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.
Key Market Trends
Drops and Liquids is Expected to be the Fastest Growing Segment During the Forecast Period
Drops and liquids 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. As there has also been a rising demand for self-administration and increasing patient compliance that is also likely to augment the market growth.
In addition, the availability of various nasal drops and liquids 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, products 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 are also an the increasing number of individuals with asthma that helps to witness strong growth over the forecast period.
Asia Pacific is also expected to witness the fastest CAGR due to the availability of effective treatment methods, high unmet clinical needs, rising disposable income levels, and increasing awareness about these products.
The market is likely to face intense competition over the forecast period owing to the presence of many multinational companies. Geographical expansion, new product development, and joint ventures are some of the key strategies undertaken by key market players. For instance, in 2017, Merck collaborated with Premier, Inc. (US) to develop a preventive care model that seeks to improve adolescent and adult vaccination rates.
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