Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Nasal Drug Delivery Technology Market Size, Share & Trends Analysis Report By Dosage Form, By Container Type, By Therapeutic Application, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global nasal drug delivery technology market was valued at USD 71.89 billion in 2022, expanding at a CAGR of 7.45% from 2023 to 2030. Growing awareness regarding nasal products is one of the major factors driving the market.
The growing geriatric population is expected to positively drive the overall market. In 2020, there were 727 million people worldwide who are 65 years of age or older, according to a report by the United Nations Department of Economic and Social Affairs.
The number of elderly people worldwide is expected to depict more than double growth during the next three decades, reaching over 1.5 billion in 2050. Between 2020 and 2050, the geriatric population is expected to grow in size across the nation. Globally, it is anticipated that the percentage of people 65 and older will rise from 9.3% in 2020 to almost 16.0% in 2050.
Moreover, increasing patient preference for nasal products owing to their efficacy and easy administration is anticipated to fuel the nasal drug delivery systems market growth. For instance, in February 2021, Nanoform Finland and Herantis announced their agreement on nasal drug delivery to the brain by creating a non-exclusive agreement for formulation proof of concept initiatives.
Additionally, the nasal drug delivery method is widely used to treat brain disorders as it offers a route for systemic circulation of drugs, low bioavailability, fast absorption, and desirable action. In this respect, nasal drug delivery could serve as an attractive non-invasive delivery method for CNS drugs.
Moreover, nasal delivery of substances such as peptoids, raltitrexed, 5-fluorouracil telomerase inhibitors, and methotrexate has been shown to reduce brain tumors and increase survival in animal models.
Nasal Drug Delivery Technology Market Report Highlights
- Based on dosage form, the nasal spray segment held the largest revenue share in 2022 owing to the increasing incidence of infections and allergic rhinitis and growing demand for generic nasal spray drugs
- By container type, the non-pressurized containers segment dominated the market in 2022. Nasal drops, nasal powder, and nasal gel usually come in these containers. Growing demand for related products is expected to propel the segment growth over the forecast period
- In terms of therapeutic application, the rhinitis segment held the largest share in 2022 due to the availability of related products for its treatment
- By distribution channel, the retail pharmacies segment accounted for the largest share in 2022 owing to easy availability and convenience
- North America held the largest market share in 2022 owing to the rising prevalence of asthma and chronic obstructive pulmonary disease and the widespread usage of early treatment measures
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $76.89 Billion |
| Forecasted Market Value (USD) by 2030 | $127.12 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Market Dynamics
Market Drivers Analysis
- Rising patient preference for nasal drug delivery
- Growing incidence of chronic diseases
- Increasing adoption of self-administration practices
- Development of off-patent drugs for respiratory care
Market Restraint Analysis
- Complications associated with the overuse of nasal sprays
- Stringent regulatory framework
Nasal Drug Delivery Technology: Market Analysis Tools
- SWOT Analysis by PESTEL
- Industry Analysis - Porter's Five Forces
Impact of COVID-19
- COVID-19 Impact analysis
- Impact on market players
Competitive Analysis
- GlaxoSmithKline PLC
- AstraZeneca PLC
- Pfizer, Inc.
- OptiNose, Inc.
- Becton, Dickinson and Company
- Promius Pharma, LLC
- Cadila Pharmaceuticals Ltd.
- B.F. Ascher & Company, Inc.
- PendoPharm, Inc.
- Douglas Pharmaceuticals Ltd.
- ENT Technologies Pty. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/lgyzc9
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