Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Nasal Drug Delivery Technology Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for nasal drug delivery technology has been reported to exhibit robust growth, owing to significant advancements in the sector and the increasing prevalence of respiratory disorders. The market is forecasted to escalate from its current valuation of $77.42 billion to reach an impressive $82.98 billion by 2024, marking a CAGR of 7.2%.
The industry is set to maintain its strong trajectory, expecting to soar to a value of $110.08 billion by 2028, propelled by a CAGR of 7.3%. This growth is attributed to the rising demand for biologics and peptide therapies, the focus on pediatric and geriatric patient needs, and ongoing partnerships within the pharmaceutical landscape.
Chronic diseases contribute considerably to the expansion of the market, as the technology offers targeted approaches to manage conditions like chronic rhinosinusitis. With the global geriatric population on the rise, nasal drug delivery technologies are becoming increasingly critical for ensuring ease of administration and adherence to treatment, particularly for populations with difficulties in managing oral medications. The global aging demographic is expected to bolster the market significantly.
Innovations in product development are at the forefront of industry trends. For instance, AptarGroup, Inc. recently introduced a groundbreaking recyclable, metal-free nasal spray, marking a substantial step in sustainable pharmaceutical packaging.
Collaborations are also shaping the market's future, highlighted by Hovione's partnership with IDC to introduce advanced nasal powder delivery devices, aiming to achieve precise and versatile drug delivery options.
Strategic acquisitions are contributing to the industry's growth, as evidenced by Medtronic's recent acquisition of Intersect ENT Inc., which enriches its portfolio with innovative sinus operation products.
The report profiles numerous major players in the nasal drug delivery technology market, which include leaders in the pharmaceutical industry that drive innovation and cater to a broad range of therapeutic needs.
Regionally, North America has emerged as the dominant player in the market, with ongoing research and development fuelling the market growth in this geography. Projections indicate continued dominance, with Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa also heavily contributing to the market expansion.
Diverse dosage forms, such as nasal sprays, drops, gels, ointments, and powders are integral to the market, each serving specific medical purposes ranging from allergy treatment to vaccinations. The accessibility of these technologies through various distribution channels, including hospital pharmacies and retail, augments their reach to home care settings and hospitals alike.
The comprehensive report sheds light on market statistics, regional shares, competitive landscapes, and market segments, offering an all-encompassing view of the current and future market scenarios for nasal drug delivery technology. The market analysis delves into the revenue streams generated by services and accompanying products within the nasal drug delivery technology landscape.
A selection of companies mentioned in this report includes
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/d4qke5
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