According to a recent study by Future Market Insights, the global market for intranasal corticosteroids is projected to experience a robust growth rate of 5.0% CAGR from 2023 to 2033, escalating from a valuation of US$ 6.8 billion in 2023 to reach US$ 11.2 billion by the end of 2033. This growth underscores the expanding recognition of the effectiveness of intranasal corticosteroids in managing allergic and non-allergic rhinitis.
The market, which was valued at US$ 6.5 billion at the end of 2022, has seen a year-over-year growth of 4.8% into 2023. This steady growth is driven by increased demand for more targeted and efficient immunotherapy treatments. Despite the challenges posed by high treatment costs and expiring patents, which have historically impacted revenue streams, manufacturers are innovating aggressively. There is a significant focus on developing advanced, targeted immunotherapy options that promise better patient outcomes and sustained market growth.
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Companies are also strategically planning their product portfolio to align with the patent life cycle, filing for new patents based on dosage and prescription to maintain their market position. This is attributed to the increasing number of prescription drugs being switched to over-the-counter availability. Notably, the growing trend of self-medication in the United States presents a significant growth opportunity for manufacturers of allergic rhinitis treatment products.
In general, it is expected that the intranasal corticosteroid market will continue to experience growth in the coming years. This market offers customers an affordable and convenient option to enhance their smile.
Key Takeaways from Market Study:
- Fluticasone Propionate lead the global market with 3% value share in 2022, owed to its effectiveness in reducing airway inflammation compared to other drugs.
- The corticosteroids used for treatment of allergic rhinitis especially seasonal allergies top the sale around globe with value share of around 1% in 2022. This is due to the high amount of pollens release from plant, fungi, seeds during seasonal change.
- Retail Pharmacies accounted for dominant market share for distribution of intranasal corticosteroids in 2022 with 7% value share. This can be attributed to the fact that retail pharmacies have a strong presence with numerous conveniently located branches in various neighborhood and communities allowing for easy accessibility and availability of drugs.
- Intranasal sprays dominated globally with market share of around 3% in 2022, owed to easy administration of drugs into the nose.
- In North America, the United States exhibited rising trend of intranasal corticosteroid usage due to over the counter self-medication purchase for treatment of rhinitis. U.S. market held a value share of around 3% in 2022 globally.
“Intranasal corticosteroids is a thriving market driven by rising allergic rhinitis cases, self-medication trends, making it profitable sector to venture by entrepreneurs ” says an analyst of Future Market Insights.
Market Competition:
Pharma industries are involved in research and development to make the corticosteroid delivery fast and with higher efficiency. The medications are also made cheaper with respect to pre-existing drug to reduce competition
- In September 2022, Ryaltris has been approved by the US Food and Drug Administration, and it provides a wide variety of therapy options for children to the elderly, with the added bonus of having an onset of action of 15 minutes for nasal symptoms.
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Key Companies Profiled:
- Merck & co.
- GlaxoSmithKline
- AstraZeneca
- Sanofi
- Perrigo Co.
- Teva Pharmaceutical Industries
- Glenmark Pharmaceuticals
- Mylan
- Novartis
- Pfizer
- Pharmascience
Key Market Segments Covered in the Intranasal Corticosteroids Industry Research:
By Drug:
- Fluticasone Propionate
- Budesonide
- Beclomethasone Dipropionate
- Mometasone Furoate
- Triamcinolone Acetonide
- Ciclesonide
- Flunisolide
- Tixocortol
By Indication:
- Allergic Rhinitis (AR)
- Seasonal AR
- Perennial AR
- Non-Allergic Rhinitis (NAR)
- Infectious NAR
- Vasomotor NAR
- Atrophic NAR
By Dosage Form:
- Intranasal Drops
- Intranasal Sprays
By Distribution Channel:
- Hospitals Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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