Decongestants are widely used in the treatment of nasal congestion. They are also used for relieving systems associated with hay fever, sinusitis, and colds and flu. Decongestants are usually available in the form of tablets, capsules, and nasal sprays. Considering that nasal congestion is often accompanied with other symptoms, pharma companies usually include painkillers in their decongestant formulations. Many decongestants are usually available over-the-counter, however, in case of children below six years of age and pregnant women, a prescription from a GP may be required.
Key Factors Expected to Impact Decongestants Market
Global demand for decongestants has remained stable over the years, with sales usually increasing in winters when cold and flu cases are on an increase. During the forecast period, the global decongestants market is expected to witness steady growth, owing to increasing demand from Asia Pacific. Owing to steady economic growth, a burgeoning middle class has emerged in many Asian countries, especially in China and India. This consumer segment has increased the demand for many OTC healthcare products, as consumers are finally reducing their reliance on home remedies to treat common health problems. As a result of this, pharma companies can expect to witness higher demand for decongestants in the Asia Pacific region during the forecast period.
Recent Studies Can Impede Market Growth
While demand for decongestants is anticipated to remain steady during the forecast period, recent studies suggesting the placebo effect of these medicines can stymie demand, especially among consumers who are proactively looking for in-depth information on drugs they consume. According to a study published in the Journal of Allergy and Clinical Immunology: In Practice in 2015, oral intake of phenylephrine was ineffective in treating nasal congestion. Phenylephrine is one of the major components of various decongestants available in the market.
Region-wise Analysis: Decongestants Market
In addition to Asia Pacific, Western Europe and North America are the other key markets for decongestants globally. Demand for decongestants in North America is largely driven by high sales in the U.S. – a lucrative market for OTC products. The U.S. is anticipated to remain a leading market for decongestants during the forecast period, while Canada will also contribute a significant share to total revenues in North America. Demand for decongestants in Western Europe is majorly influenced by climate, with sales witness an uptick during winters. The Western Europe decongestants market is expected to witness steady growth during the forecast period.
Global Intranasal Drug Delivery Market to Reach $71.3 Billion by 2026
As a direct result of technological advancements and increasing awareness among physicians and patients, a number of drug delivery options, including implantable, injectable, ocular, nasal, pulmonary, topical, transdermal, and transmucosal, are available to patients and care providers. The mode of delivering drugs to the target area of the patient body plays a decisive role in the effectiveness of the therapy. Pulmonary and nasal are the most popular approaches for drug delivery, owing to the ease of administration, particularly for patients requiring long-term therapy, improvement in quality of life of patients, the improved efficacy and bioavailability of administered drugs, lower risk of drug overdose, and easier compliance with stringent pharmaceutical regulations.
Nasal drug delivery route is suitable for systematic drug delivery, needleless vaccination, and for drug candidates with low oral absorption or vulnerable to first-pass effect in the human body. Intranasal drug delivery is a method involving the administration of drugs through the nasal cavity to produce a systemic or local therapeutic activity, with the exceptional vascular structure of the human nose making it suitable for administering small molecule drugs and biologics, and highly effective for treating local infections, and acute and chronic allergies. A plethora of local anesthetics, antibiotics, antihistamines, bronchodilators, calcium, corticosteroids, decongestant sprays, pain relief drugs, snuffs, supplements, vasoconstrictors and other drugs are administered through the intranasal route for chronic and acute treatments. Intranasal drugs are primarily administered in the form of ointments, sprays, powders, gels, and drops for treating allergic infections, analgesics, osteoporosis, vaccinations, pain management, anxiety, depression, and sexual dysfunction, among others.
Amid the COVID-19 crisis, the global market for Intranasal Drug Delivery estimated at US$55.5 Billion in the year 2022, is projected to reach a revised size of US$71.3 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Liquid Delivery Devices, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$31.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Powder Delivery Devices segment is readjusted to a revised 7% CAGR for the next 7-year period. This segment currently accounts for a 31.5% share of the global Intranasal Drug Delivery market.
The U.S. Market is Estimated at $23.2 Billion in 2022, While China is Forecast to Reach $5.7 Billion by 2026
The Intranasal Drug Delivery market in the U.S. is estimated at US$23.2 Billion in the year 2022. The country currently accounts for a 42.05% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$5.7 Billion in the year 2026 trailing a CAGR of 8.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.9% CAGR while Rest of European market (as defined in the study) will reach US$6.1 Billion by the close of the analysis period.
North America represents the leading global market for intranasal drug delivery, driven by the growing prevalence of respiratory disorders, such as asthma and COPD; the high adoption of drug delivery technique in healthcare institutions; and the growing affinity of patients for affordable generic drugs. Technological developments are among the major factors driving the growth of the US drug delivery industry. The US drug delivery market has recorded significant developments in the past few years, and the search for new technologies represent a perennial effort aimed at achieving incremental benefits. In addition to scientific advancements, other factors and issues such as availability of financial support, changing scientific policies, therapeutic protocols, government regulations, and market forces have a bearing on the drug delivery market.
Europe represents the second largest market for intranasal drug delivery, trailed by the Asia-Pacific. The European market is expected to showcase fast growth fueled by the rising prevalence of chronic illnesses targeted for intranasal therapeutics, the growing markets for geriatric care, pediatric care, and home healthcare. Emerging countries in Asia, the Middle East and Latin America, are expected to spearhead the growth of the global intranasal drug delivery market by virtue of the large pool of target patients, relatively stronger GDP growth, improving public and private healthcare infrastructure, increasing healthcare spending, and increasing penetration of medical insurance. The Asia-Pacific, led by countries such as India and China, is expected to exhibit strong growth through the burgeoning population, rising per capita incomes, increasing patient awareness about the benefits of intranasal drugs, and increasing investment from drug companies.
Pressurized Metered Dose Inhalers Segment to Reach $12 Billion by 2026
In the global Pressurized Metered Dose Inhalers segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7 Billion will reach a projected size of US$10.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$837.6 Million by the year 2026, while Latin America will expand at a 7.5% CAGR through the analysis period.
By Global Industry Analysts, Inc.