Global Sinusitis Drugs Market: Overview
Sinusitis is a common condition where the sinus linings get inflamed and disrupt the respiratory path of the patient. It is generally caused by a viral infection and dust allergies. Recently, as a result of growing cases on sinus conditions. The global sinusitis drugs market is experiencing major growth. Also, the rising prevalence of sinus in adults and children have helped the market to grow rapidly over the period of time. The growth of the global sinusitis drugs market is also attributed to the increasing number of people with a history of respiratory tract infection, compromised immunity, nasal polyps, and structural issues with the sinus glands. Owing to these factors and many more, the global sinusitis drugs market is expected to grow substantially in the forecast period of 2018 to 2028.
A recent report by TMR_Research presents an in-depth analysis of the global sinusitis drugs market. It enlightens various facets such as key growth factors, novel developments, market opportunities for the players, and challenges that a business might have to face in the global sinusitis drugs market.
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Global Sinusitis Drugs Market: Notable Developments
Currently, the global sinusitis drugs market has a highly competitive and fragmented scenario. The competition gets even tougher when regional players tend to enter the market. As a result of this competition, the players are adopting strategies such as mergers, collaboration, and partnerships. Moreover, the major players are acquiring various small and medium scale businesses in order to expand their resource bank and production capacity. Many businesses are investing heavily on the research and development activities in order to gain a technological edge over their rivals and stay ahead in the competition of the domination of global sinusitis drugs market.
- In April 2018, a U.S.-based company Intersect ENT, Inc. launched its sinus implant for treatment of nasal polyp in adults. The name of the implant was SINUVA. This implant allowed the company to attract customers who are suffering from nasal polyps and are afraid of surgery.
- In 2017, Olympus Corporation acquired Image Stream Medical, Inc. in order to improve its portfolio of medical solution assistance for healthcare facilities. The acquisition helped the acquirer to expand its resource bank along with production rights of the products improving the profit margin.
Some of the major players of the global sinusitis drugs market are Sanofi, Merck & Co. Inc., GlaxoSmithKline Plc., Intersect ENT Inc., and CHIESI Farmaceutici Spa.
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Global Sinusitis Drugs Market: Key Drivers
As a result of growing number of respiratory tract infection and rising cases of chronic rhinosinusitis (CRS) across the globe is the most common factor that is influencing the growth global sinusitis drugs market in the project time. Various technological advancements in the healthcare sector and pharmaceuticals companies are also driving the growth of global sinusitis drugs market in the forecast period. Moreover, the rising demand of antibiotics and various development in sinusitis treatments in developed and developing economies is yet again a crucial factor that is expected to influence the growth of global sinusitis drugs market over the period of time.
Though, high cost involved in diagnostic tests, and side effects of corticosteroids may hamper the growth of the global sinusitis drugs market. The rising demand for sinusitis treatments as a result of grown pollution and poor immunity of the people, the players of global sinusitis drugs market are expected to overcome the challenges. Moreover, the choice of keeping surgeries as the last resort for the treatment of sinusitis is also a crucial factor that is projected to support the growth of global sinusitis market in the forecast period of 2018 to 2028.
Global Sinusitis Drugs Market: Regional Analysis
Geographically, North America is expected to witness maximum growth of sinusitis drugs market in the forecast period. The growth is attributed to the significant number of sinusitis patients in the region. The region is expected to be followed by Europe in terms of sinusitis treatment. The region is expected to grow owing to the major technological advancements and rise in invasive surgical procedures. Also, the growth is anticipated to the result of growing invasive bacterial diseases and innovations in bacterial disease diagnosis.
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The global sinusitis drugs market is segmented on the basis of:
- Steroid nasal sprays
- Other drugs