Global Nasal Drug Delivery Systems Market to Surpass USD 75 Billion by 2026

Global nasal drug delivery systems market is estimated to be valued at USD 48.1 billion in 2018, and is projected to exhibit a CAGR of 6.3 percent from 2018 – 2026. Novel drug delivery systems are one of the fastest growing segment in the pharmaceutical industry. Nasal is a transmucosal drug delivery system, used to administer drug through nasal cavity. Numerous studies are conducted to study the systemic bioavailability of drug and on nasal administration of vaccine, peptide and hormonal therapy, and other drugs which are usually delivered by parenteral route. Growth in the market is attributed to high advantages of nasal administration and increasing innovative nasal drug delivery systems. Moreover, expanding therapeutic application is expected to drive growth of the nasal drug delivery systems market.

For instance, number of pharmaceutical and biopharmaceutical companies is adopting nasal drug delivery system for the treatment of acute migraine, pain management, Alzheimer disease etc. For instance, in 2016, Lannett Company, Inc. received Abbreviated New Drug Application (ANDA) approval from the U.S. FDA for its Sumatriptan Nasal Spray intended for the treatment of migraine. Moreover, in June 2018, Impax Specialty Pharma, Inc., a specialty pharmaceutical company, received US FDA approval for Zomig Nasal Spray to treat acute migraine in patients aged 12 years and above. Furthermore, in 2017, FDA approved OptiNose U.S. Inc.’s Xhance, which is a novel combination of drug and device to deliver fluticasone propionate to treat nasal polyps. Such product launches with diverse therapeutic application are augmenting the nasal drug delivery systems market growth.

Market players in nasal drug delivery systems are focusing on inorganic strategies, in turn consolidating the market. For instance, in 2014, Endo International plc, acquired Natesto, the first and only testosterone nasal gel till that date, from Trimel BioPharma SRL, used for the treatment of hypogonadism via replacement therapy. Furthermore, in 2015, Eli Lilly and Company acquired Locemia’s intranasal glucagon, which was in phase III clinical testing for the treatment of hypoglycemia. Such product acquisition is expected to strengthen the company’s product portfolio, in turn strengthening market share of the acquirer. – Coherent Market Insights