Medical Nitroglycerin Sprays Market to reaching US$ 147.3 Million 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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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.
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.
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.
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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.
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.
Medical Nitroglycerin Sprays Market- Segmental Overview
- Prophylaxis of Angina Pectoris
- Acute Relief of Attack (Treatment)
- 60 metered sprays/bottle
- 90 metered sprays/bottle
- 200 metered sprays/bottle
- 230 metered sprays/bottle
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America (U.S & Canada)
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Thailand, Indonesia, Malaysia & Rest of South Asia)
- Oceania (Australia & New Zealand)
- Middle East & Africa (GCC, South Africa, Northern Africa & Rest of MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.