Medical Nitroglycerin Sprays Market

Increasing Prevalence of Angina Pectoris

Angina pectoris is the result of myocardial ischemia caused by an imbalance between myocardial blood supply and oxygen demand. It is a common presenting symptom among patients with coronary artery disease (CAD). As of 2019, the total number of prevalent diagnosed cases among patients over 18 years was over 6 million.

The aforementioned figure is only slated to aggrandize in the coming years, attributed to increased prevalence of sedentary lifestyles which is ushering in major health problems among the urban population. Against this backdrop, the market for medical nitroglycerin sprays is expected to proliferate in the upcoming forecast period.

Cost Effectiveness of Nitroglycerin

Nitroglycerin is highly affordable, offering better therapeutic effects compared to sublingual tablets. This lower cost of nitroglycerin formulations is a primary driver for the medical nitroglycerin market growth.

According to a study conducted by the University of Wisconsin Hospitals and Clinics Authority, nitroglycerin sprays also offer the benefit of prolonged lifespans. For instance, nitroglycerin sprays can last up to 2 years while sublingual tablets perish within 6 months of its manufacturing.

Minimal Side Effects and Multiple Dosage Capacity

Medical nitroglycerin is available in a wide array of dosage forms, ranging from sublingual tables, sprays, in-vitro and patches to ointments. For instance, nitroglycerin sprays differ in capacity anywhere between 60 doses per bottle to 230 dose per bottle. Additionally, they induce minimum side-effects compared to conventional drugs.

These aforementioned attributes are anticipated to generate credible opportunities for market expansion in the upcoming forecast period. Additionally, the spike in angina pectoris among adults is spurring manufacturers to dole out stronger dosages of nitroglycerin sprays, typically across emerging countries.

Ineffectiveness in Patients with Microvascular Angina to Impede Growth

Surveys have demonstrated that ingesting nitroglycerin by microvascular angina patients exhibit no visible signs of improvement. This is because micro vessels tend to be highly resistant to the effects of nitroglycerin formulations. In fact, they can reduce blood pressure, causing problems.

Furthermore, enhanced nitroglycerin intake induces chronic headaches, which is a major cause of concern amongst migraine patients. All the aforementioned concerns are anticipated to impede growth prospects in the upcoming forecast decade.

Moreover, nitroglycerin sprays have limited market penetration, attributed to delays in approvals by regulatory bodies

Medical Nitroglycerin Sprays Regional Overview

North America Medical Nitroglycerin Sprays Market

The North American market is poised to capture nearly 45% of the global revenue share, slated to expand steadily at a CAGR of 4.4% until 2030. An incremental opportunity of ~2 Mn exists throughout the forecast period. The United States is expected to be the most lucrative market.

A series of regulatory approvals and amendments by the Food & Drug Administration (FDA) over a span of several years have proven instrumental in the proliferation of the nitroglycerin sprays market. Player such as Perrigo Company plc, Evus Health Solutions and Arimax Pharmaceuticals have a robust presence in the US market.

In 2016, India-based Dr. Reddy’s Laboratories (DRL) launched its nitroglycerin sublingual tablets, a therapeutic equivalent generic version of Nitrostat (Nitroglycerin) sublingual tables across the United States.

This surging popularity is primarily attributed to a rising prevalence of coronary heart diseases which induces acute angina pectoris, elevating the need to administer efficient modes of treatment.

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Europe Medical Nitroglycerin Sprays Market

Europe is expected to be the 2^nd most lucrative region for medical nitroglycerin sprays expansion. A market share exceeding 2/5^th has been projected for the entire forecast duration. A steady 4.1% CAGR is predicted for the region.

Besides treating cardiovascular ailments, nitroglycerin is being touted as a potential pain reliever amongst patients suffering from myocardial infarction. Acute myocardial infarction is a leading cause of mortality and morbidity in Europe and around the world.

Nitroglycerin remains a first-line treatment for the resultant angina pectoris, providing benefits by giving rise to Nitric Oxide which causes vasodilation and increases blood flow to the myocardium. Hence, manufacturers are increasing their presence within the region.

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East Asia Medical Nitroglycerin Sprays Market

East Asia is anticipated to present substantial expansion opportunities for the medical nitroglycerin sprays market. The region is expected to reach US$ 21.3 Mn by 2030 end. This represents a CAGR worth 4.3%. Growth is expected to be pivoted by Japan, attributed to a significant chunk of geriatric population.

