As per the latest research citings presented by the World Health Organization (WHO) by 2020, approximately 57% of the global population will be suffering from non-communicable diseases. Increasing funds are being provided by the governmental healthcare agencies in the research and development segment of the life science industry for novel drug development in order to curb the mortality rate associated with chronic diseases worldwide.
North America is spearheading the segment for the Corticosteroid Nasal Sprays Market. Rising prevalence of allergic rhinitis infection throughout the globe primarily drives market growth. It is considered as the first-line therapy for the treatment of allergic rhinitis infection owing to its excellent therapeutic efficacy and safety with minimal effects. Europe is anticipated to register rampant market growth in the near future on account of its increasing demand as a treatment option for patients non-responsive to the first-line therapy.
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Hospital pharmacy is presently leading the distribution channel segment for Corticosteroid Nasal Sprays Market. It is noteworthy to understand the medicines prescribed for the treatment of Corticosteroid Nasal Sprays Market needs to be accurately dispensed by the hospital pharmacist to avoid the occurrence of any drug-related adverse events. Retail pharmacy is gaining tremendous demand as a sales channel in the developing regions on account of established generic drugs market and the ability to cater to the medical requirement of people residing in remote locations.
North America is currently spearheading the geography segment for the Corticosteroid Nasal Sprays Market. The existence of well-developed healthcare infrastructure and affordable reimbursement scenario together drive the market growth in the region. Europe is in the 2nd place in the regional segment for the Corticosteroid Nasal Sprays Market. The supportive regulatory environment provided by the European Medical Agency (EMA), for the sale and distribution of Corticosteroid Nasal Sprays Market together accentuate the market growth in the region. Additionally, the strategic collaboration between the pharmaceutical companies and academic research institutes for the development of Corticosteroid Nasal Sprays Market further propel the market growth in the region. Asia Pacific is anticipated to be the fastest-growing segment Corticosteroid Nasal Sprays Market during the forecast period. Developing healthcare infrastructure and flourishing generic drugs market determine the market growth of Corticosteroid Nasal Sprays Market in the Asia Pacific region. It provides lucrative market opportunites for the western giants to establish retail outlets and subsidiaries.
Pharmaceutical manufacturers actively engaged in the production of Corticosteroid Nasal Sprays Market drugs are AstraZeneca AB., Chattem, Inc. (Sanofi Company), GlaxoSmithkline, Plc., OptiNose US, Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Sandoz, Inc., Perrigo Company, Plc., Pfizer, Inc.
Key Market Movements:
- Rising prevalence of Corticosteroid Nasal Sprays Market throughout the globe
- Supportive regulatory environment provided by the global healthcare agencies for the sale and distribution of Corticosteroid Nasal Sprays Market
- Affordable reimbursement scenario for the drugs employed for the treatment of Corticosteroid Nasal Sprays Market will further accentuate the market growth
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