Medical Nitroglycerin Sprays Market
Number of pages: 100 | Report Format: PDF | Published date: April 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 125.44 million |
|
Revenue Forecast in 2031 |
US$ 180.09 million |
|
CAGR |
4.1% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Application, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical nitroglycerin sprays market was valued at US$ 125.44 million in 2022 and is expected to register a revenue CAGR of 4.1% to reach US$ 180.09 million by 2031.
Medical Nitroglycerin Sprays Market Fundamentals
Nitroglycerin spray treats angina (chest pain) episodes in persons with coronary artery disease (narrowing of the blood arteries that feed blood to the heart). Nitroglycerin belongs to the class of drugs known as vasodilators. Nitroglycerin spray relieves chest pain by relaxing blood vessels and improving the availability of oxygen and blood to the heart. It is a quick-acting medicine that can provide relief within minutes of administration. The spray can also be used right before activities that could provoke angina attacks to prevent them from happening.
Currently, researchers are studying the use of nitroglycerin sprays in combination with other drugs to manage the symptoms of heart disease. Different studies are performed on new ways to administer nitroglycerin to the body, including transdermal patches and buccal sprays. Furthermore, investigation continues into the best dose of nitroglycerin sprays to enhance effectiveness while minimizing side effects. Furthermore, the recent medical nitroglycerin sprays market trends are the ways to improve the patient experience using nitroglycerin sprays, such as creating more user-friendly devices or improving the spray's taste.
However, it is crucial to remember that this medicine should not be used as a long-term therapy for angina. Patients should speak with their healthcare professionals for optimal management of their disease. Furthermore, the spray may induce adverse effects like headaches and dizziness, so patients should be aware of these risks.
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Medical Nitroglycerin Sprays Market Dynamics
The increasing prevalence of cardiovascular diseases and the growing demand for quick relief from angina pain drive the revenue of the medical nitroglycerine spray market. Adopting e-commerce platforms to distribute medical nitroglycerine sprays will contribute to market revenue growth. Furthermore, obesity and sedentary lifestyles are on an upward trajectory. Likewise, the number of geriatric people who are more susceptible to acquiring heart disease is increasing, influencing market trends. As a result, there is an increase in the demand for health & wellness products and services such as fitness equipment, healthy eating options, and preventative healthcare. This medical nitroglycerin spray market trend will continue as more people care about their health and well-being.
Because of their convenience and ease of use, topical administration techniques such as sprays and patches are gaining popularity. This pattern will likely persist, potentially driving innovation in the medical nitroglycerin spray market. Topical drug delivery systems are also chosen because they allow for more targeted drug delivery, which can result in faster and more effective treatment for certain illnesses. As a result, companies can invest more in the R&D of new and enhanced nitroglycerin spray formulations to suit this expanding medical nitroglycerin spray demand. Nanotechnology and microencapsulation advancements in drug delivery technology may produce more efficient and targeted nitroglycerin sprays.
In addition, there is an increasing focus on improving the patient experience with medical treatments, including nitroglycerin sprays. This focus has led to the development of new delivery methods and technologies that aim to enhance the effectiveness and convenience of nitroglycerin sprays. These advancements have the potential to improve patient adherence and overall treatment outcomes. This could lead to the development of new delivery devices, improved taste and aroma, and other features to improve patient adherence to treatment. Nitroglycerin spray is inexpensive and hence affordable. It is also a fast-acting medication that can quickly relieve chest pain caused by angina. It offers better therapeutic effects than that offered by other medications with minimal side effects, making it a popular choice for cardiovascular patients.
However, the availability of alternatives to nitroglycerin spray for angina, such as beta-blockers and calcium channel blockers, poses one of the greatest difficulties for the medical nitroglycerin spray market. These drugs are available in several forms, including pills and capsules, which are more convenient for some patients. They are also beneficial in treating angina. Additionally, the cost of nitroglycerin spray can be a challenge for some patients, especially those without insurance coverage or with high co-pays or deductibles. Nitroglycerin spray is a prescription medication not covered by all insurance plans, limiting its accessibility for some patients. Finally, there is a need for more research to determine the long-term safety and efficacy of nitroglycerin spray, as well as its potential for use in other conditions beyond angina.
Medical Nitroglycerin Sprays Market Ecosystem
This report provides the global medical nitroglycerin sprays market analysis in terms of revenue, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global medical nitroglycerin sprays market overview is analyzed from three perspectives: application, distribution channel, and region.
Medical Nitroglycerin Sprays Market by Application
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Based on the applications, the global medical nitroglycerin sprays market is segmented into prophylaxis of angina pectoris and acute relief of attack.
