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Intranasal Drug Delivery Market Progresses for Huge Profits By 2021
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On the basis of the type of device, the global intranasal drug delivery market may be classified into nasal sprays, ointments and solutions. On the basis of therapeutic applications, the global intranasal drug delivery market can be classified into analgesic, allergic infections, pain management, osteoporosis, sexual dysfunction and vaccines. The global market for intranasal drug delivery is increasing at a significant rate due to increasing R&D in the field, high adoption rate for this delivery mode. Use of nasal cavity for delivering drug leads to increased efficacy of the drug. Intranasal drug delivery is also used for treatment of anxiety and depression.
North America dominates the global market for intranasal drug delivery due to increasing adoption of nasal mode for delivering of drug and improved healthcare facilities in the region. In addition, government initiatives and more awareness among the people are some of the major factors driving the intranasal drug delivery market. Asia, followed by Europe, is expected to experience high growth rate in the next few years in intranasal drug delivery market.
China and India are expected to be the fastest growing intranasal drug delivery markets in Asian region. This is due to large investment by various major companies in these countries. Some of the key driving forces for intranasal drug delivery market in emerging countries are large pool of patients, rising government funding and improvement in the healthcare facilities.
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Some of the major factors driving the global intranasal drug delivery market are high prevalence of cardiovascular diseases, cancer and diabetes, rising demand for home healthcare devices and increased focus on pediatric and elderly patients. Some other factors driving the global intranasal drug delivery market are improvement in economy of emerging countries, improved healthcare infrastructure.
In addition, improvement in the reimbursement scenario is driving the global market for intranasal drug delivery. However, high cost involved and lack of skilled medical professionals are some of the major factors restraining the global market for intranasal drug delivery.
Growing demographics and economies in the developing countries such as India and China are expected to offer good opportunities for the global market for intranasal drug delivery. In addition, increasing R&D for rapid research and development of new drug delivery technologies and devices with better efficacy is expected to offer good opportunities for the global market for intranasal drug delivery. However, failure in drug formulation and technical barriers are some of the major challenge faced by the global market for intranasal drug delivery. One of the latest trends that have been observed in the global intranasal drug delivery market includes companies involved in product launches.
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Some of the major companies dealing in global intranasal drug delivery market are Aegis Therapeutics LLC, Alza Corporation, AstraZeneca PLC., MedImmune, Inc., Baxter International, Inc., Becton, Dickinson and Company, GlaxoSmithKline PLC and Johnson & Johnson, Inc. some other companies having significant presence in global intranasal drug delivery market are Marina Biotech, Inc., Merck & Co., Novartis AG, Pfizer Inc., Valeant Pharmaceuticals International, Inc. and Rexam Plc.
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