The nasal drug delivery market will show a rapid growth owing to the increasing patient preference for nasal drug delivery as a result of easy administration and better efficacy, growing adoption of self-administration practices and the rise in demand for home healthcare devices.
The nasal drug delivery is found to be one of the most preferred drug delivery routes among patients as well as healthcare providers and this can be majorly attributed to the non-invasive nature of the drug delivery and higher drug absorbability through the nasal route. In addition, the nasal route provides a less hostile environment as compared to the other routes and this allows better absorption of drugs. Moreover, nasal drug delivery does not require any sterile method for administering drugs into the body. Therefore the easy administration of these drugs plays a crucial role in improving the compliance to drug therapies among patients, which in turn drives the patient outcomes.
Moreover, the rising patient preference for nasal products owing to increased awareness along with their efficacy and easy administration properties is anticipated to fuel the market growth.
Scope of the Report
As per the scope of the report, nasal drug delivery is the administration of the drug through the nasal route. Nasal route of administration provides direct access to the systemic circulation. The nasal drug delivery is used as a treatment of local infection in the nasal course & paranasal sinuses such as rhinitis. This technique is used to lessen the problem of slow absorption of drugs, degradation before reaching the target site, and poor bioavailability. The market is segmented by dosage form, containers, therapeutic application, end-user, and geography
Key Market Trends
Drops and Liquids is Expected to Be the Fastest-Growing Segment During the Forecast Period
The nasal drop segment is estimated to be the fastest-growing dosage form segment with a high CAGR and its growth can be attributed to the affordability and treatment success rates of these liquid products. There has also been a rising demand for self-administration and increasing patient compliance that is also likely to augment market growth. In addition, the availability of products in the market is expected to contribute to the segment growth over the coming years.
North America is Anticipated to Dominate the Nasal Drug Delivery Market
The North America region dominates the nasal drug delivery technology market due to the advanced technology, product launches, and innovation, growing prevalence of asthma and chronic obstructive pulmonary disease and increasing adoption of early treatment procedures.
As the chronic obstructive pulmonary disease is found to be the third leading cause of death in the United States, therefore the increasing prevalence of COPD may help in increasing the adoption of nasal drug delivery devices. There is also an increasing number of individuals with asthma that helps to witness strong growth over the forecast period.
The market is likely to face intense competition over the forecast period owing to the presence of many multinational companies. The geographical expansion, new product development, and joint ventures are some of the key strategies undertaken by key market players.
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