China is expected to generate the most lucrative growth opportunity, registering an attractiveness index worth 1.4. Surging investments in strengthening healthcare infrastructure to provide sophisticated treatment for several cardiac ailments is expected to steer growth.

Majority of the nitroglycerin sprays are occurring through online pharmacies. This is primarily due to the ongoing COVID-19 pandemic as well as convenience in administration to patients. These sprays are small enough to be ingested at home by other family members and is quite easy to use.

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Category-wise Insights

Prophylaxis of Angina Pectoris Holds Lead

Prophylaxis of angina pectoris is slated to emerge as the principal application area for medical nitroglycerin sprays. A market share exceeding 80% has been predicted by 2030. A steady CAGR of 4.1% is pegged for the segment, reaching US$ 127.8 Mn by the end of the forecast period.

However, acute relief of attack segment is slated to expand rapidly, recording a CAGR worth 4.6%. Increasing incidences of severe angina pectoris and the resulting trauma experienced by the patients are expected to steer this segment to newer heights in the future.

90 Metered Sprays/Bottle Dose Capacity Slated to Dominate

90 metered sprays/bottle dose capacity nitroglycerin sprays are slated to be the most popular, accounting for over a third of the revenue share. The segment is poised to reach US$ 51 Mn by 2030, registering a CAGR of 4.2% and an attractiveness index of 1.4.

The 200 metered sprays/bottle segment is likely to follow closely, capturing a market share of nearly 30% and reaching a valuation of US$ 43.1 Mn by 2030. An attractiveness index of 1.0 is projected for this segment.

Conventional Retail Pharmacies Hold Lion’s Share

Conventional retail pharmacies are expected to remain the kingpin of the global medical nitroglycerin sprays market. They are poised to earn nearly half of the total revenue share throughout the 2020-2030 forecast period. Strong distribution networks with manufacturers enables pharmacies to procure adequate stock, becoming the primary source of these sprays.

However, online pharmacies are in hot pursuit, registering a nearly identical market share. A strong CAGR of ~5% is projected for the online pharmacy segment. This is largely attributed to increasing sales volumes via digital platforms due to the ongoing pandemic crisis as well as heightening digital literacy among people.

Key Challenges

The COVID-19 pandemic has had detrimental impacts on the world at large, bringing in massive revenue shortfalls and reduced profit margins. A long-term economic recession is likely to be perpetuated for the forthcoming years. Meanwhile, healthcare providers are racing against time to discover potential cures for the virus.

As a result, the priority of all hospitals and clinics has shifted towards catering to COVID-19 patients, decelerating demand for medical nitroglycerin sprays due to limited uptake. Fortunately, the need for home-based nitroglycerin sprays is anticipated to surge, attributed to rising need for managing coronary artery disease.

Deferment and denial of elective cardiovascular surgeries in favor of treating patients infected with the pandemic is prompting patients to opt for homecare alternatives. Consequently, oral and sublingual administration of nitroglycerin sprays has been rising steadily to prevent acute angina attacks.

As governments worldwide allocate substantial portions of their budgets towards developing an anti-COVID vaccine, the global healthcare industry is inching one step closer towards the elimination of the pandemic, rendering it possible for hospitals to resume their regular operations, thus sustaining demand for nitroglycerin sprays.

Competitive Landscape

The global medical nitroglycerin sprays market is highly consolidated, with the presence of four prominent players: Perrigo Company Plc., Evus Health Solutions LLC., G. Pohl-Boskamp GmbH & Co. and Akrimax Pharmaceuticals LLC. These players have a robust presence across a majority of the regions profiled in this report.

The aforementioned players are primarily concentrating on portfolio strengthening by introducing new products into the market. Generic product launches with cost effective pricing and safety benefits to increase customer base is the strategic focus of these players.

For instance, in September 2020, Perrigo Company Inc. introduced the store brand equivalent of Voltaren® Arthritis Pain Reliever in over-the-counter pharmacy stores. It is the first abbreviated new drug application (ANDA) to receive U.S FDA approval.

