Global Nasal Drug Delivery Technology Market Size 2024, Forecast To 2033
6 Mar, 2024
The nasal drug delivery technology market has witnessed substantial growth, increasing from $77.42 billion in 2023 to $82.98 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. The historic period's growth is attributed to advancements in drug formulations, the rising prevalence of respiratory disorders, patient preference for non-invasive delivery, expanding geriatric population, and regulatory support for nasal drug approvals. Looking forward, the market is poised for strong growth, reaching $110.08 billion in 2028, with a CAGR of 7.3%. The forecasted growth can be attributed to the rise in biologics and peptide therapies, focus on pediatric and geriatric patient needs, partnerships and collaborations in the pharma industry, expansion of over-the-counter (OTC) nasal products, and increased focus on precision medicine. Major trends in the forecast period include advancements in formulation technology, increased focus on patient-friendly devices, expansion of therapeutic areas, biologics and peptides delivery, and innovations in nasal spray technologies.
Global Nasal Drug Delivery Technology Market Key Driver
The increasing incidences of chronic diseases are expected to propel the growth of the nasal drug delivery technology market going forward. Chronic diseases can be defined as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both. Nasal drug delivery technologies are used for the management of chronic rhinosinusitis to improve the bacterial biofilm or mucociliary clearance due to the complex structure of the nasal cavity through a therapeutic nasal cavity strategy. For instance, in September 2022, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the increasing incidences of chronic diseases are driving the growth of the market for nasal drug delivery systems.
Get A Free Sample Of The Global Nasal Drug Delivery Technology Market ReportGlobal Nasal Drug Delivery Technology Market Segments
The nasal drug delivery technology market covered in this report is segmented –
1) By Dosage Form: Nasal Spray, Nasal Drops, Nasal Gels And Ointments, Nasal Powders, Other Dosage Forms
2) By Container Type: Pressurized Containers, Non-Pressurized Containers
3) By Therapeutic Application: Allergic And Non-Allergic Rhinitis, Nasal Congestion, Asthma, Vaccination, Other Therapeutic Applications
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
5) By End User: Home Care Settings, Hospitals
By Geography:The regions 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
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
Major Nasal Drug Delivery Technology Industry Players
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.
Get The Full Global Nasal Drug Delivery Technology Market Report
Nasal Drug Delivery Technology Market Overview
The nasal drug delivery technology refers to administering pharmaceuticals through the nasal cavity to attain therapeutic drug levels in the blood as quickly as possible and the potential for direct drug delivery to the brain via the olfactory neurons. Nasal drug delivery methods circumvent the blood-brain barrier (BBB) and undergo minimal hepatic and intestinal processing.
Nasal Drug Delivery Technology Global Market Report 2023 provides data on the global nasal drug delivery technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The nasal drug delivery technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.