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).
Key Takeaways from Nasal Antihistamines Market Study
- By product, 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.
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 its 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 its 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, Alistair Pharmaceuticals, and Sato Pharmaceuticals.
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