Nasal steroids are medicines that mainly contain corticosteroids. Corticosteroids are a class of steroid hormones that are produced in the adrenal cortex of the body. Nasal steroids are used to provide relief to the inflamed areas of the nose. Based on drug type, the global nasal steroid market can be segmented into beclomethasone, budesonide, fluticasone, triamcinolone, and others. The fluticasone drug segment is likely to expand at a significant pace during the forecast period, as the drugs have high anti-inflammatory and vasoconstriction effect, which effectively helps in treating the symptoms of nose infection as compared to other drug types. In terms of indication, the global nasal steroid market can be classified into sinus congestion, mucus production, nasal swelling, and allergic rhinitis. The allergic rhinitis segment is expected to expand at a rapid pace during the forecast period, as a large number of patients is prone to viral and bacterial infection. Based on distribution channel, the global nasal steroid market can be divided into hospital pharmacies, medical stores, and others. The medical stores segment is likely to expand at a significant pace during the forecast period as most of the drugs preferred by doctors to treat nose infection are available over-the-counter and can be bought without prescription in medical stores.

Increase in the prevalence of allergic rhinitis, along with inflammation of the nose, especially among elderly people, is a major factor fueling the global nasal steroid market. Moreover, according to the International Study on Asthma and Allergies in Childhood, prevalence of allergic rhinitis in the age group of 6 to 7 years in places such as Australia, New Zealand, and the U.K. is increasing and is projected to drive the nasal steroid market during the forecast period. However, certain side effects associated with the drugs such as nosebleed, sore throat, cough, nose dryness, etc. are likely to hamper the nasal steroid market in the next few years.

In terms of region, the global nasal steroid market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market. It is projected to account for a significant share of the global market during the forecast period due to rise in the prevalence of allergic rhinitis in the region. Additionally, according to the American Academy of Allergy, Asthma, and Immunology, every year, approximately 30 to 60 million people in the U.S. are affected with allergic rhinitis. In Europe, according to a report of the European Academy of Allergy and Clinical Immunology published in 2017, almost 100 million people in Europe suffer from allergic rhinitis and the disease is increasing among the geriatric population. Moreover, according to a survey report of the European Community Respiratory Health Survey (ECRHS) for the adult population in Europe, it was found that the overall prevalence of allergic rhinitis was 21% among all the respiration diseases and it is a factor projected to propel the nasal steroid market in the region during the forecast period. Environmental factors such as air pollution and rise in the prevalence of various infections in countries such as India and China are likely to fuel the nasal steroid market in Asia Pacific during the forecast period. Rise in the prevalence of various nose infections in Central Africa and increase in awareness regarding the effect of allergic rhinitis among children are anticipated to augment the nasal steroid market in Middle East & Africa during the forecast period.

Key players operating in the global nasal steroids market are Innovus Pharmaceuticals, Inc., GlaxoSmithKline plc, AstraZeneca, Teva Pharmaceuticals USA, Inc. and Merck & Co., Inc. among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Nasal Steroid Market

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