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Nasal Polyps Treatment Market Size, Insights, Outlook, Overview And Report 2023-2032
Nasal Polyps Treatment Market Size
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According to The Business Research Company's, The nasal polyps treatment market size has grown strongly in recent years. It will grow from $4.83 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to surgical procedures, steroid medications, allergic rhinitis, chronic sinusitis, environmental factors.
The nasal polyps treatment market size is expected to see strong growth in the next few years. It will grow to $7.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to drug development, personalized medicine, telehealth services, patient-centric care, regulatory approvals. Major trends in the forecast period include diagnostic technologies, medical advancements, biologic therapies, immunotherapies, collaborative research.
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Market Drivers and Trends:
Rising healthcare expenditure is expected to drive the nasal polyps treatment market. Healthcare expenditure refers to the total monetary resources spent by individuals, governments, and organizations within a given healthcare system to cover the costs of medical services, treatments, medications, and healthcare infrastructure. As healthcare budgets expand, there will likely be greater resources allocated to the diagnosis, management, and treatment of nasal polyps. This financial commitment can lead to improved patient access to advanced therapies, innovative treatment options, and enhanced research and development, ultimately fueling the market's growth. For example, according to the Economic Survey of 2022, an annual document of the Ministry of Finance of the Government of India, India's public expenditure on healthcare stood at 2.1% of GDP in 2021-22 against 1.8% in 2020-21. Therefore, the rising healthcare expenditure will drive the nasal polyps treatment market.
New product innovation is a key trend gaining popularity in nasal polyps treatment. Major companies operating in the nasal polyps treatment market are focusing on new product innovations to strengthen their position in the market. For instance, in July 2021, GlaxoSmithKline PLC., a UK-based pharmaceutical company, announced the approval for Nucala (mepolizumab) by US Food and Drug Administration (FDA). Nucala (mepolizumab) is a monoclonal antibody that targets interleukin-5 (IL-5) and is a treatment for patients with chronic rhinosinusitis and nasal polyps. This new indication for mepolizumab is for the maintenance treatment of CRSwNP in adult patients aged 18 and up who have not responded to nasal corticosteroids.
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Major Key Players of the Market:
Sanofi SA, GlaxoSmithKline plc, F. Hoffmann La Roche AG, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Bayer AG, Boehringer Ingelheim International GmbH, Cipla Ltd., Circassia Pharmaceuticals plc, Dr. Reddy's Laboratories Ltd., Genentech Inc., Glenmark Pharmaceuticals Ltd., Johnson & Johnson Services Inc., Lupin Limited, Meda AB, Mundipharma International Limited, Mylan N.V., Novartis AG, Optinose US Inc., Orion Corporation, Pfizer Inc., Regeneron Ireland DAC, Regeneron Pharmaceuticals Inc., Roche Holding AG, Sandoz International GmbH, Stallergenes Greer plc, Sun Pharmaceutical Industries Ltd., Vectura Group plc, Zydus Cadila Ltd.
Nasal Polyps Treatment Market 2024 Key Insights:
• The nasal polyps treatment market size is expected to see strong growth in the next few years. It will grow to $7.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Rising Healthcare Expenditure Drives The Nasal Polyps Treatment Market
• Innovation In Nasal Polyps Treatment
• North America was the largest region in the nasal polyps treatment market in 2023 Asia-Pacific is expected to be the fastest-growing region in the forecast period
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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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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