In 2006, Evus Health Solutions received clearance from the FDA to launch the NitroMist® Nitroglycerin Lingual Aerosol Spray. The device is a nitrate vasodilator indicated for acute relief of an attack or acute prophylaxis of angina pectoris. This 400 mcg per spray is available in 230 metered or 90 metered sprays per container.

G-Pohl-Boskamp GmbH & Co. is one of Germany’s most successful independent pharmaceutical producers. Its product portfolio includes a range of products for several chronic conditions. In this case, the company manufactures the Nitrolingual Pumpspray available in 60 and 200 metered sprays per container.

Some of the leading companies operating in the medical nitroglycerin market are:

• G. Pohl-Boskamp GmbH & Co. KG
• Perrigo Pharmaceuticals Ltd
• Akrimax Pharmaceuticals, LLC
• Evus Health Solutions

*This list is only indicative – The full list of medical nitroglycerin market players is available on request.

Medical Nitroglycerin Sprays Market- Report Scope

Key Questions Answered in the Report

• Briefly describe the future growth trajectory of the Medical Nitroglycerin Sprays market.

  The global Medical Nitroglycerin Sprays market was valued at US$ 94.4 Mn in 2019, and is expected to register a CAGR of 4.2% during the forecast period (2020-2030), reaching US$ 147.3 Mn by 2030-end.

• How is the COVID-19 pandemic affecting Medical Nitroglycerin Sprays market?

  The ongoing novel coronavirus disease pandemic is anticipated to substantially influence the Medical Nitroglycerin Sprays market. With exponentially rising number of cases every day, footfalls across hospitals and clinics are dwindling, leading to a decline in Nitroglycerin spray drug administration.

  However, it is expected that people will rely more on self-medication techniques, especially patients with chronic heart ailments. For this, residential grade Nitroglycerin spray usage is bound to increase, keeping demand afloat during the ensuing time period.

• What are the key factors driving Medical Nitroglycerin Sprays market?

  Rising prevalence of Angina Pectoris and cost effectiveness of Nitroglycerin combined with ease of spray usage are anticipated to collectively provide an upward thrust to the Medical Nitroglycerin Sprays market in the forthcoming forecast period.

• Which factors are hindering the Medical Nitroglycerin Sprays market expansion?

  According to FMI’s estimates, inadequate distribution networks of manufacturers is expected to restrict regional penetration of Nitroglycerin sprays across several countries. Moreover, purported ineffectiveness of the procedure among microvascular angina patients is also slated to restrain market growth.

• Which region is anticipated to emerge most lucrative in Medical Nitroglycerin Sprays market?

  North America is likely to remain the kingpin of the global Medical Nitroglycerin Sprays market throughout the 2020-2030 forecast period, showcasing an attractiveness index of 3.3. This is followed by Europe and East Asia respectively, accounting for market shares of 22.5% and 14.5% respectively.

• Outline the intensity of competition within the global landscape of Medical Nitroglycerin Sprays market.

  The global market is dominated by top 4 manufacturers- Perrigo Company plc, Evus Health Solutions, LLC, G. Pohl-Boskamp GmbH & Co. KG, Akrimax Pharmaceuticals, LLC.

  Major players in the medical nitroglycerin sprays market focus on enhancing their global and regional presence through partnerships and strategic collaborations.

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• Is this research conducted by Future Market Insights?

  Yes, the Medical Nitroglycerin Sprays market research has been conducted by expert analysts of Future Market Insights through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to the research analyst

• What research methodology is followed by FMI?

  FMI follows a methodology that encompasses the demand side assessment of the market, and triangulates the same through a supply side analysis. This methodology is based on use of standard market structure, methods and definitions.

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• What are the sources of secondary research?

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Medical Nitroglycerin Sprays Market- Segmental Overview

Application

• Prophylaxis of Angina Pectoris
• Acute Relief of Attack (Treatment)

Dose Capacity

• 60 metered sprays/bottle
• 90 metered sprays/bottle
• 200 metered sprays/bottle
• 230 metered sprays/bottle

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Region

• North America (U.S & Canada)
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
• Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia & Rest of Europe)
• East Asia (China, Japan & South Korea)
• South Asia (India, Thailand, Indonesia, Malaysia & Rest of South Asia)
• Oceania (Australia & New Zealand)
• Middle East & Africa (GCC, South Africa, Northern Africa & Rest of MEA)