Nasal Drug Delivery Technology Market worth USD 64.20 Billion by 2021

(IT-NEWSWIRE.COM, April 17, 2020 ) Increasing patient preference for nasal drug delivery as a result of easy administration & better efficacy and growing adoption of self-administration practices are some of the major factors driving the growth of the nasal drug delivery technology market. Furthermore, growth among over-the-counter nasal drugs and increasing focus on alternative routes of drug delivery such as nasal drug delivery offer significant growth opportunities for player operating in the market. On the other hand, complications associated with the overuse of nasal sprays may restraint the growth of the market.

The overuse of nasal sprays results in various complications, such as irritation in the nasal mucosa, dryness within the nose, temporary burning sensation, and runny nose. This is because nasal sprays comprise a chemical that is used for shrinking blood vessels in the nose. Thus, the continuous use of these sprays may render the blood vessels to be less responsive to the medication.Also, overuse of nasal sprays usually causes addiction among patients, which may lead to serious long-term conditions such as chronic sinusitis.

According to the U.S. Department of Health & Human Services, in 2014, there were 29.4 million adults diagnosed with sinusitis in the U.S.; this represented 12.3% of thetotal population in the country. In the nasal route of drug delivery, doctors and physicians usually cannot control the dosage of medicine consumed by patients. This can result in decongested nose and other chronic problems. These drawbacks are expected to limit the growth of the nasal drug delivery technology market (specifically for nasal sprays).

How much is the Nasal Drug Delivery Technology Market worth?

The global nasal drug delivery technology market is projected to reach USD 64.20 billion by 2021 from USD 44.00 billion in 2016, at a CAGR of 6.5% during the forecast period. Asia is projected to grow at the highest CAGR during the forecast period. Opportunities in the Asian market have attracted huge investments by major companies in the area of R&D activities. In addition, the region has low costs of labor and clinical trials, which has further served to draw market players to Asia.

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Furthermore, growth among over-the-counter nasal drugs and increasing focus on alternative routes of drug delivery such as nasal drug delivery offer significant growth opportunities for player operating in the market. On the other hand, complications associated with the overuse of nasal sprays may restraint the growth of the nasal drug delivery technology market.

The nasal drug delivery technology market is segmented based on dosage form, therapeutic application, end user, system, container, and region. On the basis of therapeutic application, the market is segmented into allergic and non-allergic rhinitis, nasal congestion, vaccination, and other therapeutic applications (osteoporosis, pain management, and sexual dysfunction).

The allergic and non-allergic rhinitis segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can primarily be attributed to the increasing prevalence of allergic and non-allergic rhinitis and growing preference for nasal drugs for its treatment.

On the basis of dosage form, the market is segmented into the sprays, drops & liquids, nasal powders, and nasal gels. In 2016, the nasal sprays segment is expected to account for the largest share of the market. The large share of this market segment can be attributed to factors such as increased patient compliance due to reduced irritation caused by dust and pollen, affordable prices of nasal sprays, and delivery of large doses of drugs.

On the basis of container, the nasal drug delivery technology market is segmented into pressurized and non-pressurized containers. In 2016, the non-pressurized containers segment is expected to account for the largest share of the market. This can be primarily attributed to advantages such as better versatility and reliability, instant availability, self-containment, better portability, and low-cost medical aerosol delivery.

In addition, the increasing usage of these devices for the treatment of reversible airflow obstruction resulting from asthma and chronic obstructive pulmonary disease (COPD) is expected to further drive the growth of this market in the coming years.

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Which are the key players in the nasal drug delivery technology market and how intense is the competition?

Prominent players in the nasal drug delivery technology market include Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Johnson & Johnson Services, Inc. (U.S.), Pfizer, Inc. (U.S.), AstraZeneca plc. (U.S.), AptarGroup (U.S.), and GlaxoSmithKline plc (U.K.).

+ In 2016, Pfizer collaborated with Western Oncolytics to advance Western Oncolytics’ novel oncolytic vaccinia virus. This collaboration helped Pfizer to enhance its novel technology platform for cancer Vaccines and strengthened its immuno-oncology portfolio.

+ In 2016, GlaxoSmithKline collaborated with Vaccine Research Center at the NIH (US) to evaluate a new vaccine technology for Zika, known as SAM.

+ In 2017, Merck collaborated with Premier, Inc. (US) to develop a preventive care model that seeks to improve adolescent and adult vaccination rates.

+ In 2016, Sanofi Pasteur collaborated with The Oswaldo Cruz Foundation (Brazil) and WRAIR (US) to conduct R&D for a Zika vaccine.

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Nasal Drug Delivery Technology Market worth USD 64.20 Billion by 2021