PUBLISHER: The Business Research Company | PRODUCT CODE: 1414442
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414442
“Nasal Drug Delivery Technology Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nasal drug delivery technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nasal drug delivery technology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The nasal drug delivery technology market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Nasal drug delivery technology involves administering pharmaceuticals through the nasal cavity, aiming to rapidly achieve therapeutic drug levels in the bloodstream and potentially enable direct drug delivery to the brain via olfactory neurons. This method bypasses the blood-brain barrier (BBB) and undergoes minimal processing in the liver and intestines.
Key dosage forms for this technology include nasal spray, nasal drops, nasal gels, ointments, powders, and others. Nasal spray devices expel numerous tiny liquid drops to cleanse the nose or deliver medication to the body. They are available in pressurized and non-pressurized containers and are applied across diverse uses such as allergic and non-allergic rhinitis, nasal congestion, asthma, vaccination, and more. These products are accessible through various distribution channels such as hospital pharmacies, retail outlets, and online pharmacies, and are utilized by end-users including home care settings and hospitals.
The nasal drug delivery technology market research report is one of a series of new reports from The Business Research Company that provides nasal drug delivery technology market statistics, including nasal drug delivery technology industry global market size, regional shares, competitors with a nasal drug delivery technology market share, detailed nasal drug delivery technology market segments, market trends, and opportunities, and any further data you may need to thrive in the nasal drug delivery technology industry. This nasal drug delivery technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nasal drug delivery technology market size has grown strongly in recent years. It will grow from $77.42 billion in 2023 to $82.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. Historical growth can be credited to several factors, including advancements in drug formulations, a growing prevalence of respiratory disorders, patient inclination toward non-invasive delivery methods, the expanding population of older adults, and regulatory backing for approvals of nasal drug treatments.
The nasal drug delivery technology market size is expected to see strong growth in the next few years. It will grow to $110.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Anticipated growth in the forthcoming period is linked to the upsurge in biologics and peptide therapies, heightened attention to meeting the needs of pediatric and geriatric patients, increased partnerships and collaborations within the pharmaceutical industry, the broadening scope of over-the-counter (OTC) nasal products, and a heightened focus on precision medicine.
The anticipated surge in chronic diseases is expected to drive the expansion of the nasal drug delivery technology market. These conditions, lasting over a year and requiring ongoing medical attention, create demand for efficient treatment methods. Nasal drug delivery technologies specifically target chronic rhinosinusitis, leveraging therapeutic strategies to address complexities within the nasal cavity. According to a report by the National Institutes of Health in September 2022, projections for the United States estimate a nearly 100% increase in individuals aged 50 and older with at least one chronic illness by 2050, stimulating the growth of nasal drug delivery systems.
The escalating global geriatric population is poised to significantly propel the nasal drug delivery technology market. With individuals aged 65 and above, nasal drug delivery methods present advantages in ease of administration and improved patient compliance, particularly addressing challenges related to pill swallowing among the elderly. As projected by the World Health Organization in October 2022, the global population of those aged 60 years and older is anticipated to reach 1.4 billion by 2022, with one in six individuals expected to fall within this age group by 2030. This demographic shift drives the market's growth for nasal drug delivery technology.
Product innovation stands as a pivotal trend shaping the landscape of nasal drug delivery technology. Leading pharmaceutical companies are actively engaged in developing novel drug administration methods to bolster their market positions. For instance, in January 2023, AptarGroup, Inc. introduced APF Futurity, the first recyclable, metal-free, multidose nasal spray designed for nasal saline and equivalent OTC formulations. This innovative product's recyclability design has garnered Class AA certification, promoting greater recycling efficiency.
Collaborative efforts aimed at technological advancements highlight the strategic focus within the nasal drug delivery sector. Notably, in November 2023, Hovione collaborated with Industrial Design Consultancy (IDC) to develop advanced nasal powder delivery devices. These devices offer precise drug delivery options for local, systemic, or nose-to-brain applications, showcasing versatility and reliability. The collaboration's objective is to expedite the release of two innovative nasal powder delivery devices, catering to diverse drug delivery needs while streamlining drug product development and manufacturing processes.
In May 2022, Medtronic plc, a US-based medical device firm, acquired Intersect ENT Inc. for an undisclosed sum. The acquisition will add novel products used in sinus operations to enhance post-operative outcomes and treat nasal polyps to Medtronic's entire ear, nose, and throat (ENT) portfolio. Intersect ENT Inc. is a US-based medical device firm operating in ear, nose, and throat medical technology.
Major companies operating in the nasal drug delivery technology market report are AptarGroup Inc., Becton Dickinson and Company, GlaxoSmithKline plc, Johnson & Johnson Private Limited, Novartis AG, Pfizer Inc., 3M Company, Cadila Healthcare Limited, Neurelis Inc., OptiNose Inc., Bausch Health Companies Inc., Naveh Pharma Ltd., Teva Pharmaceutical Industries Ltd., Consort Medical plc, Douglas Pharmaceuticals Ltd., ENT Technologies Pty. Ltd., Merck & Co. Inc., Sanofi SA, AstraZeneca plc, Boehringer Ingelheim International GmbH, Bayer AG, Abbott Laboratories, Eli Lilly and Company, Bristol-Myers Squibb Company, Takeda Pharmaceutical Company Limited, Amgen Inc., Gilead Sciences Inc., Biogen Inc., Roche Holding AG, Allergan plc, Regeneron Pharmaceuticals Inc., Alexion Pharmaceuticals Inc.
North America was the largest region in the nasal drug delivery technology market in 2023. The regions covered in the nasal drug delivery technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the nasal drug delivery technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The nasal drug delivery technology market consists of revenues earned by entities by providing services such as intranasal drug delivery services, brain-targeted therapy, and mucosal vaccination. The market value includes the value of related goods sold by the service provider or included within the service offering. The nasal drug delivery technology market also includes sales of catheter-delivered drugs, nebulizers, and pressurized metered-dose inhalers (PMDIs) equipment which are used in providing nasal drug delivery technology services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.