Increasing patient preference for nasal drug delivery to boost Nasal Drug Delivery Technology Market
(EMAILWIRE.COM, October 20, 2019 ) According to the new market research report "Nasal Drug Delivery Technology Market by Dosage Form (Nasal Drops, Sprays, Powder, Gel), System (Multidose, Unit Dose, BI-Dose), Therapeutic Applications (Rhinitis, Congestion, Vaccinations), End User (Hospitals, Homecare) - Global Forecast to 2021" published by MarketsandMarkets, 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.
Increasing patient preference for nasal drug delivery because 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.
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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 offers 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 nasal drug delivery technology market is segmented based on dosage form, therapeutic application, end user, system, container, and region. Based on 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.
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Based on region, the nasal drug delivery technology market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is further subsegmented into the U.S. and Canada; while Europe is further subsegmented into Germany, France, the U.K., and Rest of Europe (RoE); Asia is further subsegmented into Japan, China, India, and Rest of Asia (RoA). In 2016, North America is expected to dominate the market, followed by Europe. This growth can be attributed to the increasing prevalence of COPD, rising adoption of nasal drug delivery technology, and the significant presence of major market players in the U.S.
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.
The nasal drug delivery technology market is at a very nascent stage with various players. Prominent players in this 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.).
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Mr. Shelly Singh
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