Selected research
Industry Research
Budesonide Aerosol And Nasal Spray Industry Research Report 2026
Market perspective
The global Budesonide Aerosol And Nasal Spray market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Budesonide Aerosol And Nasal Spray is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Budesonide Aerosol And Nasal Spray is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Budesonide Aerosol And Nasal Spray is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Budesonide Aerosol And Nasal Spray include Grand Pharma, Teva Pharmaceutical Industrie, Sun Pharmaceutical Industries, Shanghai Sine Pharmaceutical Laboratories, Sandoz, Sichuan Purity Pharmaceutical, Novartis, Mylan and Lunan Pharmaceutical Group, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Budesonide Aerosol And Nasal Spray market in terms of revenue (US$ million) and, where applicable, sales volume (units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of Types and Applications, harmonizes vendor attribution, and presents comparable time series by company, Type, Application, and region/country, including indicative price bands (US$/units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for brand owners, manufacturers, retailers, channel partners, and investors; data are structured with consistent units and fields to facilitate integration into internal FP&A and BI systems.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Budesonide Aerosol And Nasal Spray Market by Company
Grand Pharma
Teva Pharmaceutical Industrie
Sun Pharmaceutical Industries
Shanghai Sine Pharmaceutical Laboratories
Sandoz
Sichuan Purity Pharmaceutical
Novartis
Mylan
Lunan Pharmaceutical Group
Synmosa
AstraZeneca
Zydus Cadila
Perrigo
Mcneil AB
Lupin Pharmaceuticals
Hikma Pharmaceuticals
Dr. Reddy's Laboratories
Cipla
Budesonide Aerosol And Nasal Spray Segment by Type
Budesonide Aerosol
Budesonide Nasal Spray
Budesonide Aerosol And Nasal Spray Segment by Application
Bronchial Asthma
Chronic Asthmatic Bronchitis
Seasonal Allergic Rhinitis
Non-Allergic Rhinitis
Perennial Allergic Rhinitis
Others
Budesonide Aerosol And Nasal Spray Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Budesonide Aerosol And Nasal Spray market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Budesonide Aerosol And Nasal Spray and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Budesonide Aerosol And Nasal Spray.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc.), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Budesonide Aerosol And Nasal Spray manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Budesonide Aerosol And Nasal Spray by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Budesonide Aerosol And Nasal Spray in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Budesonide Aerosol
- Budesonide Nasal Spray
Applications
- Bronchial Asthma
- Chronic Asthmatic Bronchitis
- Seasonal Allergic Rhinitis
- Non-Allergic Rhinitis
- Perennial Allergic Rhinitis
- Others
Companies covered
- Grand Pharma
- Teva Pharmaceutical Industrie
- Sun Pharmaceutical Industries
- Shanghai Sine Pharmaceutical Laboratories
- Sandoz
- Sichuan Purity Pharmaceutical
- Novartis
- Mylan
- Lunan Pharmaceutical Group
- Synmosa
- AstraZeneca
- Zydus Cadila
- Perrigo
- Mcneil AB
- Lupin Pharmaceuticals
- Hikma Pharmaceuticals
- Dr. Reddy's Laboratories
- Cipla
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Global Market Growth Prospects
- 2.2.1 Global Budesonide Aerosol And Nasal Spray Market Size (2021-2032)
- 2.2.2 Global Budesonide Aerosol And Nasal Spray Sales (2021-2032)
- 2.2.3 Global Budesonide Aerosol And Nasal Spray Market Average Price (2021-2032)
- 2.3 Budesonide Aerosol And Nasal Spray by Type
- 2.3.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Budesonide Aerosol
- 2.3.3 Budesonide Nasal Spray
- 2.4 Budesonide Aerosol And Nasal Spray by Application
- 2.4.1 Market Value Comparison by Application (2021 VS 2025 VS 2032)
- 2.4.2 Bronchial Asthma
- 2.4.3 Chronic Asthmatic Bronchitis
