Sprays Market By Drug Class (Fluticasone, Budesonide, Triamcinolone and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027
The corticosteroid nasal sprays market was valued at USD5,583.1 Mn by 2019.As per the statistics brought forward by the American Academy of Allergy Asthma and Immunology (AAAAI) approximately 10% to 30% of the global population suffers from allergic rhinitis. Furthermore, a significant rise in the patients suffering from nasal polyps and rhinosinusitis infection consolidates the corticosteroids nasal sprays market. The major hurdle associated with the market is the competition imposed by the antihistaminic nasal sprays for treating upper respiratory tract infection.
Corticosteroid nasal sprays are available in the market by physician’s prescription from the last 3 decades and after several clinical trials studies and investigation over the years, significant technological advancement has been imparted to its drug dosage and formulation to render it safe for its therapeutic use. The nasal sprays usually take few weeks before giving symptomatic relief, it is important to understand that although OTC products are available it is safe to take corticosteroid nasal sprays after physicians' recommendation to negate the occurrence of any side effects.
The major segments related to the corticosteroid nasal sprays market are:
By Drug Class (2017–2027; US$ Mn)
Fluticasone
Budesonide
Triamcinolone
Others
By Distribution Channel (2017–2027; US$ Mn)
Hospital Pharmacy
Retail Pharmacy
Others
Geography Segment (2017–2027; US$ Mn)
North America
United States
Canada
Europe
United Kingdom
Germany
Rest of Europe
Asia Pacific
China
Japan
Rest of Asia Pacific
Latin America (LATAM)
Brazil
Mexico
Rest of Latin America
Middle East and Africa (MEA)
GCC
Rest of MEA
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Segment Analysis
Budesonide is reigning the drug class segment for corticosteroid nasal sprays market. It is the corticosteroid nasal spray of the first choice for reducing the inflammation associated with seasonal allergic rhinitis and its aqueous nasal sprays are beneficial in relieving itching and sneezing. Fluticasone is anticipated to register impressive market growth during the forecast period owing to its ability to treat nasal polyps and drastically reduces the inflammation associated with chronic rhinosinusitis. Triamcinolone is frequently prescribed by physicians for treating seasonal flu and allergic rhinitis in children belonging to the age group of 2 to 5 years on account of its safe tolerability index and efficacy in pediatric patients.
Hospital pharmacy is dominating the distribution channel segment for corticosteroid nasal sprays market. The primary attribute responsible for its market dominance is a significant rise in the number of patients visiting hospitals for upper respiratory infection and purchase prescribed medicine from the hospital pharmacy. Retail pharmacy is set to register sturdy market growth in the near future on account of availability of corticosteroid nasal sprays as over the counter products at a discounted price.
North America is dominating the geography segment for corticosteroid nasal sprays market. As per the latest research citings provided by the Center for Disease Control and Prevention (CDC), approximately 28.9 million U.S. adult citizens are suffering from sinusitis infection. Furthermore, the domicile of key manufacturers such as AstraZeneca AB, GlaxoSmithkline, Plc., OptiNose US, Inc., Merck & Co., Inc., further propels the corticosteroid nasal sprays market growth in the region. Europe is currently the second-largest market in the regional segment owing to the rising prevalence of allergic rhinitis infection in the European Union region. As per the statistics provided by the European Academy of Allergy and Clinical Immunology approximately 100 million Europeans suffer from allergic rhinitis infection. Asia Pacific is set to register comfortable market growth in the near future on account of the rising prevalence of seasonal flu infection affecting the upper respiratory tract and the presence of a huge generic market for the corticosteroid nasal sprays in the region.
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