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Decongestants are used for reducing the swelling of blood vessels inside the nose, easing breathing through mucus drainage. As a result of growing cases of seasonal allergies, viral infections and pollution, there has been an exponential rise in nasal congestion issues across the world. Decongestants play an important role in providing instant and temporary relief from nasal congestion symptoms by constricting swollen blood vessels in the nasal passages. Some commonly used decongestants include pseudoephedrine, phenylephrine, and oxymetazoline.
The global Decongestant Market is estimated to be valued at US$ 4,710.4 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising awareness about various decongestant products among consumers along with growing self-medication practices has been a key trend boosting the decongestant market growth. Decongestant products are easily available over-the-counter without any prescription which consumers take advantage of in order to get immediate relief from nasal congestion and breathing issues caused by allergies and infections. Moreover, major market players are focusing on new product innovations and launches of decongestant medicines and nasal sprays with improved formulations for quick decongestion. There is also a rise in demand for herbal and homeopathic decongestant products due to increasing health concerns regarding side-effects of conventional decongestants. This has prompted companies to invest more in research and development of herbal decongestant products.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the decongestant market requires large capital investment and established distribution channels. However, growth opportunities in emerging markets can attract new players.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of generic products and presence of many global brands. Buyers can negotiate on price and demand value-added offerings.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative ingredient sources and suppliers. However, suppliers of patented/differentiated ingredients control pricing.
Threat of new substitutes: The threat of new substitutes is high as alternative treatment options like nasal irrigation systems and homeopathy gain traction.
Competitive rivalry: The competitive rivalry is high among global players to gain market share through new product launches, marketing campaigns and M&A activities.
Key Takeaways
The global decongestant market is expected to witness high growth over the forecast period. The global Decongestant Market is estimated to be valued at US$ 4,710.4 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2030.
North America currently dominates the market owing to increasing prevalence of respiratory diseases and rising healthcare expenditure. However, Asia Pacific is expected to witness fastest growth due to growing population, improving healthcare infrastructure and adoption of western lifestyle. Europe is also expected to grow significantly during the forecast period. This is majorly attributed to increasing approvals for OTC medications in the region. Growing awareness about cold and flu and self-medication tendencies will also support market growth in the region.
Key players: Key players operating in the decongestant market are Johnson & Johnson, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Sanofi S.A., Bayer AG, Reckitt Benckiser Group plc, Prestige Consumer Healthcare Inc., Procter & Gamble Co. Johnson & Johnson leads the market with its flagship brands such as Sudafed.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