- 2.4.4 Seasonal Allergic Rhinitis
- 2.4.5 Non-Allergic Rhinitis
- 2.4.6 Perennial Allergic Rhinitis
- 2.4.7 Others
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Budesonide Aerosol And Nasal Spray Market Competitive Situation by Manufacturers (2021 Versus 2025)
- 3.2 Global Budesonide Aerosol And Nasal Spray Sales (units) of Manufacturers (2021-2026)
- 3.3 Global Budesonide Aerosol And Nasal Spray Revenue of Manufacturers (2021-2026)
- 3.4 Global Budesonide Aerosol And Nasal Spray Average Price by Manufacturers (2021-2026)
- 3.5 Global Budesonide Aerosol And Nasal Spray Industry Ranking, 2024 VS 2025 VS 2026
- 3.6 Global Manufacturers of Budesonide Aerosol And Nasal Spray, Manufacturing Sites & Headquarters
- 3.7 Global Manufacturers of Budesonide Aerosol And Nasal Spray, Product Type & Application
- 3.8 Global Manufacturers of Budesonide Aerosol And Nasal Spray, Established Date
- 3.9 Global Budesonide Aerosol And Nasal Spray Market CR5 and HHI
- 3.10 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Grand Pharma
- 4.1.1 Grand Pharma Company Information
- 4.1.2 Grand Pharma Business Overview
- 4.1.3 Grand Pharma Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.1.4 Grand Pharma Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.1.5 Grand Pharma Recent Developments
- 4.2 Teva Pharmaceutical Industrie
- 4.2.1 Teva Pharmaceutical Industrie Company Information
- 4.2.2 Teva Pharmaceutical Industrie Business Overview
- 4.2.3 Teva Pharmaceutical Industrie Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.2.4 Teva Pharmaceutical Industrie Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.2.5 Teva Pharmaceutical Industrie Recent Developments
- 4.3 Sun Pharmaceutical Industries
- 4.3.1 Sun Pharmaceutical Industries Company Information
- 4.3.2 Sun Pharmaceutical Industries Business Overview
- 4.3.3 Sun Pharmaceutical Industries Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.3.4 Sun Pharmaceutical Industries Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.3.5 Sun Pharmaceutical Industries Recent Developments
- 4.4 Shanghai Sine Pharmaceutical Laboratories
- 4.4.1 Shanghai Sine Pharmaceutical Laboratories Company Information
- 4.4.2 Shanghai Sine Pharmaceutical Laboratories Business Overview
- 4.4.3 Shanghai Sine Pharmaceutical Laboratories Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.4.4 Shanghai Sine Pharmaceutical Laboratories Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.4.5 Shanghai Sine Pharmaceutical Laboratories Recent Developments
- 4.5 Sandoz
- 4.5.1 Sandoz Company Information
- 4.5.2 Sandoz Business Overview
- 4.5.3 Sandoz Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.5.4 Sandoz Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.5.5 Sandoz Recent Developments
- 4.6 Sichuan Purity Pharmaceutical
- 4.6.1 Sichuan Purity Pharmaceutical Company Information
- 4.6.2 Sichuan Purity Pharmaceutical Business Overview
- 4.6.3 Sichuan Purity Pharmaceutical Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.6.4 Sichuan Purity Pharmaceutical Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.6.5 Sichuan Purity Pharmaceutical Recent Developments
- 4.7 Novartis
- 4.7.1 Novartis Company Information
- 4.7.2 Novartis Business Overview
- 4.7.3 Novartis Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.7.4 Novartis Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.7.5 Novartis Recent Developments
- 4.8 Mylan
- 4.8.1 Mylan Company Information
- 4.8.2 Mylan Business Overview
- 4.8.3 Mylan Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.8.4 Mylan Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.8.5 Mylan Recent Developments
- 4.9 Lunan Pharmaceutical Group
- 4.9.1 Lunan Pharmaceutical Group Company Information
- 4.9.2 Lunan Pharmaceutical Group Business Overview
- 4.9.3 Lunan Pharmaceutical Group Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.9.4 Lunan Pharmaceutical Group Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.9.5 Lunan Pharmaceutical Group Recent Developments
- 4.10 Synmosa
- 4.10.1 Synmosa Company Information
