Nasal delivery devices Market Revenue to Cross $ 95,676.62 Million by 2027 – The Insight Partners

Nasal delivery devices Market Revenue to Cross $ 95,676.62 Million by 2027 - The Insight Partners

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Nasal delivery devices Market to Grow at a CAGR of 6.4% to reach US$ 95,676.62 Million from 2020 to 2027

According to The Insight Partners new market research study on “Nasal Delivery Devices Market to 2027 – Global Analysis and Forecast – by Drug Type, Delivery Technologies, and End User,” the market is expected to reach US$ 95,676.62 million by2027 from US$ 58,502.18 million in 2019. The market is estimated to grow with a CAGR of 6.4% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Strategic Insights:

Report Coverage             

(Details)

Market Size Value in      

(US$ 58,502.18 million in 2019)

Market Size Value by    

(US$ 95,676.62 million by 2027)

Growth Rate     

(CAGR of 6.4% from 2020 to 2027)

Forecast Period

(2020- 2027)

Base Year           

(2020)

No. of Pages     

(215)

No. Tables          

(75)

Segments covered         

(by Drug Type, Delivery Technologies, End User and Geography)

Regional scope 

(North America; Europe; Asia Pacific; Latin America; MEA)

Country scope  

(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)

Report coverage             

(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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Nasal drug delivery is one of the most preferred drug delivery routes among patients as well as healthcare providers. This can majorly be attributed to the noninvasive nature of this route of delivery and greater drug absorbability through the nasal route. In addition, the nasal route offers a less hostile environment for drugs compared to the gastrointestinal route, thereby enabling better absorption of the drug. The easy administration of these drugs plays a crucial role in improving the compliance to drug therapies among patients, which in turn drives patient outcomes. Considering these factors, the preference for nasal drug delivery is increasing among patients as well as healthcare providers. Being highly vascular, nasal cavity enhances the drug absorption resulting in rapid action.

Growing Prevalence of Respiratory and CNS Diseases

The initial proof-of-concept studies using novel nasal drug delivery devices showed promising results in the treatment of respiratory diseases, neurological disorders, and others. Drug delivery devices play an essential role in ensuring the delivery of entire drug to the target site in the nasal cavity. In the last few decades, several innovative drug delivery approaches have been introduced that might overcome the challenges involved in crossing the blood-brain barrier (BBB). Several scientific studies support the speculation that the delivery of drugs through the nasal route may allow higher concentrations of drugs to cross the BBB. The, rising incidence of neurological disorders would increase the demand for nasal delivery devices. According to the American Society of Clinical Oncology (ASCO), in 2020, ~3,540 brain and other CNS tumors have been diagnosed in children belonging to the age group of 0–14 years, in the US. The report also stated that the brain and other CNS tumors are the second most common cancers among children, accounting for ~26% of cancer cases in children with

Respiratory conditions such as acute lower respiratory tract infections, tuberculosis, chronic obstructive pulmonary disease (COPD—a disease spectrum that includes bronchitis and emphysema), asthma, and lung cancer are among the most common causes of severe illnesses and deaths globally. Growing urbanization and pollution, unhealthy lifestyle and habits, and high tobacco smoking prevalence are among the factors leading to the surge in respiratory and cardiovascular disease cases. The respiratory could cause acute respiratory failure, treatment of which requires nasal drug delivery for continuous support.

According to the Global Asthma Report 2018, published by Global Asthma Network, ~330 million people in the world are asthmatic. In addition, as per the estimates of Global Burden of Disease, a special research project by the Institute for Health Metrics and Evaluation, in 2016, ~420,000 died due to asthma. According to a study published in the US National Library of Medicine National Institutes of Health in 2018, the prevalence of asthma is consistently high in Korea, especially among female and elderly populations. Moreover, according to the Global Burden of Disease Study report, prevalence of COPD cases was 251 million in 2016. More than 90% of COPD deaths occur in low­ and middle-income countries (LMICs), and the disease is likely to become a leading cause of death in the world in the next 15 years.

COVID-19 Impacts on Nasal delivery devices Market

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. 

Download the Latest COVID-19 Analysis on Nasal delivery devices Market Growth Research Report at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00014905

Based on delivery technologies, the market is segmented in to spray, nebulizers, inhalers, and others. In 2019, the inhalerssegment held the largest share of the market and is expected to grow at the fastest CAGR during the forecast period.An inhaler (also known as a pump, puffer, or allergy spray) is a nasal delivery device used for delivering medicines into the lungs via person’s breathing mechanism. This device helps deliver medical treatment to the targeted region of the body, thereby reducing the side effects of oral medications. There are a wide variety of inhalers that are used to treat numerous medical conditions, such as asthma and chronic obstructive pulmonary disease (COPD). Some of the common types of inhalers include meter-dosed inhalers, dry powder inhalers, soft mist inhalers, and others. There are certain types of inhalers containing drugs in it for the treatment of asthma and COPD such as, reliever inhalers: contain bronchodilator medicines, preventer inhalers: contain a steroid medicine.

Nasal delivery devices Market: Competitive Landscape and Key Developments

GlaxoSmithKline plc.;AstraZeneca; Pfizer Inc.; BD; Sanofi; Merck & Co., Inc.; Cadila Pharmaceuticals Ltd.; Novartis AG; Dr. Reddy’s Laboratories;and Neurelis, Inc.are among the leading companies operating in the nasal delivery devices market.

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Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios to meet the growing consumer demand. The nasal delivery devices market players adopt the collaborations strategy to enlarge customer base worldwide, which also permits them to maintain their brand name globally.

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