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Nasal Drug Delivery Technology Market Report Analysis
According to nasal drug delivery technology report analysis, some of the primary reasons driving the growth of the nasal drug delivery technology market include increasing patient preference for nasal medication delivery due to ease of administration and improved efficacy, growing incidence of chronic diseases, as well as increased acceptance of self-administration practices. Intranasal medication administration is one of the most popular drug delivery methods among both patients and healthcare practitioners. This is mostly due to the non-invasive nature of this mode of administration and the fact that medication absorbability is higher via the nasal route.
Companies have leveraged new technology to make goods that are small, portable, and easy to use. The nasal route has been considered suitable for pharmaceutical administration since it provides a faster start of action for the treatment of related illnesses.
The issues associated with nasal spray misuse are expected to hamper the growth of the nasal medication delivery technology market over the forecast period. In the near future, regulatory obstacles may impede the growth of the nasal medication delivery technology market.
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Because many patients opted to undertake their chronic respiratory illness medication therapy at home, the COVID-19 pandemic benefited the nasal drug delivery sector, leading in a surge in the usage of inhalers at home rather than in hospitals or outpatient clinics. The usage of nasal inhalers to treat asthma, migraines, and other mental diseases has also increased. Furthermore, numerous pharmaceutical firms have begun to develop vaccines employing nasal drug delivery technology, with a number of them presently in clinical trials.
In 2017, North America led the market with a revenue share of 36.21 percent. This expansion was linked to increased illness prevalence as well as consumer knowledge of nasal products. According to the CDC, the number of individuals with asthma aged 18 and up in the United States in 2017 was over 20.4 million, accounting for around 8.3 percent of the total population. Furthermore, there were around 6.1 million children under the age of 18 who had asthma. North America's established economies will drive substantial growth over the next few years.
In the future years, Asia Pacific is predicted to have the quickest CAGR of 7.5 percent. This expansion is mostly owing to the availability of effective treatment procedures, significant unmet clinical demands, rising disposable income levels, and increased consumer awareness of these items. Furthermore, the presence of important players in this area, such as Aptar Group, Inc., Sun Pharmaceutical Industries Ltd., and Cipla Inc., is projected to benefit the entire market.