- 4.10.2 Synmosa Business Overview
- 4.10.3 Synmosa Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.10.4 Synmosa Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.10.5 Synmosa Recent Developments
- 4.11 AstraZeneca
- 4.11.1 AstraZeneca Company Information
- 4.11.2 AstraZeneca Business Overview
- 4.11.3 AstraZeneca Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.11.4 AstraZeneca Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.11.5 AstraZeneca Recent Developments
- 4.12 Zydus Cadila
- 4.12.1 Zydus Cadila Company Information
- 4.12.2 Zydus Cadila Business Overview
- 4.12.3 Zydus Cadila Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.12.4 Zydus Cadila Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.12.5 Zydus Cadila Recent Developments
- 4.13 Perrigo
- 4.13.1 Perrigo Company Information
- 4.13.2 Perrigo Business Overview
- 4.13.3 Perrigo Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.13.4 Perrigo Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.13.5 Perrigo Recent Developments
- 4.14 Mcneil AB
- 4.14.1 Mcneil AB Company Information
- 4.14.2 Mcneil AB Business Overview
- 4.14.3 Mcneil AB Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.14.4 Mcneil AB Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.14.5 Mcneil AB Recent Developments
- 4.15 Lupin Pharmaceuticals
- 4.15.1 Lupin Pharmaceuticals Company Information
- 4.15.2 Lupin Pharmaceuticals Business Overview
- 4.15.3 Lupin Pharmaceuticals Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.15.4 Lupin Pharmaceuticals Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.15.5 Lupin Pharmaceuticals Recent Developments
- 4.16 Hikma Pharmaceuticals
- 4.16.1 Hikma Pharmaceuticals Company Information
- 4.16.2 Hikma Pharmaceuticals Business Overview
- 4.16.3 Hikma Pharmaceuticals Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.16.4 Hikma Pharmaceuticals Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.16.5 Hikma Pharmaceuticals Recent Developments
- 4.17 Dr. Reddy's Laboratories
- 4.17.1 Dr. Reddy's Laboratories Company Information
- 4.17.2 Dr. Reddy's Laboratories Business Overview
- 4.17.3 Dr. Reddy's Laboratories Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.17.4 Dr. Reddy's Laboratories Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.17.5 Dr. Reddy's Laboratories Recent Developments
- 4.18 Cipla
- 4.18.1 Cipla Company Information
- 4.18.2 Cipla Business Overview
- 4.18.3 Cipla Budesonide Aerosol And Nasal Spray Sales, Revenue and Gross Margin (2021-2026)
- 4.18.4 Cipla Budesonide Aerosol And Nasal Spray Product Portfolio
- 4.18.5 Cipla Recent Developments
5 Global Budesonide Aerosol And Nasal Spray Market Scenario by Region
- 5.1 Global Budesonide Aerosol And Nasal Spray Market Size by Region: 2021 VS 2025 VS 2032
- 5.2 Global Budesonide Aerosol And Nasal Spray Sales by Region: 2021-2032
- 5.2.1 Global Budesonide Aerosol And Nasal Spray Sales by Region: 2021-2026
- 5.2.2 Global Budesonide Aerosol And Nasal Spray Sales by Region: 2027-2032
- 5.3 Global Budesonide Aerosol And Nasal Spray Revenue by Region: 2021-2032
- 5.3.1 Global Budesonide Aerosol And Nasal Spray Revenue by Region: 2021-2026
- 5.3.2 Global Budesonide Aerosol And Nasal Spray Revenue by Region: 2027-2032
- 5.4 North America Budesonide Aerosol And Nasal Spray Market Facts & Figures by Country
- 5.4.1 North America Budesonide Aerosol And Nasal Spray Market Size by Country: 2021 VS 2025 VS 2032
- 5.4.2 North America Budesonide Aerosol And Nasal Spray Sales by Country (2021-2032)
- 5.4.3 North America Budesonide Aerosol And Nasal Spray Revenue by Country (2021-2032)
- 5.4.4 United States
- 5.4.5 Canada
- 5.4.6 Mexico
- 5.5 Europe Budesonide Aerosol And Nasal Spray Market Facts & Figures by Country
- 5.5.1 Europe Budesonide Aerosol And Nasal Spray Market Size by Country: 2021 VS 2025 VS 2032
- 5.5.2 Europe Budesonide Aerosol And Nasal Spray Sales by Country (2021-2032)
- 5.5.3 Europe Budesonide Aerosol And Nasal Spray Revenue by Country (2021-2032)
- 5.5.4 Germany
- 5.5.5 France
- 5.5.6 U.K.
