Nasal Drug Delivery Market to Reach $73.84 Billion by 2026;Players Continue to Focus on Developing Cost-effective Medicines

The global Nasal Drug Delivery Market size is likely to reach USD 73.84 billion by 2026, Advent of smart technologies in combination with the drug delivery devices is driving the market. This information is provided by Fortune Business Insights™ in the report titled, “Nasal Drug Delivery Market Size, Share and Industry Analysis, 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 Regional Forecast, 2019-2026 .” The market value stood at USD 42.38 billion in 2018 and is anticipated to rise at a CAGR of 7.3% between 2019 to 2026.

Launch of New MDI Inhaler at the United Climate Change Conference to Turn Beneficial for Market

The plan to launch an environment-friendly MDI inhaler was declared by Chiesi in December 2019. The announcement of this MDI inhaler for helping patients with COPD and Asthma was held at the United Nations Climate Change Conference. It is the first company to declare a multi-million-euro commercial contract with Koura, the leading medical propellant manufacturer, for securing the supply of HFA 152a (1,1-difluoroethane). These formulations are expected to reduce carbon footprint of pMDI inhalers by 90%, and therefore the company made a five-year long investment plan of about USD 350 million. Such innovations taken by giant companies are likely to aid in expansion of this Market in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/nasal-drug-delivery-market-100415

Initiatives by the Center for Disease Control and Prevention (CDC) to Increase Popularity of Inhalers Will Drive Growth

Government bodies of various nations are investing their time and effort to implement awareness programs about asthma and COPD and the importance of inhalers. The Center for Disease Control and Prevention (CDC) has initiated programs such as Asthma Awareness Toolkit and Asthma Awareness Month for educating the patient population on how to control asthma. Players such as Cipla, Teva, and more are emphasizing on spreading awareness through social media campaigns namely ‘Inhaler is A Boon for Asthma,’ ‘Inhalers are right for Asthma’ and others. Such campaigns are propelling patients to rely on inhalers and take other preventive measures against asthma. Such innovative awareness programs supported by governments are likely to help attract high market revenue in the forthcoming years.

Drivers

Rising Prevalence of COPD Worldwide to Promote Growth

As most of the geriatric population are susceptible to respiratory disorders and use inhalers for daily use. However, they sometimes find it difficult to use. Also, the amount of dosage required for every patient is different, lack of which may not help improve the patient’s health. Therefore, considering the need and increasing demand for nasal sprays, device experts are trying to include simple technologies for easy operation and right dosage. Such factors are likely to bode well for the market in the forecast duration.

Other factors boosting this market growth include the increasing number of patients with pulmonary diseases and surging demand for drug delivery devices. The World Health Organization (WHO) stated an estimate of 300 million people to be diagnosed with asthma, indicating the complete reliance on inhalation devices for medications.

Competitive Landscape:

Setting up of New Manufacturing Units to Toughen Market Competition

Currently, companies in the pulmonary drug delivery technology market are investing largely in the development of eco-friendly inhaler products for COPD and asthma patients. Additionally, they are also focused on expanding their production capacity and are therefore launching new production units for the same. On the other side, startup companies in this market are implementing technologies such as particle engineering, agglomerated vesicle technology, and others to deliver medications to asthma and COPD patients. These nasal drug delivery market trends are prognosticated to turn fruitful in terms of revenue generation in the future.

Key Industry Developments of this Market include:

• May 2019 – Recipharm Inhalation Solutions launched by Recipharm at the Respiratory Drug Delivery Europe in 2019 at Lisbon Portugal. It offers an outsourcing service for inhalation products such as dry powder inhalers (DPIs), nasal sprays, and metered dose inhalers (MDIs).

List of Major Players Operating in the Nasal Drug Delivery Market include:

• GOFIRE INC.


• H&T Presspart Manufacturing Ltd.


• Vectura Group plc


• Consort Medical plc.


• Teva Pharmaceutical Industries Ltd.


• Nemera


• 3M


• AptarGroup, Inc.


• Others

Further Report Findings

• Europe earned the largest market share with a revenue of USD 21.1 billion in 2018. This is owing to the rising prevalence of respiratory disorders, such as asthma in the region.


• Concerning product type, the global market for nasal drug delivery is dominated by dry powder inhalers (DPI) segment. In 2018, this segment earned 56.8% of the nasal drug delivery technology market share owing to its low susceptibility towards microorganisms.

This market is categorized into: