Nasal Spray Market Trends, Research Report, Growth, Opportunities, SWOT Analysis, Industry Overview, Competitive Breakdown and Regional Forecast by 2031 | FMI
According to a new market study by Future Market Insights (FMI), the sinus therapeutic drugs market will expand at a healthy CAGR of 6.3% between 2020 and 2030.
As a result of unhealthy lifestyles, immunity levels have decreased substantially among people across the globe. This in turn has increased the prevalence of common cold, which has been majorly attributed as the cause of sinus infections. The rising incidence of sinus among adults and children alike is expected to drive the demand for sinus therapeutic drugs.
Advancements in the field of biologics are playing a crucial role in the growth of the market. On these lines, Omalizumab, a medication originally designed to reduce sensitivity to allergens, is gaining remarkable traction among researchers and drug manufacturers. Omalizumab has received approval for usage in Europe and the US in the treatment of severe allergic asthma. This is expected to fuel the growth of the sinus therapeutic drug market.
“Owing to the outbreak of COVID-19, market players are expediting the production of drugs since it’s a known fact that disorders in the respiratory tract increase the risk of contracting the virus. This is likely to offer lucrative revenue opportunities”, opines FMI analyst.
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Sinus Therapeutic Drugs Market – Key Takeaways
- Sinus therapeutic drugs market is projected to surpass a global valuation of US$ 4.29 Bn by the end of 2030
- Steroid nasal sprays accounted for the majority of share in 2019 and will remain the dominant segment through the forecast period.
- Among the different classes of drugs, antibiotics remain the most sought-out drugs and the segment is forecasted to grow at a steady pace through 2030
- The oral route of administration remains the most preferred during the treatment.
Sinus Therapeutic Drugs Market – Key Trends
- The Covid-19 outbreak has asserted the market players to focus on nasal drug delivery, thus catalyzing the growth.
- An increasing number of approvals by regulatory bodies are expected to boost the growth of the market in the forthcoming years.
Sinus Therapeutic Drugs Market – Regional Analysis
- North America and Europe are expected to cumulatively account for nearly half of the global market value, with the former holding more than 30% in 2019.
- Asia Pacific is forecasted to register tremendous growth during the forecast period, owing to poor air quality in the region which has been attributed to numerous respiratory diseases, including sinus.
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Sinus Therapeutic Drugs Market – Competitive Landscape
Some of the major players operating in the market include Sun Pharmaceutical Industries, Inc., Reddy’s Laboratories, Inc., Novartis AG, Tea Pharmaceutical Industries Ltd., Pfizer Inc., Fresenius Kabi USA, and Janssen Pharmaceuticals, Inc. Market players are focusing on obtaining an approval on their novel drugs to gain revenue opportunities. On these lines:
- In Jan 2019, Dr. Reddy’s Laboratories Ltd., along with Promius Pharma LLC announced the approval of their drug named TOSYMRA to treat acute migraines.
- Janssen submitted the Esketamine Nasal Spray novel drug application to the US FDA to restore connections between neural cells in those suffering from depression.
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Sinus Therapeutic Drugs Market – Taxonomy
- Оthеr Drug Сlаѕѕеѕ
Type of disease
- Acute Sinusitis
- Sub-acute Sinusitis
- Chronic Sinusitis
Route of administration
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
- Rest of Latin America
- Rest of Europe
- Sri Lanka
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- Rest of MEA
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Get Valuable Insights into Sinus Therapeutic Drugs Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global sinus therapeutic drugs market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the sinus therapeutic drugs market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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