Medical Nitroglycerin Sprays Market is expected to register a CAGR of 4.2%, reaching US$ 147.3 Mn by the end of 2030
In a recent study, Future Market Insights (FMI) has forecast the medical nitroglycerin spray market to record consistent growth between 2020 and 2030. The report also projects the market to reach a valuation of US$147.3 Mn by the end of 2030.
Rising prevalence of cardiovascular ailments around the world have led to significant developments in cardiac treatments. Among those, heightening adoption of nitroglycerin sprays is touted as one of the most renowned treatment approaches.
Coronary heart disease is among the leading causes of morbidity and fatality amongst heart patients. This disease is the leading cause of angina pectoris, or acute chest pain, caused due to blockage of arteries. To offset the discomfort, adoption of nitroglycerin sprays is rising significantly.
A significant proportion of the global heart ailment population remain undiagnosed for angina pectoris. According to FMI, this undiagnosed population base is what would possible heighten growth prospects for the market across the upcoming forecast decade.
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Key Takeaways from the Medical Nitroglycerin Sprays Study
- North America touted to retain market hegemony, capturing over two-fifths of the revenue share
- Prophylaxis of angina pectoris to remain the dominant segment, expanding steadily at 4.1% CAGR from 2020-2030
- By distribution channel, online pharmacy sales are poised to witness credible expansion owing to the pandemic and deepening digital literacy
- 90 metered sprays/bottle dose capacity to remain the most preferred option, registering an index of 1.4
- Global medical nitroglycerin sprays market is likely to expand steadily, registering a CAGR of 4.2%
“Continued innovations in product development to roll out effective therapeutic options for angina pectoris treatment characterize vendors’ principal expansion strategies,” concludes the FMI analyst.
COVID-19 Impact Insights
The COVID-19 pandemic has had detrimental impacts on the world at large, bringing in massive revenue shortfalls and reduced profit margins. A long-term economic recession is likely to be perpetuated for the forthcoming years.
With regard to nitroglycerin sprays, the market is expected to decelerate in the professional caregiving sector, attributed to shifting priorities towards the pandemic’s eradication. Therefore, elective surgeries for cardiac diseases are being postponed, leading to limited uptake of nitroglycerin sprays.
This deferment of elective cardiovascular surgeries is prompting patients to opt for homecare alternatives. Consequently, oral and sublingual administration of nitroglycerin sprays has been rising steadily to prevent acute angina attacks.
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The global medical nitroglycerin sprays market is highly consolidated, with the presence of four prominent players: Perrigo Company Plc., Evus Health Solutions LLC., G. Pohl-Boskamp GmbH & Co. and Akrimax Pharmaceuticals LLC. These players primarily concentrate on portfolio strengthening by introducing new products into the market.
For instance, in September 2020, Perrigo Company Inc. introduced the store brand equivalent of Voltaren® Arthritis Pain Reliever in over-the-counter pharmacy stores. It is the first abbreviated new drug application (ANDA) to receive U.S FDA approval.
In 2006, Evus Health Solutions received clearance from the FDA to launch the NitroMist® Nitroglycerin Lingual Aerosol Spray. The device is a nitrate vasodilator indicated for acute relief of an attack or acute prophylaxis of angina pectoris. This 400 mcg per spray is available in 230 metered or 90 metered sprays per container.
G-Pohl-Boskamp GmbH & Co. is one of Germany’s most successful independent pharmaceutical producers. Its product portfolio includes a range of products for several chronic conditions. In this case, the company manufactures the Nitrolingual Pumpspray available in 60 and 200 metered sprays per container.
More Insights on the Medical Nitroglycerin Sprays Market
Future Market Insights provides an unbiased global industry analysis (2015-2019) and opportunity assessment (2020-2030) on the medical nitroglycerin sprays market. The report provides compelling insights on basis of application (prophylaxis of angina pectoris & acute relief of attack (treatment)), dose capacity (60 metered spray/bottle, 90 metered sprays/bottle, 200 metered sprays/bottle, 230 metered sprays/bottle), and distribution channel (hospital pharmacies, retail pharmacies and online pharmacies) across seven major regions.
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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, the global financial capital, and has delivery centers in the 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.
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