Nasal Drug Delivery Mode Market to Surpass US$ 75,766.8 Mn by 2028
Nasal administration is a route of administration in which the drugs are insufflated through the nose for either local or systemic effect. Nasal delivery is used to treat of local infection in the nasal course and paranasal sinuses such as rhinitis and sinusitis (allergic & non-allergic). Nasal drug delivery is used to reduce the problem of slow absorption of drug, poor bioavailability, and degradation before reaching the target site. This route of administration is a convenient and reliable route of administration.
Market Statistics:
The global nasal drug delivery mode market is estimated to account for US$ 50,947.4 Mn in terms of value by the end of 2021.
Market Drivers:
Outbreak of COVID-19 (global pandemic) is expected to drive growth of the global nasal drug delivery mode market over the forecast period. COVID-19 is a respiratory disease caused by a novel coronavirus (or SARS-CoV-2). For instance, in August 2021, Glenmark Pharmaceuticals and SaNOtize Research & Development Corporation joined forces to manufacture, market, and distribute its breakthrough Nitric Oxide Nasal Spray (NONS) for COVID-19 treatment in India and other Asian markets including Malaysia, Singapore, Hong Kong, and other countries.
Market Opportunities:
Increase in development of OTC drugs (nasal drops & nasal sprays) by market players provides lucrative opportunities for the global nasal drug delivery mode market growth. For instance, in March 2019, Janssen Pharmaceutical announced that the U.S. Food and Drug Administration (FDA) has approved SPRAVATO (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD).
Market Restraints:
Regulatory hurdles and complications associated with the overuse of nasal sprays are expected to impede growth of the global nasal drug delivery mode market.
Global Nasal Drug Delivery Mode Market - Impact of Coronavirus (Covid-19) Pandemic
Intranasal drug delivery represents an important area of research for COVID-19 and other viral diseases. In 2020, Codagenix and Serum Institute of India (SII) received regulatory approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) to initiate Phase I clinical trial of COVI-VAC, a single-dose intranasal, live attenuated vaccine against COVID-19. While, in December 2020, Eureka Therapeutics announced successful preclinical results of InvisiMask Human Antibody Nasal Spray against SARS-CoV-2 infection (COVID-19). This in turn is expected to fuel the growth of the market.
To know the latest trends and insights prevalent in the Global Nasal Drug Delivery Mode Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/nasal-drug-delivery-mode-market-5047
Key Takeaways:
The global nasal drug delivery mode market was valued at US$ 48,200.0 Mn in 2020 and is forecast to reach a value of US$ 75,766.8 Mn by 2028 at a CAGR of 5.8% between 2021 and 2028.
Among therapeutic application segment Asthma segment held dominant position in the global nasal drug delivery mode market in 2020, accounting for 45.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Introduction of novel products by market players is expected to augment the growth of the global nasal drug delivery mode market. For instance, in October 2021, Oyster Point Pharma announced that the FDA has approved Tyrvaya (varenicline), a nasal spray for the treatment of the chronic condition of dry eye.
- Increase in focus on the development of novel products is expected also to boost the growth of the global nasal drug delivery mode market. For instance, in August 2021, Atai Life Sciences created a start-up to develop a nose-to-brain delivery system for the treatment of mental health disorders. The start-up, named InnarisBio, has secured exclusive rights to a sol-gel intranasal drug delivery platform in certain fields.
Competitive Landscape:
Major players operating in the global nasal drug delivery mode market include Merck & Co., Inc., Astra Zeneca, GlaxoSmithKline Plc, Mystic Pharmaceuticals, PendoPharm Inc., Bausch Health, 3M, Cadila Pharmaceuticals, Optinose, Dr. Reddy Laboratories, ENT Technologies Pty Ltd., Neurelis Inc., Aptar Group, Johnson & Johnson Services Inc., and Becton, Dickinson and Company, among others.
Recent Developments:
- In July 2021, GlaxoSmithKline plc (GSK) announced that the Food and Drug Administration (FDA) has approved Nucala (mepolizumab), a monoclonal antibody that targets interleukin-5 (IL-5), as a treatment for patients with chronic rhinosinusitis with nasal polyps (CRSwNP).
- In January 2020, Lannett Company, Inc. announced that the FDA has approved its New Drug Application to market Numbrino, the brand-name for a cocaine hydrochloride nasal spray. It is a topical solution for the mucus membranes in the nasal cavities.
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