The nasal drug delivery technology market is accounted for more than US$ 44 Bn in the year 2019
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Nasal Drug Delivery Technology Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global Nasal Drug Delivery Technology Market, By Dosage (Spray, Drops, Gel, Powder), By Container Type (DPressurized, Non-pressurized), By Therapeutic Application (Nasal Congestion, Rhinitis, Asthma, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
In 2019, the global nasal drug delivery technology market is accounted for more than US$ 44 Bn and expected to grow at a significant CAGR of 6.4% during the forecast period and expected to reach the value of more than US$ XX Bn in 2025.
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As per the report, the rising inclination for alternative or substitute modes of drug administration across the globe is primarily contributing to the growth of the global nasal drug delivery technology market.
Drugs are cleared quickly from the nasal cavity after intranasal administration, arising as rapid systemic drug absorption. These nasal drug delivery systems have the potential to curb the occurrence of drug approval from the nasal cavity as well as secure the drug from enzymatic deterioration in nasal discharge. Attributing these factors, the growth of the global nasal drug delivery technology market is expected to boost in the near future.
In addition, the hike in chronic diseases among the population all across the world is also expected to propel the growth of the global nasal drug delivery technology market.
As per the study proclaimed in the Research and Development Review blog in the year 2017, approximately 60% of adults of America have at least one severe ailment, which in turn concludes in huge expenditure on healthcare yearly. Additionally, around 30 million Americans live with five serious illnesses or more.
In addition, the commercialization and development of new products and the presence of a strong product pipeline are projected to accelerate the growth of the global nasal drug delivery technology market.
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Moreover, the product is the one and the only drug carried out on the nose for TRT in male adults identified with hypogonadism. And thus, an upsurge in patient’s choice for nasal devices or drug delivery systems has definitely fueled the growth of the global nasal drug delivery technology market.
Additionally, the increased awareness among the population globally about these products together with their efficiency and simple administration traits is likely to augment the growth of the global nasal drug delivery technology market.
Furthermore, the nasal drug delivery systems provide advantages, such as non-invasiveness and deduction in lag-time occurring owing to oral drug delivery. These benefits help in providing improved patient comfort, which enhances their loyalty for the medication, thereby fostering the growth of the global nasal drug delivery technology market.
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MMC study identifies some of the key participating players in the nasal drug delivery technology market globally are 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.
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