New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nasal Drug Delivery Technology Global Market Report 2023" - https://www.reportlinker.com/p06466531/?utm_source=GNW
, OptiNose Inc., Bausch Health Companies Inc., Naveh Pharma Ltd., Teva Pharmaceutical Industries Ltd., Consort Medical plc, Douglas Pharmaceuticals Ltd., and ENT Technologies Pty. Ltd.
The global nasal drug delivery technology market is expected to grow from $72.16 billion in 2022 to $77.42 billion in 2023 at a compound annual growth rate (CAGR) of 7.29%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The nasal drug delivery technology market is expected to reach $101.49 billion in 2027 at a CAGR of 7%.
The nasal drug delivery technology market consists of revenues earned by entities by providing services such as intranasal drug delivery services, brain targeted therapy and mucosal vaccination.The market value includes the value of related goods sold by the service provider or included within the service offering.
The nasal drug delivery technology market also includes sales of catheter-delivered drugs, nebulizers, and pressurized metered-dose inhalers (PMDIs) equipment which are used in providing nasal drug delivery technology services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The nasal drug delivery technology refers to administering pharmaceuticals through the nasal cavity to attain therapeutic drug levels in the blood as quickly as possible and the potential for direct drug delivery to the brain via the olfactory neurons. Nasal drug delivery methods circumvent the blood-brain barrier (BBB) and undergo minimal hepatic and intestinal processing.
North America was the largest region in the nasal drug delivery technology market in 2022. The regions covered in nasal drug delivery technology report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of dosage forms for nasal drug delivery technology include nasal spray, nasal drops, nasal gels and ointments, nasal powders, and others.Nasal spray refers to nasal drug delivery devices that force a large quantity of tiny liquid drops to cleanse the nose or administer medication to the body.
It is available in two main types of containers that are pressurized and non-pressurized and is used in various applications such as allergic and non-allergic rhinitis, nasal congestion, asthma, vaccination, and others. It is available through various distribution channels, such as hospital pharmacies, retail pharmacies, and online pharmacies, and is being used by end-users such as home care settings and hospitals.
The increasing incidences of chronic diseases are expected to propel the growth of the nasal drug delivery technology market going forward.Chronic diseases can be defined as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both.
Nasal drug delivery technologies are used for the management of chronic rhinosinusitis to improve the bacterial biofilm or mucociliary clearance due to the complex structure of the nasal cavity through a therapeutic nasal cavity strategy. For instance, in September 2022, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the increasing incidences of chronic diseases are driving the growth of the market for nasal drug delivery systems.
Product innovations are a key trend gaining popularity in the nasal drug delivery technology market.Major pharmaceutical companies operating in the nasal drug delivery technology market are involved in developing new and improved products to provide their customers with new methods of drug administration to sustain their position in the market.
For instance, in January 2023, AptarGroup, Inc., a US-based drug delivery and pharmaceutical company, launched the first recyclable, metal-free, multidose nasal spray, APF Futurity, to deliver nasal saline and other equivalent over-the-counter (OTC) formulations. APF Futurity is manufactured from polyolefin materials and does not include any metal components or recycling disruptors. This reduces the need for separation in recycling streams and promotes a greater grade of recycled materials. This product’s unique feature is its recyclability design; it is a highly recyclable nasal spray pump that has received Class AA certification from cyclos-HTP for recycling streams in Europe.
In May 2022, Medtronic plc, a US-based medical device firm, acquired Intersect ENT Inc. for an undisclosed sum. The acquisition will add novel products used in sinus operations to enhance post-operative outcomes and treat nasal polyps to Medtronic’s entire ear, nose, and throat (ENT) portfolio. Intersect ENT Inc. is a US-based medical device firm operating in ear, nose, and throat medical technology.
The countries covered in the nasal drug delivery technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The nasal drug delivery technology market research report is one of a series of new reports that provides nasal drug delivery technology market statistics, including nasal drug delivery technology industry global market size, regional shares, competitors with a nasal drug delivery technology market share, detailed nasal drug delivery technology market segments, market trends, and opportunities, and any further data you may need to thrive in the nasal drug delivery technology industry. This nasal drug delivery technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466531/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
