Intranasal Drug Delivery Devices Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Respiratory Diseases
The global intranasal drug delivery devices market comprises devices that are used for administration of drugs through the nasal route. These devices are suitable for delivery of drugs meant for treating conditions like allergies, migraines, pain, amongst others. The devices help in bypassing first pass hepatic metabolism and reducing gastrointestinal adverse effects. The drugs administered through nasal route have faster onset of action as compared to oral administration. Non-invasive nature of these devices makes them user-friendly.
The global intranasal drug delivery devices market is estimated to be valued at US$ 3.27 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the intranasal drug delivery devices are GlaxoSmithKline PLC, AstraZeneca PLC, Pfizer, Inc., OptiNose, Inc., 3M Company, Becton, Dickinson and Company, Promius Pharma, LLC, Cadila Pharmaceuticals Ltd., B.F. Ascher & Company, Inc., PendoPharm, Inc., Douglas Pharmaceuticals Ltd., ENT Technologies Pty. Ltd., NAVEH Pharma Ltd., Novartis AG, Neurelis, Inc., Aptargroup, Inc. These players dominate majority of share in the market and are focused on new product launches and inorganic growth strategies to strengthen their market position.
The key opportunities in the Intranasal Drug Delivery Devices Market Size comprise rising prevalence of respiratory diseases like asthma, allergies, COPD, etc. According to the statistics of WHO, around 235 million people suffer from asthma globally. Intranasal drug delivery is suitable for quick relief in such conditions. Furthermore, advantages like non-invasiveness and bypassing first pass metabolism make intranasal route popular for self-administration of drugs.
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