Pune, June 02, 2020 (GLOBE NEWSWIRE) -- The global Nasal Drug Delivery Market size is prognosticated to reach USD 73.84 billion by 2026 attributable to the increasing number of the patient population and the rising prevalence of pulmonary disorders worldwide. This information is provided in a recently published report by Fortune Business Insights™ titled, “Nasal Drug Delivery Market Size, Share and Global Trend By Type (Dry Powder Inhalers (DPIs), Metered Dose Inhalers (MDIs), and Nebulizers), By Application (Asthma, Chronic Obstructive Pulmonary Disease (COPD), and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and Regional Forecast, 2019-2026.” As per the report’s description, the market size was USD 42.38 billion in 2018 and is likely to exhibit a CAGR of 7.3% between 2019 to 2026.
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What are the Key Objectives of this Report?
The report provides a comprehensive overview of the market for nasal drug delivery and its various growth parameters. These include factors driving, challenging, and providing opportunities to the market. Besides this, the report discusses the competitive landscape and lists the names of players operating in the market and the major strategies adopted by them. Adoption of different strategies will help key players to strive for the leading position in the market. It also discusses the key segments in the market based on factors such as type, application, end user, distribution channel, and others. Additionally, the report provides insights into the market, major industry developments, and current Nasal Drug Delivery Market trends. It is available for sale on the company website.
An Overview of the Impact of COVID-19 on this Market:
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Market Drivers:
Rising Awareness About Nasal Drug Delivery and its Benefits will Help Market Gain Impetus
The increasing prevalence of respiratory disorders among people is a major factor boosting this market growth. Additionally, the increasing prevalence of asthma and chronic obstructive pulmonary disease (COPD) cases is also aiding to the expansion of the market for pulmonary drug delivery devices. Besides this, analyst at Fortune Business Insights™ says, “The increasing patient population and the rising demand for inhalers are encouraging companies to set up new manufacturing units. This is further expected to drive the overall market in the forecast period.”
On the flipside, lack of awareness about inhalers along with their usage, especially amongst the older population may cause hindrance to the overall market. Nevertheless, the rising awareness about the benefits of DPIs and MDIs is expected to help increase their popularity in the market. This, as a result, will give significant impetus to the market in the long run.
Regional Analysis
Europe to Dominate Owing to Rising Prevalence of Asthma
Geographically, the global market is categorized into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, Europe is holding the largest share with a nasal drug delivery technology market revenue of USD 21.1 billion in 2018. This dominance is attributable to the increasing prevalence of asthma, coupled with the rise in awareness about nasal sprays and their benefits. Besides this, there is the rising popularity of inhalers in developing nations of this region, thereby boosting the regional market.
Apart from this, Asia Pacific market share is likely to attract significant Nasal Drug Delivery Market share owing to the rise in awareness campaigns about the use of inhalers and its benefits. Moreover, biopharma companies are utilizing novel technologies for introducing MDI and DPI into the regional market for higher revenue generation during the forecast period.
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Competitive Landscape –
Demand for Nasal Drug Delivery Products to Fuel as Companies Focus on Launching Eco-friendly Inhalers
Manufacturers of the nasal drug delivery devices are focusing on new product launches to stand out in the market competition and are therefore investing huge sums into research and development for the same. In addition to this, companies are trying to launch environment-friendly inhalers for COPD and asthma patients. They are also promoting advanced technologies by introducing software and advanced services for enhanced user experience. Most of the startup companies in this market are trying to implement applications of agglomerated vesicle technology, particle engineering, nanotechnology, and others for delivering medications to COPD and asthma patients.
List of the Key Companies Operating in the Nasal Drug Delivery Technology Market are:
- Consort Medical plc. (United Kingdom)
- Teva Pharmaceutical Industries Ltd.
- H&T Presspart Manufacturing Ltd.
- 3M
- GOFIRE INC.
- Nemera
- AptarGroup, Inc. (United States)
- Vectura Group plc (United Kingdom)
- Others
Noteworthy Industry Development of Pulmonary Drug Delivery Devices Market Include:
December 2019 – An environment-friendly MDI inhaler was launched at the United Nations Climate Change Conference by Chiesi for COPD and Asthma patients. An investment plan worth USD 382.76 million was made by the company for five years to launch the new product in the market. The company also aims to reduce the overall carbon footprint of MDI by 90%.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launch
- Pipeline Analysis
- Technological Advancements in the Nasal Drug Delivery Market
- Prevalence of Disease Indications
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Nasal Drug Delivery Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Dry Powder Inhalers (DPI)
- Metered Dose Inhalers (MDIs)
- Nebulizers
- Market Analysis, Insights and Forecast – By Application
- Asthma
- Chronic Obstructive Pulmonary Disease (COPD)
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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