(PharmaNewsWire.Com, August 18, 2021 ) 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 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.
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.)
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.
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