The global nasal drug delivery technology market is projected to reach USD 69.73 billion by 2027 from USD 49.69 billion in 2020, at a CAGR of 6.50 % during the forecast period. Nasal delivery is used as a treatment of local infection in the nasal course & paranasal sinuses such as allergic & non-allergic sinusitis & rhinitis. The nasal drug delivery technique is used as to mitigate the problem of slow absorption of drugs, degradation before reaching the target site, and poor bioavailability. In addition, it helps in resolving issues related to the gastrointestinal tract and first-pass metabolism in liver. The significance of the nasal airway technology is to protect the lungs from hazardous contacts, rather than acting as a delivery route for drugs.
The global nasal drug delivery technology market is driven by rise in demand for alternative routes of drug delivery such as nasal sprays, increase in emphasis on paediatric & geriatric patients, growth in need of easy administration & better efficacy products, rise in demand for home healthcare devices, surge in adoption of self-administration practices, and advanced healthcare set-up. However, patents expiry of several drugs and side effects pertaining to drugs, such as nausea, irritation, and infections, restrain the market growth. Conversely, the development of OTC drugs by many pharmaceutical companies provides lucrative opportunities for market growth, especially for nasal drops and sprays sold as generic OTC drugs.
According to a study published in Research and Development (RAND) Review blog in 2017, around 60% of American adults have at least one chronic condition, which results in huge spending on healthcare every year. In addition, nearly 30 million Americans live with five chronic conditions or more. Furthermore, commercialization of novel products and presence of strong product pipeline are anticipated to boost market growth. For instance, Eli Lilly and Company developed a therapeutic spray (intranasal glucagon) for the treatment of low blood sugar.
The product is under review and expected to be approved by 2020 in the U.S. and Europe regions. In addition, NATESTO, developed by Endo Pharmaceuticals Inc., received approval in 2014 for Testosterone Replacement Therapy (TRT) and was commercialized in 2020. The product is the first and only gel administered on the nose for TRT in male adults diagnosed with hypogonadism. Moreover, rising patient preference for nasal products owing to increased awareness about these products along with their efficacy and easy administration properties is anticipated to fuel the market growth.
Major players operating in this market include Becton, Dickinson and Company, OptiNose US Inc., Bespak Europe Ltd, Kurve Technology, Inc., AstraZeneca Plc, Teleflex Medical Europe Ltd., AptarGroup, Inc., Procter & Gamble, GlaxoSmithKline plc, and Janssen Global Services, LLC.
North America dominates the nasal drug delivery technology market due to advanced technology, new product innovation, growing prevalence of chronic obstructive pulmonary disease, and increasing adoption of early treatment procedures. Chronic obstructive pulmonary disease is the third leading cause of death in the United States. According to American Lung Association more than 11 million people have been diagnosed with chronic obstructive pulmonary disease. Europe is the second largest market for nasal drug delivery technology due to increasing research & development activities and growing consumption of tobacco. According to World Health Organization Europe has the highest prevalence of tobacco smoking among adults (28%) and some of the highest prevalence of tobacco use by adolescents. The market in the Asia Pacific region is expected to expand at a higher rate due to increasing investment in research & development activities, growing prevalence of chronic diseases, and growing awareness among people.
Report : Nasal Drug Delivery Technology Market - By Dosage Form (Sprays, Drops & Liquids, Powders, Gels), By Therapeutic Application (Allergic and Non-allergic Rhinitis, Nose Congestion, Vaccination, Other), By End User (Home Care Settings, Hospitals) And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027