The latest information provided by the American Academy of Allergy Asthma and Immunology (AAAAI), it is estimated that 10-30 percent of the global population is suffering from allergic rhinitis. Rising prevalence of chronic rhinosinusitis and seasonal flu together will drive the corticosteroid nasal sprays market. The major hurdle faced by this market is the intense competition imposed by the antihistaminic nasal sprays for providing symptomatic relief of the upper respiratory tract infections.
Budesonide is presently spearheading the drug class segment for corticosteroid nasal sprays market. It is used as first-line therapy for attenuating the inflammation associated with seasonal allergic rhinitis and is crucial in providing symptomatic relief such as itching sneezing and runny nose. Fluticasone is will showcase magnificent market growth in the near future owing to its therapeutic efficacy in the treatment of nasal polyps and significantly reduces the inflammation associated with chronic rhinosinusitis. Triamcinolone is frequently prescribed by pediatricians for treating seasonal flu and allergic rhinitis in children’s belonging to the age group of 2 to 5 years owing to its therapeutic efficacy and safety.
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Hospital pharmacy is leading the distribution channel segment for corticosteroid nasal sprays market. The chief contributing factor catering to its positive market growth is a significant increase in the number of patients visiting hospital pharmacies with a prescription for the treatment of seasonal allergic rhinitis. The retail pharmacy has gained tremendous traction in the last decade on account of the availability of corticosteroid nasal sprays as the over the counter products.
North America is dominating the geography segment for corticosteroid nasal sprays market. According to the latest research citings brought forward by the National Ambulatory Medical Care Survey (NAMCS), approximately 35 million United States citizens are reported to be suffering from rhinosinusitis per year. Additionally, the favorable reimbursement scenario for the use of prescribed corticosteroid nasal sprays further propels its market growth in the region. Europe is at the 2nd place on account of the rising prevalence of allergic rhinitis across all age groups in the 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 keen to register magnificent market growth in the near future on account of the tropical weather of SE Asian countries that is suitable for the disease progression of seasonal flu infection. The existence of a developed generic market accentuates the corticosteroid nasal sprays market in the Asia Pacific.
Pharmaceutical companies engaged in the production of corticosteroid nasal sprays are AstraZeneca AB, Chattem, Inc., GlaxoSmithkline, Plc., OptiNose US, Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Sandoz, Inc., Perrigo Company, Plc., and Pfizer, Inc.
Market Key Takeaways:
Rising prevalence of allergic rhinitis and chronic rhinosinusitis throughout the globe
Affordable reimbursement scenario for the corticosteroid nasal sprays prescribed for treating seasonal and allergic reactions of the upper respiratory tracts
Presence of generic market in developing countries and availability as over the country products in developed countries together drive corticosteroid nasal sprays market