(PharmaNewsWire.Com, September 25, 2020 ) According to the new market research report 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%.
The overuse of nasal sprays results in various complications, such as irritation in the nasal mucosa, dryness within the nose, temporary burning sensation, and runny nose. This is because nasal sprays comprise a chemical that is used for shrinking blood vessels in the nose. Thus, the continuous use of these sprays may render the blood vessels to be less responsive to the medication.Also, overuse of nasal sprays usually causes addiction among patients, which may lead to serious long-term conditions such as chronic sinusitis.
According to the U.S. Department of Health & Human Services, in 2014, there were 29.4 million adults diagnosed with sinusitis in the U.S.; this represented 12.3% of thetotal population in the country. In the nasal route of drug delivery, doctors and physicians usually cannot control the dosage of medicine consumed by patients. This can result in decongested nose and other chronic problems. These drawbacks are expected to limit the growth of the nasal drug delivery technology market (specifically for nasal sprays).
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. Furthermore, growth among over-the-counter nasal drugs and increasing focus on alternative routes of drug delivery such as nasal drug delivery offer 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 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.
The nasal drug delivery technology market is segmented based on dosage form, therapeutic application, end user, system, container, and region. On the basis of 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).
On the basis of dosage form, the market is segmented into the sprays, drops & liquids, nasal powders, and nasal gels. In 2016, the nasal sprays segment is expected to account for the largest share of the market. The large share of this market segment can be attributed to factors such as increased patient compliance due to reduced irritation caused by dust and pollen, affordable prices of nasal sprays, and delivery of large doses of drugs.
On the basis of 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 is at a very nascent stage market, comprising of various players. Prominent 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.), AptarGroup (U.S.), and GlaxoSmithKline plc (U.K.).
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