(PharmaNewsWire.Com, September 18, 2019 ) Increasing patient preference for nasal drug delivery as a result 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.
Intranasal drug delivery is one of the most preferred drug delivery routes among patients as well as healthcare providers. This can be majorly attributed to the non-invasive nature of this route of delivery and the fact that drug absorbability is higher through the nasal route.
During this research study, major players operating in the nasal drug delivery technology market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size.
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.
Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents.
The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries based on the company type, designation, and region considered during the research study.
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 nasal drug delivery technology market.
The nasal drug delivery technology market is segmented based on dosage form, therapeutic application, end user, system, container, and region. Based on system, the market is segmented into multi-dose systems, bi-dose systems, and unit-dose systems.
In 2016, the multi-dose drug delivery systems segment is expected to account for the largest share of the nasal drug delivery technology market. This can primarily be attributed to the growing preference for multi-dose drug delivery as these systems provide quick and effective delivery of drugs into the bloodstream.
Major Market Players: Key players in the nasal drug delivery technology market include Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Johnson& Johnson Services, Inc. (U.S.), Pfizer, Inc. (U.S.), AstraZeneca Plc.(U.S.), Aptar Group (U.S.), and GlaxoSmithKline plc (U.K.)
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