Global Intranasal Corticosteroids Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global intranasal corticosteroids market is estimated to garner substantial revenue by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a modest revenue in the year 2021. The growth of the market can be attributed to the growing prevalence of sinusitis across the globe. Data published by the National Library of Medicine showed that in 2022, around 90% of people having a cold showed the symptoms of viral sinusitis.
Furthermore, the global intranasal corticosteroids market is expanding its size exponentially on the back of rising cases of cold and fever. Nasal corticosteroids, a member of the steroids family, are cortisone-like medicine and can be administered by two methods, sprayed and inhaled. Nasal corticosteroids are utilized by people to prevent irritation, discomfort, stuffy nose, and another sort of allergies. The expansion in the global intranasal corticosteroids market size is backed by the frequently occurring nasal problems such as sinus infection, airway blockage, congestion, and others. For instance, it is observed that around 0.6% of respiratory tract infections are caused by sinusitis and it can range from 20 to 45 episodes per 1000 individuals annually.
Global Intranasal Corticosteroids Market: Growth Drivers and Challenges
Growth Drivers
- Growing Geriatric Population with Low Autoimmune System to Hike the Market Growth
Based on the statistics provided by the World Bank, in 2020, the global geriatric population was stated to be 723,595,779.
- Increasing Sector of Cold & Cough Remedies
As of 2022, the cold & cough remedies sector was valued at approximately USD 40 billion.
- Higher Prevalence of Cold and Flu
As per the report provided by the National Library of Medicine (NLM) in 2019, nearly 0.3 million people died on account of influenza across the globe.
- Significant Demand in Allergic Rhinitis Treatment
The industry for global allergic rhinitis treatment is anticipated to reach around USD 7 billion by the year 2024.
- Escalating per Capita Healthcare Expenditure Across the Globe
World Health Organization published a report demonstrating healthcare expenditure per capita in 2019 to be USD 1,121.97.
Challenges
- Possibility of Side Effects such as Crusting and Nosebleed
- Significant Number of People with Rhinophobia
- Presence of Alternative Methods to Treat Allergies
The global intranasal corticosteroids market is segmented and analyzed for demand and supply by administration into aerosol liquid, spray, and implants, out of which, the spray segment is anticipated to hold the notable share in the global intranasal corticosteroids market during the forecast period on account of the flexible administration and convenient affordability. It is directly applied or sprayed into the nasal passage to reduce inflammation in conditions such as cold and fever. According to American Lung Fever Association, around 200 types of viruses are responsible to cause colds and other minor infections. Additionally, an individual can get 2 to 4 colds per year. Furthermore, intranasal corticosteroids are highly available in spray form.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Intranasal Corticosteroids Market Regional Synopsis
Regionally, the global intranasal corticosteroids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is projected to hold the largest market share by the end of 2031. The market in the Asia Pacific region is projected to witness significant growth over the forecast period on account of the higher prevalence of type 1 diabetes, rheumatoid arthritis, and other types of sclerosis. China and India are the countries with a skyrocketing prevalence of type 1 diabetes since half of the total diabetes patients in the Asia Pacific are living in these two countries. Based on the data provided by the International Diabetes Federation in 2021, it was stated that 90 million people have diabetes in South-East Asia while the figure is further expected to reach 152 million over the forecast period. Hence, the market is anticipated to grow at a significant pace over the forecast period in the Asia Pacific Region.
The global intranasal corticosteroids market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global intranasal corticosteroids market includes the following segments:
Top Featured Companies Dominating the Global Intranasal Corticosteroids Market
- AstraZeneca PLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sunovion Pharmaceuticals Inc.
- Teva Pharmaceutical Industries Ltd.
- Johnson & Johnson Services, Inc.
- GSK plc
- Sanofi S.A.
- Ivax Pharmaceuticals, Inc.
- OptiNose US, Inc.
- Chattem Chemicals, Inc.
- Intersect ENT Inc.
