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%.
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.
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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.
Homecare settings drive the growth of nasal drug delivery market
Homecare settings is the largest and the fastest growing end-user segment in the nasal drug delivery technology market. The growth of this segment is attributed to increasing patient preference for self-administration of drugs among patients and the increasing usage of nasal powders and sprays that can be easily administered by patientsMoreover, the self-administration of drugs in the home care settings helps patients save time and money, thereby bringing down healthcare costs incurred by the patient.
Drug administration in the home care settings is most beneficial for long term therapy.
Hospitals are among the major end users for nasal drug delivery; the substantial growth in the number of patients suffering from chronic rhinitis is a key market driver for this end-user segment.
Several nasal drugs require trained staff for their administration so as to avoid over-dosage; this is expected to further drive growth for this end-user segment.
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