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Nasal Drug Delivery Technology Market 2024-2033: Industry Size and Forecast Insights
Nasal Drug Delivery Technology Global Market Report 2024
According to The Business Research Company's, The nasal drug delivery technology market size has grown strongly in recent years. It will grow from $77.42 billion in 2023 to $82.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to advancements in drug formulations, increasing prevalence of respiratory disorders, patient preference for non-invasive delivery, expanding geriatric population, regulatory support for nasal drug approvals.
The nasal drug delivery technology market size is expected to see strong growth in the next few years. It will grow to $110.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rise in biologics and peptide therapies, focus on pediatric and geriatric patient needs, partnerships and collaborations in the pharma industry, expansion of over-the-counter (otc) nasal products, increased focus on precision medicine. Major trends in the forecast period include advancements in formulation technology, increased focus on patient-friendly devices, expansion of therapeutic areas, biologics and peptides delivery, innovations in nasal spray technologies.
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Market Drivers and Trends:
The increasing incidences of chronic diseases are expected to propel the growth of the nasal drug delivery technology 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. Nasal drug delivery technologies are used for the management of chronic rhinosinusitis to improve the bacterial biofilm or mucociliary clearance due to the complex structure of the nasal cavity through a therapeutic nasal cavity strategy. 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 incidences of chronic diseases are driving the growth of the market for nasal drug delivery systems.
Product innovations are a key trend gaining popularity in the nasal drug delivery technology 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:
AptarGroup Inc.; Becton Dickinson and Company; GlaxoSmithKline plc; Johnson & Johnson Private Limited; Novartis AG; Pfizer Inc.; 3M Company; Cadila Healthcare Limited; Neurelis Inc.; OptiNose Inc.; Bausch Health Companies Inc.; Naveh Pharma Ltd.; Teva Pharmaceutical Industries Ltd.; Consort Medical plc; Douglas Pharmaceuticals Ltd.; ENT Technologies Pty. Ltd.; Merck & Co. Inc.; Sanofi SA; AstraZeneca plc; Boehringer Ingelheim International GmbH; Bayer AG; Abbott Laboratories; Eli Lilly and Company; Bristol-Myers Squibb Company; Takeda Pharmaceutical Company Limited; Amgen Inc.; Gilead Sciences Inc.; Biogen Inc.; Roche Holding AG; Allergan plc; Regeneron Pharmaceuticals Inc.; Alexion Pharmaceuticals Inc.
Nasal Drug Delivery Technology Market 2024 Key Insights:
• The nasal drug delivery technology market will grow to $110.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Nasal Drug Delivery Technology Market Rises In Response To Increasing Incidences Of Chronic Diseases
• Innovation Redefines Nasal Drug Delivery With Recyclable Multidose Nasal Spray
• North America was the largest region in the nasal drug delivery technology market in 2023
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