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(Medical-NewsWire.com, December 15, 2021 ) The global nasal drug delivery technology market is projected to reach USD 64.20 billion by 2021 from USD 44.00 billion in 2016, at a CAGR of 6.5% during the forecast period. Increasing patient preference for nasal drug delivery as a result of easy administration & better efficacy and growing adoption of self-administration practices are some of the major factors driving the growth of the nasal drug delivery technology market. Intranasal drug delivery is one of the most preferred drug delivery routes among patients as well as healthcare providers. This can be majorly attributed to the non-invasive nature of this route of delivery and the fact that drug absorbability is higher through the nasal route.
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Key players in the nasal drug delivery technology market include Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Johnson& Johnson Services, Inc. (U.S.), Pfizer, Inc. (U.S.), AstraZeneca Plc.(U.S.), Aptar Group (U.S.), and GlaxoSmithKline plc (U.K.)
Major Market Developments
In 2016, Pfizer collaborated with Western Oncolytics to advance Western Oncolytics’ novel oncolytic vaccinia virus. This collaboration helped Pfizer to enhance its novel technology platform for cancer Vaccines and strengthened its immuno-oncology portfolio.
In 2016, GlaxoSmithKline collaborated with Vaccine Research Center at the NIH (US) to evaluate a new vaccine technology for Zika, known as SAM.
In 2017, Merck collaborated with Premier, Inc. (US) to develop a preventive care model that seeks to improve adolescent and adult vaccination rates.
Furthermore, growth among over-the-counter nasal drugs and increasing focus on alternative routes of drug delivery such as nasal drug delivery offer significant growth opportunities for player operating in the market. On the other hand, complications associated with the overuse of nasal sprays may restraint the growth of the nasal drug delivery technology market.
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The nasal drug delivery technology market is segmented based on dosage form, therapeutic application, end user, system, container, and region. On the basis of system, the market is segmented into multi-dose systems, bi-dose systems, and unit-dose systems. In 2016, the multi-dose drug delivery systems segment is expected to account for the largest share of the nasal drug delivery technology market. This can primarily be attributed to the growing preference for multi-dose drug delivery as these systems provide quick and effective delivery of drugs into the bloodstream.
The nasal drug delivery technology market in Asia is expected to grow at the highest CAGR during the forecast period. Opportunities in the Asian market have attracted huge investments by major companies in the area of R&D activities. In addition, the region has low costs of labor and clinical trials, which has further served to draw market players to Asia.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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