The global Nasal Drug Delivery Market size is prognosticated to reach USD 81.85 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 Geography Forecast till 2026.” As per the report’s description, the market size was USD 46.34 billion in 2018 and is likely to exhibit a CAGR of 7.5% between 2019 to 2026.
An Overview of the Impact of COVID-19 on this Market:
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/nasal-drug-delivery-devices-market-100415
Market Drivers:
Rising Awareness About Nasal Spray and its Benefits will Help Market Gain Impetus
The increasing prevalence of respiratory disorders among people is a major factor boosting the Nasal Drug Delivery 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.”
Regional Analysis
Europe to Dominate Owing to Rising Prevalence of Asthma
Geographically, the global Nasal Drug Delivery 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.
Competitive Landscape –
Demand for Nasal Drug Products to Fuel as Companies Focus on Launching Eco-friendly Inhalers
Manufacturers of the intranasal 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.