- 5.5.7 Italy
- 5.5.8 Russia
- 5.5.9 Spain
- 5.5.10 Netherlands
- 5.5.11 Switzerland
- 5.5.12 Sweden
- 5.5.13 Poland
- 5.6 Asia Pacific Budesonide Aerosol And Nasal Spray Market Facts & Figures by Country
- 5.6.1 Asia Pacific Budesonide Aerosol And Nasal Spray Market Size by Country: 2021 VS 2025 VS 2032
- 5.6.2 Asia Pacific Budesonide Aerosol And Nasal Spray Sales by Country (2021-2032)
- 5.6.3 Asia Pacific Budesonide Aerosol And Nasal Spray Revenue by Country (2021-2032)
- 5.6.4 China
- 5.6.5 Japan
- 5.6.6 South Korea
- 5.6.7 India
- 5.6.8 Australia
- 5.6.9 Taiwan
- 5.6.10 Southeast Asia
- 5.7 South America Budesonide Aerosol And Nasal Spray Market Facts & Figures by Country
- 5.7.1 South America Budesonide Aerosol And Nasal Spray Market Size by Country: 2021 VS 2025 VS 2032
- 5.7.2 South America Budesonide Aerosol And Nasal Spray Sales by Country (2021-2032)
- 5.7.3 South America Budesonide Aerosol And Nasal Spray Revenue by Country (2021-2032)
- 5.7.4 Brazil
- 5.7.5 Argentina
- 5.7.6 Chile
- 5.8 Middle East and Africa Budesonide Aerosol And Nasal Spray Market Facts & Figures by Country
- 5.8.1 Middle East and Africa Budesonide Aerosol And Nasal Spray Market Size by Country: 2021 VS 2025 VS 2032
- 5.8.2 Middle East and Africa Budesonide Aerosol And Nasal Spray Sales by Country (2021-2032)
- 5.8.3 Middle East and Africa Budesonide Aerosol And Nasal Spray Revenue by Country (2021-2032)
- 5.8.4 Egypt
- 5.8.5 South Africa
- 5.8.6 Israel
- 5.8.7 Türkiye
- 5.8.8 GCC Countries
6 Segment by Type
- 6.1 Global Budesonide Aerosol And Nasal Spray Sales by Type (2021-2032)
- 6.1.1 Global Budesonide Aerosol And Nasal Spray Sales by Type (2021-2032) & (units)
- 6.1.2 Global Budesonide Aerosol And Nasal Spray Sales Market Share by Type (2021-2032)
- 6.2 Global Budesonide Aerosol And Nasal Spray Revenue by Type (2021-2032)
- 6.2.1 Global Budesonide Aerosol And Nasal Spray Sales by Type (2021-2032) & (US$ Million)
- 6.2.2 Global Budesonide Aerosol And Nasal Spray Revenue Market Share by Type (2021-2032)
- 6.3 Global Budesonide Aerosol And Nasal Spray Price by Type (2021-2032)
7 Segment by Application
- 7.1 Global Budesonide Aerosol And Nasal Spray Sales by Application (2021-2032)
- 7.1.1 Global Budesonide Aerosol And Nasal Spray Sales by Application (2021-2032) & (units)
- 7.1.2 Global Budesonide Aerosol And Nasal Spray Sales Market Share by Application (2021-2032)
- 7.2 Global Budesonide Aerosol And Nasal Spray Revenue by Application (2021-2032)
- 7.2.1 Global Budesonide Aerosol And Nasal Spray Sales by Application (2021-2032) & (US$ Million)
- 7.2.2 Global Budesonide Aerosol And Nasal Spray Revenue Market Share by Application (2021-2032)
- 7.3 Global Budesonide Aerosol And Nasal Spray Price by Application (2021-2032)
8 Value Chain and Sales Channels Analysis of the Market
- 8.1 Budesonide Aerosol And Nasal Spray Value Chain Analysis
- 8.1.1 Budesonide Aerosol And Nasal Spray Key Raw Materials
- 8.1.2 Raw Materials Key Suppliers
- 8.1.3 Budesonide Aerosol And Nasal Spray Production Mode & Process
- 8.2 Budesonide Aerosol And Nasal Spray Sales Channels Analysis
- 8.2.1 Direct Comparison with Distribution Share
- 8.2.2 Budesonide Aerosol And Nasal Spray Distributors
- 8.2.3 Budesonide Aerosol And Nasal Spray Customers
9 Global Budesonide Aerosol And Nasal Spray Analyzing Market Dynamics
- 9.1 Budesonide Aerosol And Nasal Spray Industry Trends
- 9.2 Budesonide Aerosol And Nasal Spray Industry Drivers
- 9.3 Budesonide Aerosol And Nasal Spray Industry Opportunities and Challenges
- 9.4 Budesonide Aerosol And Nasal Spray Industry Restraints
10 Report Conclusion
11 Disclaimer
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