Japan and South Korea Nasal Antihistamines Market are projected to grow at 5.3% and 3.8% CAGR respectively through 2031
According to a recent study by Future Market Insights (FMI), the nasal antihistamines market is expected to witness steady growth during the forecast period. The market valuation is expected to increase from US$ 1.89 Bn in 2020 to over US$ 3.08 Bn by 2031. This reflects a cumulative CAGR of around 3.1% over the forecast period (2021-2031).
Antihistamines are a class of medications that are often used to treat allergy symptoms. These medications are used to treat problems caused by an excess of histamine, a substance produced by the immune system. People who are allergic to pollen and other allergens are the most prevalent users of antihistamines. Sneezing, congestion, and itchy, runny nose can all be relieved with antihistamine sprays. They are available by prescription and include azelastine (Astelin, Astepro) and olopatadine (Patanase).
|Base Year Value (2020A)||US$ 1,888.7 Mn|
|Estimated Year Value (2021E)||US$ 1,960.8 Mn|
|Projected Year Value (2031F)||US$ 3,080.5 Mn|
|Value CAGR (2021-2031)||4.6%|
The global burden of respiratory diseases such as allergic rhinitis, chronic obstructive pulmonary disease, asthma has increased rapidly in the last three decades. In an article published in NCBI, it was reported that around 20–30 % of the Indian population suffers from allergic rhinitis and that 15 % develop asthma.
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Due to this growing burden, there has been an increased adoption rate of nasal antihistamines in the form of nasal sprays and nasal drops, globally. The nasal antihistamines provide rapid and effective relief from the symptoms of allergic rhinitis. Thus, the growing number of allergic rhinitis cases will propel the growth of the nasal antihistamines market in the future.
Advancements in the field of nasal drug delivery have enabled the establishment of several non-invasive approaches for treatment. Various new products such as metered dose delivery systems, innovative odorless powders and sprays, preservative-free nasal sprays and others are key drivers that will expand this industry in the forecast period.
FDA approvals of various nasal sprays to switch from prescription to OTC use has led to increased independence concerning self-administration of drugs, amongst patients who suffer from allergic rhinitis. Various additions by the manufacturers to the already available product lines, especially for AR are some of the techniques used by the manufacturers to increase product penetration amongst the population.
New product launches & approvals have emerged as key growth strategies adopted by the leading players in the nasal antihistamines market. Followed by this, the acquisition was the second most key strategy adopted by the industry players. By adopting these strategies, it helped the company to expand their regional presence as well as product offerings.
For instance, In December 2020, GlaxoSmithKline launched Otrivin Breathe clean, a saline wash with the moisturizing benefit of natural glycerine as a product for the symptomatic relief of allergic rhinitis.
Such developments not only strengthens the company’s existing portfolio but also help to increase their presence at the regional as well as global level, and helps companies to sustain the increasing competitive pressure.
Key Takeaways from Nasal Antihistamines Market Study
- By pProduct, nasal sprays accounted for the largest share of 89.0% in 2021 and are expected to continue to grow at the same trend during the forecast period.
- By age group, adults accounted for the largest share in 2021 of the nasal antihistamines market and are expected to continue to grow at the same trend during the forecast period.
- By distribution channel, the retail pharmacies segment is expected to account for the largest share of 41.0% in 2021 of the nasal antihistamines market and is expected to continue to grow at the same trend during the forecast period.
- By region, East Asia held the largest share of 23.0% in 2021 of the nasal antihistamines market. The growing awareness regarding allergies and developing healthcare infrastructure are some of the factors that fuel the high market share of this region.
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Who is Winning?
Some of the leading manufacturers of the nasal antihistamines market are focusing on product launch collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
- In April 2021, Merck & Co. acquired Pandion Therapeutics, Inc which is a U.S. based clinical-stage biotechnology company for US $ 1.85 Bn. With this acquisition, Merck strategizes to identify and secure candidates with differentiated and potentially found characteristics for the clinical trials that would be required for their new product launches. This will ensure smooth conduction of clinical trials and thus help the company to expand their business.
- In April 2020, Cipla receives final approval for a generic version of Proventil® HFA Inhalation Aerosol, from the United States FDA. With this approval, the company strengthened their presence in the US pharmaceutical market
The key market players covered by FMI include Bayer Healthcare LLC, Novartis International AG, Cipla, Glenmark Pharmaceuticals, GlaxoSmithKline, Sun Pharmaceuticals, Merck & Co., Centaur Pharmaceuticals, Viatris (Meda Pharmaceuticals), Proctor & Gamble, Ascend Laboratories LLC (Alkem Laboratories), J Pharmaceuticals, Alitair Pharmaceuticals and Sato Pharmaceuticals.
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Nasal antihistamines by Category Product:
- Nasal Spray
- Nasal Drops
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Stores
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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 9-years.
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