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.
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