The global intranasal drug delivery devices market was valued at USD 1.17 billion in 2020 and is predicted to reach USD 2.98 billion by 2030 with a CAGR of 12.8% during the forecast period 2021 to 2030.
Crucial factors accountable for market growth are:
Major Trends in the Intranasal Drug Delivery Devices Industry:
Considering the wide-ranging awareness in nasal drug delivery and the possible advantages of intranasal administration, it is anticipated that novel nasal drug delivery products will continue to arrive at the market and advance exponentially in the forthcoming years. The prospects in the worldwide market for the intranasal drug delivery devices have drawn huge expenditure by major companies in research and development activities. Moreover, in the emerging countries such as India, China, etc. having low labor and clinical trials costs, will further aidin drawing market players to these nations and will observe an exponential development in the forthcoming years. The novel nasal drug delivery devices are expected to reach the market and grow significantly in the upcoming years due to the prevalent awareness regarding nasal drug delivery and the probable advantages of intranasal administration. The prospects in the global market for the intranasal drug delivery devices have invited huge investments by key companies in the research and development activities. Furthermore, in the emerging economies in the Asia Pacific region, which have lower costs of clinical trials and labor, will further help to draw market players to this region and will observe an exponential development in the near future. Through the development of spontaneous patient-friendly modernizations, intranasal medication delivery devices and apparatuses enable treatments to remain on the cutting edge along with making life better for affected individuals, thereby offering a great prospect for its overall business to flourish in the forthcoming years. To take completebenefit of these openings offered by nasal delivery of medications, innovative methods to overcome the biological blockades to delivery are being established. The technological advancements in many of the nasal drug transfer devices currently, consists of the powder preparation and carrier technology, intended for increased medication absorption through its muco-adhesive features and a transfer device technology intended for simple use, and comprehensive and consistent transfer of intranasal powder preparations. This technology can be employed to a wide range of medications, including peptides, small molecules, and biologics.
COVID-19 Impact on Global Healthcare Distribution Market
The rapid spread of the SARS-CoV-2 (severe acute respiratory syndrome coronavirus) in the human populace led to a global pandemic. The initial strategies to alleviate the spread of virus focused on community health initiatives, likepublic hygiene awareness, social distancing, travel restrictions, and testing &tracing. The intranasal delivery modefor antiviral agents or drugs have the potentialto provide an extra option for averting disease spread. Intranasal delivery of drugsalso has the potential relevance for upcoming clinical trials in the situations of disease inhibition and treatment of SARS-CoV-2.
Key Market Developments:
Significant Market Trends:
Multi-dose Systems Segment Reported Foremost Market Stake in 2020
Multi-dose systems segment recorded the prime market share in the global intranasal drug delivery devices market in 2020. The ability of multi-dose systems to deliver drugs by avoiding formulation contamination is the major reason for high market share of multi-dose systems. The factors such as better tolerance and efficient use are expected to increase the usage of the multi-dose intra-nasal drug delivery systems over the estimate period.
The metered dose systems are projected grow at the highest CAGR during the forecast period mainly due to new product launches.
Asthma is Projected to Dominate the Application Segment of Intranasal Drug Delivery Devices Market Revenue
Intranasal drug delivery devices are rapidly being employed for the management of asthma. As per the Centers for Disease Control and Prevention (CDC), 1 in 13 persons have asthma.Thus, high incidence of asthma and ongoing research and development activity in intranasal drug delivery devices for better absorption is the major reason for the high revenue share of asthma.
Rhinitissegment will expand at a significant CAGR during the forecast time-frame.
Hospitals Projected to Dominate the End-User Segment of Intranasal Drug Delivery Devices Market Revenue
Hospitals have a high flow of patients with respiratory disorders when compared to small clinics. Furthermore, hospitals have capital availability to procure latest equipment’s. These factors contribute to the growth of hospital segment.
North America is Estimated to be the Largest Market forIntranasal Drug Delivery Devices
The research report covers key trends and prospects of intranasal drug delivery devices products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, intranasal drug delivery devicesmarket is conquered by North America owing to high incidence of asthma and presence of sophisticated healthcare framework. On the other hand, Asia-Pacific is anticipated to witness the rapid growth rate, on account of increasing healthcare expenditure and growing investment by major manufactures to launch new products.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global intranasal drug delivery devices market. Leading competitors contending in global intranasal drug delivery devices market are as follows:
In order to better recognize the current status of intranasal drug delivery devices, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the intranasal drug delivery devices market. This research study bids qualitative and quantitative insights on intranasal drug delivery devices market and assessment of market size and growth trend for potential market segments.
Major Market Segments Covered:
By End User
Middle East & Africa (MEA)
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