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.
The global nasal drug delivery technology market is projected to reach $64.20 billion by 2021 from $44.00 billion in 2016, at a CAGR of 6.5% during the forecast period.
Market Dynamics
+ Market Drivers
- + Increasing Patient Preference for Nasal Drug Delivery as A Result of Easy Administration and Better Efficacy
- + Growing Adoption of Self-Administration Practices
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Increasing patient preference for nasal drug delivery as a result of easy administration and better efficacy
Intranasal drug delivery is one of the most preferred drug delivery routes among patients as well as healthcare providers. This can majorly be attributed to the non-invasive nature of this route of delivery and the fact that drug absorbability is higher through the nasal route. In addition, the nasal route offers a less hostile environment as compared to the gastro-intestinal route; this enables better absorption of drugs. Moreover, nasal drug delivery, unlike some other routes of drug delivery, dose not require any sterile method for administering drugs into the body.The easy administration of these drugs plays a crucial role in improving the compliance to drug therapies among patients, which in turn drives patient outcomes.Considering these factors, the preference for nasal drug delivery is increasing among patients as well as healthcare providers.
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.)
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