Nasal Drug Delivery Devices Market Size to Exceed US$ 78.3 Bn by 2027
LOS ANGELES, June 16, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Nasal Drug Delivery Devices Market (By Product: Dry Powder Inhaler, Metered Dose Inhaler, Nebulizer; By Application: Asthma, Chronic Obstructive Pulmonary Diseases, Others; By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
The global nasal drug delivery devices market size to exceed US$ 78.3 Bn by 2027 and anticipated to grow at a CAGR of around 7% from 2020 to 2027.
The market in North America is expected to account for major revenue share due to gradual increase in number of patients suffering from respiratory problems.
- According to U.S. Department of Health and Human Services, currently more than 25 million people in the United States have asthma. Approximately 14.8 million adults have been diagnosed with COPD, and approximately 12 million people have not yet been diagnosed.
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Advancements in alternative drug delivery system, coupled with availability of advanced infrastructure in order to adopt the advanced devices is supporting the growth of target market in this region. In addition, high investment by major players for R&D activities and introduction of innovative products in order to attract new customers is another factor expected to support the growth of target market in this region.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to high patient pool suffering from asthma and other respiratory associated problems. In addition, developing regulatory scenario, high government spending on development of infrastructure in order to increase R&D activities is attracting major players to emerging economies which is growth factor in this region.
Moreover, increasing activities related to strategic partnerships and agreements between regional and international players is expected to further support the growth of target market.
Rising geriatric population in developed and developing countries with various old age associated problems, coupled with increasing demand for minimally invasive drug delivery system are some major factors expected to drive the growth of the global nasal drug delivery devices market. There is gradual increase in number old age patients suffering from various respiratory problems. Their inclination towards adoption of minimal invasive drug delivery system is increasing.
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In addition, demand for nasal drug delivery devices from the consumer suffering from asthma and other associated problems due to various benefits such as non-invasive nature, no lag time as compared to oral drug delivery, and immediate effect of the medication.
Moreover, inclination towards joint-ventures and partnerships for R&D activities and introduction of innovative products are factor expected to support the target market growth. High cost is involved in R&D activities, thus major players are inclining towards co-operative work in order to reduce the operational cost.
- In 2018, Consort Medical, a UK based company signed a contract to develop a new drug delivery device for US-based Opiant Pharmaceuticals Company. The partners will work on ready-to-use intranasal nalmefene device that is focused on reversal of opioid overdose.
However, factors such as stringent government regulation related to product approval and high complications related to overuse of inhalers are expected to hamper the growth of the global market. Government is imposing various rules and regulations for drug devices in order to deliver genuine products to consumers.
Rapid technological advancements and increasing R&D activities by major players and innovative product offering are factors expected to create new opportunities for players operating over the forecast period. In addition, strategic merger and acquisition activities in order to increase the customer base are factors responsible to support the revenuer traction of the target market.
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The global nasal drug delivery devices market is segmented in to type, application, and distribution channel. The type segment is further bifurcated in to dry powder inhaler, metered dose inhaler and nebulizer. Among the distribution channel the online pharmacies is expected to witness faster growth over the forecast period. This is due to availability of heavy discount and offers on online orders and free home delivery is attracting consumers.
Players operating in the global nasal drug delivery devices market are Consort Medical plc., Vectura Group plc., 3M, Nemera, Aptar Group Inc., H&T Presspart Manufacturing Ltd., Teva Pharmaceutical Ltd., Gofire Inc., AstraZeneca, Pfizer, Inc., and Cadila Pharmaceuticals. The competitive scenario is high due to larger presence of players operating on global level and high investment for R&D activities.
Market Segmentation
Market By Product
- Dry Powder Inhaler
- Metered Dose Inhaler
- Nebulizer
Market By Application
- Asthma
- Chronic Obstructive Pulmonary Diseases
- Others
Market By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
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