Akums Drugs and Pharmaceuticals, a contract manufacturing pharmaceutical company, announced expansion into the production of nasal sprays to tap into a broader market. Market reports indicate that the global nasal spray market was valued at $9.2 billion in 2021 and is expected to reach $16.9 billion by 2031, with a compound annual growth rate (CAGR) of 6.2% from 2022 to 2031.
In India, driven by a growing patient population, improved diagnosis, increased access to healthcare services, and rising affordability, there is a fast-growing demand for differentiated and effective treatment options.
Sanjeev Jain, joint MD of Akums Drugs and Pharmaceuticals stated, “Our manufacturing procedures adhere to rigorous quality control protocols and utilize advanced technology. We are driven by the enthusiasm to advance healthcare, pushing us to continuously innovate and push the boundaries of nasal spray development”.
The pharmaceutical industry is experiencing notable growth and advancements in nasal spray manufacturing, presenting opportunities in the market. The growth of e-commerce has further supported market expansion. The demand for nasal spray products is not restricted to developed nations, but is also rising in developing countries like China, Brazil, and India.
Moreover, nasal sprays hold promise for a wide range of medical applications beyond addressing common respiratory conditions. Ongoing research and development efforts are exploring new possibilities, positioning nasal spray as a fast and effective method of medication delivery.
Sandeep Jain, joint MD of Akums Drugs and Pharmaceuticals added, “We are happy to contribute to the growth and innovation in the pharmaceutical industry. The increasing number of product launches and approvals for generic nasal spray products are driving market expansion. Our commitment to improved and compliant manufacturing processes positions us well to meet the rising demands”.
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