Nasal spray devices are an important and integral part of the effective nasal drug delivery and administration process. These devices are widely accepted by a large pool of patients owing to their rapid action onset, non-invasiveness, and self-administration by the patients. Moreover, a rise in the number of respiratory issues including asthma, allergic rhinitis, and nasal congestion globally is surging the demand for innovative nasal drug delivery technology.
As per a report published by The Institute for Health Metrics and Evaluation (IHME) on April 25, 2023, chronic respiratory diseases (CRD) are the third leading cause of increasing mortality rates across the world. In addition, the report also states that air pollution leads to the death of around 1 million people globally.
- Over-the-counter (OTC) medications
It is one of the convenient ways to get generic health & wellness items. OTC wellness solutions-enabled pharmacies offer all types of nasal sprays for treating common nasal congestion, inflammation, sneezing, and allergies, which provide instant relief.
- Technological advancements
Several leading market players are inclined towards manufacturing user-friendly and precise nasal spray products, to improve patient compliance. Many other technological innovations are being adopted to expand market horizons in the coming years. Moreover, during the COVID-19 pandemic, several market companies invested in research & development to help curb the spread of the virus caused due to the rising cases of cold and cough.
According to a report published on November 30, 2020, by The Trustees of the University of Pennsylvania, Regeneron Pharmaceuticals, Inc. collaborated with Penn Medicine. The collaboration aimed to research whether gene therapy technology would be suitable for application in nasal sprays to treat coronavirus.
- Biological delivery
Nasal sprays are widely used in different biological deliveries for treating nasal issues. They are widely being applied as an alternative to conventional and traditional medicines. The drug substance in this delivery system is intended to target the biological site, thus resulting in instant relief from nasal congestions or allergies.
- Sustainable packaging
Environmentally friendly product packaging is increasingly being appreciated by both patients and healthcare experts, thus the major market players are rapidly focusing and ensuring that their packaging is produced from sustainable materials. AptarGroup, Inc., on January 30, 2023, AptarGroup, Inc., launched the first recyclable and metal-free nasal spray pump, called APF Futurity. The product is manufactured to cater to the need for easy-to-recycle medical products.
Innovations in genomics and customized medicinal delivery are anticipated to create a huge ray of opportunities for the market players, where they can focus on issues faced by different individuals, and create personalized drug formulations.
The rising interest of people in telemedicine and online consultancy is expected to give the leading market players a novel online portfolio and invest in producing effective remote patient monitoring devices.
Innovation in drug delivery
Investing in research & developments in creating novel drug formulations and delivery can result in a major revenue generation track for the leading market companies. This in turn helps in fueling the market globally.
Although a number of drivers propel the nasal spray devices market, some of the prominent factors boosting the market are the increasing awareness and demand for nasal spray devices & technology among patients and wellness professionals. These factors are projected to help the nasal spray devices market reach USD 6,044.1 million by 2030, with a CAGR of 6.9%. Additionally, rising nasal conditions across the world are facilitating the market firms to have consistent developments in their nasal spray devices.