The acute relief of attack segment accounted for the largest revenue share of the global medical nitroglycerine spray market in 2022. An acute cardiac attack happens when blood flow to the heart is obstructed, typically by a blood clot. The World Health Organization (WHO) estimates that coronary heart disease, which can result in heart attacks, would be the top cause of mortality globally in 2019, accounting for 9.4 million deaths. Also, according to the American Heart Association, someone has a heart attack every 40 seconds in the United States. In 2019, there were an estimated 805,000 heart attacks in the United States alone. Therefore, the acute relief of the attack segment represents nitroglycerine sprays most significant use case. Nitroglycerine sprays are fast-acting and can provide rapid relief from angina symptoms, making them an effective treatment option for patients experiencing acute attacks. This factor has made nitroglycerine sprays the preferred choice for treating angina attacks over other medications. In addition, the acute relief of attack segment is also likely to be the largest revenue-generating segment because nitroglycerine sprays are used in emergencies where the patient's condition requires immediate attention. As a result, patients are likely to purchase nitroglycerine sprays more frequently when they experience acute angina attacks.
On the other hand, prophylaxis of angina pectoris is considered the fastest-growing segment of the global medical nitroglycerine sprays market, with the highest revenue CAGR. Due to several variables, including improved diagnosis methods, increased education, and enhanced rehabilitation, awareness of cardiovascular disorders is constantly growing. Healthcare providers and public health groups are educating the public through various channels, such as public awareness campaigns, educational initiatives in workplaces and schools, and online resources. Governments are also taking steps to lower the risk factors linked to cardiovascular illnesses by implementing regulations that encourage healthy lifestyles and forbid smoking and binge drinking. Prophylactic therapy for cardiac problems is now more widely used due to these efforts. Thus, increased awareness is the main factor driving the revenue growth of the prophylaxis of angina pectoris segment.
Medical Nitroglycerin Sprays Market by Distribution Channel
Based on the distribution channels, the global medical nitroglycerin sprays market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounted for the largest revenue share of the global medical nitroglycerin sprays market in 2022. Hospital pharmacies are essential stakeholders in the medicinal nitroglycerine spray market. They can assist the market in flourishing by ensuring that the medication is easily accessible to those who require it. Hospital pharmacies can ensure that nitroglycerine sprays are always accessible to patients. This can improve patient health results and satisfaction by ensuring their medications are delivered quickly and regularly. Currently, hospitals are overburdened with cardiovascular patients. In emergency units, the number of patients suffering from cardiac arrest is the most prevalent. This highlights the urgent need for preventive measures, such as using medical nitroglycerine sprays. Medical nitroglycerine sprays can help prevent cardiac arrest by reducing the risk of angina and heart attacks. It is important to have these preventive measures in place to reduce the burden on emergency units and improve patient outcomes. Therefore, pharmacies associated with hospitals are the most prominent end user for the global medical nitroglycerin spray market.
Medical Nitroglycerin Sprays Market by Region
Based on the region, the global medical nitroglycerin sprays market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global medical nitroglycerin sprays market in 2022. The market in this region is expanding significantly due to the early adoption of technology and well-established infrastructure, as well as several regulatory approvals and revisions by the FDA. The increased desire for personalized medication and the rising prevalence of chronic diseases drive market revenue growth in this region. Furthermore, the existence of prominent market competitors as well as considerable investments in research and development activities, are expected to boost the market revenue growth.
Factors such as rapidly growing investments in healthcare infrastructure would generate lucrative growth opportunities for the Asia-Pacific medical nitroglycerin sprays market revenue. Furthermore, the region's growing senior population and increased frequency of cardiovascular disorders are likely to fuel the medical nitroglycerin sprays demand during the forecast period.
Medical Nitroglycerin Sprays Market Competitive Landscape
Companies in the medical nitroglycerin spray market are concentrating on launching new products based on cutting-edge technology to emphasize the global medical nitroglycerine spray market. Further, multiple companies across the globe are investing in raising awareness and reimbursement, which is expected to improve the medical nitroglycerin sprays market. Notable market participants holding the largest revenue share of the global medical nitroglycerin sprays market include,
Medical nitroglycerin spray is used to treat episodes of angina in people who have coronary artery disease.
Acute relief of attack accounted for the largest revenue share of the global medical nitroglycerine spray market.
North America accounted for the fastest-progressing revenue in the medical nitroglycerin sprays market.
Key companies operating the global medical nitroglycerin sprays market are Perrigo Company plc, Evus Health Solutions LLC, G. Pohl-Boskamp GmbH & Co., Akrimax, Pharmaceuticals LLC, and Glenmark Pharmaceuticals Ltd.
The global medical nitroglycerin sprays market is expected to grow at a revenue CAGR of 4.1% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain