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Jun 09, 2021 (Market Stats News via COMTEX) — The intranasal drug delivery devices market, in terms of value, is projected to grow at a healthy CAGR of 12.8% from 2021 to 2030. The market was accounted for US$ 1.17 billion in 2020 and is expected to reach a market size of US$ 2.98 Billion by the end of 2030. In this study, 2020 has been considered the base year, and 2021 to 2030 the forecast period for estimating the market size of the market.
The global intranasal drug delivery devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value, on the basis of System, Container, Application, End Userand Regional Outlook.
The report discusses the market for intranasal drug delivery devices in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and the Rest of the Worlds.
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Drug delivery primarily refers to a process of transporting a drug/medication into the body to have an adequate therapeutic consequence. Several methods are frequently utilized for the delivery of the medicine. Nasal and pulmonary routes are regarded to be the most prevalent types for carrying the drug. Intranasal drug delivery is a convenient delivery method for medications that are active in low dosages and display no minimum oral bioavailability such as peptides and proteins. One of the explanations for the low degree of absorption of proteins and peptides via the nasal path is quick movement distant from the absorption position in the nasal cavity owing to the Mucociliary Clearance system. The nasal path evades hepatic first pass exclusion associated with the oral transfer. The rapid inception of the therapeutic outcome is possible due to the big surface area of the nasal mucosa. This method has great potential for non-invasiveness, no first-pass absorption, and direct to the central nervous system transfer.
Report Highlights
- Among the system segment, multi-dose systems are expected to dominate the overall market. Multi-dose systems have multiple advantages over other systems which makes them a system of choice in many settings.
- The non-pressurized containers accounted for the largest revenue in the containers segment with more than 68% share in 2019. Increasing awareness regarding the use of non-pressurized containers is the major reason for high market share of non-pressurized containers. Pressurized containers are expected to grow at the topmost CAGR during the forecast time-frame.
- Asthma accounted for the largest revenue in the application segment. Increasing prevalence of asthma in developing regions is the key reason for high market share of asthma.
- Hospitals accounted for the largest revenue in the end-user segment. High frequency of intranasal drug delivery in hospitals is the key reason for high market share of hospitals.
- Teleflex Incorporated accounted for a significant share of the global intranasal drug delivery devices market.
Growth Factors
Factors such as growing patient preference for nasal drug delivery and increasing popularity of self-administration of medications are driving the growth of intranasal drug delivery devices market. High incidence of cardiovascular disorders, increased cancer and diabetes cases, amplified focus on elderly and pediatric patients, and growing demand for home-based healthcare devices are further propelling the intranasal drug delivery devices market expansion across the globe. Additional aspects that are anticipated to fuel this industry are rapid R&D activity and reception of new drug delivery approaches and equipment's, reformulation of injections and oral medications into the preparations to be administered by the nasal route, and quick onset of action. The simple administration and improved efficacy have amplified patient preference for the nasal drug delivery which subsequently has enhanced the demand for overall market for the nasal drug delivery devices market.
Due to the greater permeability and low enzymatic environment of the nasal cavity, and evasion of the hepatic first pass metabolism, intranasal drug delivery devices are appropriate for systemic transport of drug molecule through nose. Numerous drug delivery devices for nasal use of solid, semisolid, and liquid formulation are examined to deliver the medications to the treat most critical CNS diseases (i.e., Alzheimer's disease, Parkinson's disease) since it requires quick and specific aiming of medications to the brain.
COVID-19 Impact:
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The intranasal drug delivery devices report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Regional Analysis:
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 37%. U.S. represented the highest share in the North American region primarily due to presence of leading market players and high awareness regarding alternate drug delivery mechanisms. Furthermore, early adoption of latest healthcare technologies also contributed to the high market share of the United States.
Europe was the second important market chiefly due to presence of latest healthcare infrastructure and high investment in research and development. The presence of skilled researchers in the European region is also expected to boost the demand for Intranasal Drug Delivery Devices market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around 14% in the forecast period due to high incidence of cancer. Latin America and the African and Middle Eastern region will display noticeable growth.
Key Market Players and Strategies:
The major companies operating in the worldwide intranasal drug delivery devices are Johnson & Johnson, Inc., Aptar Pharma Group, GlaxoSmithKline Plc, Aegis Therapeutics LLC, H&T Presspart Manufacturing Ltd., AstraZeneca Plc, Becton, Dickinson and Company, Novartis AG, Teleflex Incorporated, and Vectura Group Plc. among others.
High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global Intranasal Drug Delivery Devices market. Recently, scientists have evolved an inhalation delivery arrangement for vaccines that produces effective immune responses in non-human primates, without triggering lung damage. This innovation can lead to novel therapeutics for respirational diseases like the corona virus Covid-19.
Major Market Segments Covered:
By System
- Metered Dose
- Multi-Dose Systems
- Unit-Dose Systems
By Container
- Non-Pressurized Containers
- Pressurized Containers
By Application
- Chronic Obstructive Pulmonary Disease (COPD)
- Rhinitis
- Cystic Fibrosis
- Nasal Congestion
- Asthma
- Others
By End User
- Ambulatory Surgical Centers
- Clinics
- Hospitals
- Others
By Geography
North America
- U.S.
- Canada
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Why should you invest in this report?
The company's expert team has been always monitoring the intranasal drug delivery devices market for few years, which has assisted them to include actionable insights that can consult the regarded reader with the influence to grow their venture with a high CAGR and gain stellar Return on initial capital investment in the market.
If you are aiming to enter the global intranasal drug delivery devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for intranasal drug delivery devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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The post Intranasal Drug Delivery Devices Market is Estimated to Reach US$ 2.98 Billion by 2030 appeared first on Market Stats News.
COMTEX_388039215/2746/2021-06-09T08:48:46
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