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Intranasal Drug Delivery Devices Market Growth, Industry Latest Trends, Size, Key Drivers, Top Players And Forecast To 2033
Intranasal Drug Delivery Devices Market Growth
According to The Business Research Company's, the intranasal drug delivery devices market size has grown strongly in recent years. It will grow from $55.27 billion in 2023 to $60.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to rise in chronic respiratory diseases, patient preference and compliance, convenience in self-administration, pediatric applications, market expansion in allergic rhinitis treatment, wider range of indications.
The intranasal drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $84.51 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing geriatric population, rising global respiratory issues, expanding applications in neurological disorders, personalized medicine trends, preventive healthcare initiatives, market penetration in emerging economies.. Major trends in the forecast period include advances in formulation technologies, focus on pediatric and geriatric applications, rise in self-administration devices, nasal powder inhalers, incorporation of biologics and peptides..
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the intranasal drug delivery devices 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. Intranasal drug delivery devices are used to manage chronic diseases by providing a non-invasive and efficient way to administer medications. They allow medications to be delivered directly to the affected area, which is convenient, making it easy to use and promoting rapid absorption. 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 prevalence of chronic diseases is driving the growth of the intranasal drug delivery devices market.
Major pharmaceutical companies operating in the nasal drug delivery technology market are involved in developing new and improved products to provide their customers with new methods of drug administration to sustain their position in the market. For instance, in January 2023, AptarGroup, Inc., a US-based drug delivery and pharmaceutical company, launched the first recyclable, metal-free, multidose nasal spray, APF Futurity, to deliver nasal saline and other equivalent over-the-counter (OTC) formulations. APF Futurity is manufactured from polyolefin materials and does not include any metal components or recycling disruptors. This reduces the need for separation in recycling streams and promotes a greater grade of recycled materials. This product's unique feature is its recyclability design; it is a highly recyclable nasal spray pump that has received Class AA certification from cyclos-HTP for recycling streams in Europe.
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Major Key Players of the Market:
Johnson and Johnson Inc., Merck and Co.Inc., Novartis AG, AstraZeneca plc., GlaxoSmithKline Plc, 3M Company, Becton, Dickinson and Company, Teva Pharmaceutical Industries Ltd., AptarGroup Inc., West Pharmaceutical Services Inc., Teleflex Incorporated, Recipharm AB, Nemera Development S.A., Consort Medical plc., Vectura Group plc, Douglas Pharmaceuticals Ltd., Avanir Pharmaceuticals, OptiNoset Inc., Flamel Technologies , Aegis Therapeutics LLC, Sonoma Pharmaceuticals, PendoPharm Inc., Kurve Technology Inc., Impel NeuroPharma, Impexium Medical Products, B.F. Ascher and Company Inc., ENT Technologies Pty. Ltd., Neurelis Inc., Gener*ex Biotechnology Corporation
Intranasal Drug Delivery Devices Market 2024 Key Insights:
• The intranasal drug delivery devices market is expected to grow to $84.51 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Prevalence of Chronic Diseases Fuels Growth In The Intranasal Drug Delivery Devices Market
• Innovative Intranasal Drug Delivery Technology
• North America was the largest region in the intranasal drug delivery devices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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