Global Sinusitis Treatment Drugs Market Is Expected To Reach US$ 2,695.4 Mn During The Forecast Period 2018 - 2026
According to the latest report published by Credence Research, Inc. “Sinusitis Treatment Drugs Market- Growth, Future Prospects and Competitive Analysis, 2018-2026,” the Sinusitis Treatment Drugs market was valued at USD 2,006.9 Mn in 2017, and is expected to reach USD 2,695.4 Mn by 2026, expanding at a CAGR of 3.2% from 2018 to 2026.
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Sinusitis is one the most common upper respiratory tract infections with huge awareness in patents and medical professionals. Based on severity and nature, rhinosinusitis is classified into acute and chronic. It has been observed that most of the acute sinusitis cases are caused due to viral infection allied with common cold. Most of sinusitis cases are treated with decongestants, analgesics, and saline irrigation, particularly in patients to provide symptomatic relief. In addition, narrow-spectrum antibiotics are also prescribed in cases of acute sinusitis where disease condition do not improve after 7 days.
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According to Sinuwave Technologies Corporation, sinusitis affects around 40% of the population in the United States and results around US$ 8.6 Bn in annual treatment expenditure every year. According to medical experts, acute sinusitis is usually of viral etiology and patients are treated with supportive therapies such as nasal irrigation. In case of chronic sinusitis, patients are on multiple regimes of antibiotics, local & systemic corticosteroid therapy, and other drugs.
In year 2017, decongestant & mucolytic agents dominated the market and expected to maintain its dominance throughout the forecast period. The key factors responsible for market growth are first line of action for non-infectious sinusitis, upcoming novel technologies of drug delivery, and increasing patient-awareness has assisted the growth in disease diagnosis rate. During the forecast period from 2018 to 2016, antibiotics were observed as fastest growing segment due to key market drivers such as developing diagnostics technologies post introduction of rapid microbiology testing, its rampant use in infection treatment, and rising prevalence of bacterial infections.
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North America dominated the sinusitis treatment drugs market due to key factors such as rising prevalence of sinusitis coupled with developed diagnostic technologies, and high disease awareness in patients & medical practitioners. In addition, upcoming novel drug delivery technologies are expected to assist the market growth in the near future. During the forecast period from 2018 to 2026, Asia Pacific was observed as the fastest growing region due to factors such as rising prevalence of sinusitis along with increasing awareness about the nasal & sinus disorders in patients, and developing healthcare infrastructure with skilled healthcare professionals. Swift urbanization and industrialization in key countries such as China, India, and Indonesia, leading to air pollution in urban areas and increasing the risk of sinusitis.
Market Competition Assessment:
The sinusitis treatment drugs market is matured and there are several companies operating in this market, comprises an ideal blend of domestic and global players. The key players operating in this market are Pfizer, Inc., Abbott Laboratories, Inc., Sun Pharmaceutical Industries, Ltd., Merck & Co., Inc., Teva Pharmaceutical Industries, Ltd., Janssen Pharmaceutical, Bayer AG, Novartis AG, GlaxoSmithKline plc, and Sanofi S.A.
Key Market Movements:
- Increasing awareness in the general population about the severity of sinusitis and effect on quality of life
- Rapid penetration of market players seeking growth opportunities in Asia Pacific markets of India, China, Philippines, Indonesia, etc.
- Increasing levels of air pollution worldwide is one of the major causes of sinusitis
- In the recent years, breakthrough medical technologies have led to the introduction of balloon sinuplasty, and drug-eluting sinus stents.
- Several adjunctive treatments such as antimycotics, anti-IgE, anti-IL5, capsaicin and bacterial lysates etc., are other emerging options for sinusitis treatment