Nasal drug delivery technology market to grow at CAGR of 5.1 percent

New research has found that amid the COVID-19 pandemic, the global nasal drug delivery technology market is projected to reach $73.3 billion by 2027. 

The report, published by ResearchandMarkets, says that the drug delivery technology market is estimated to be worth $51.6 billion currently, but will increase at a compound annual growth rate (CAGR) of 5.1 percent over the forecast period 2020-2027.

Nasal sprays are specifically predicted to record a 6.2 percent CAGR and reach $40 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, the report says that the growth in the drops and liquids segment has readjusted to a revised 4.4 percent CAGR for the next seven year period.

China is forecast to reach a projected market size of $12.9 billion by the year 2027 trailing a CAGR of 4.8 percent over the analysis period 2020 to 2027. The research says that Japan and Canada are each expected to grow at five percent and four percent respectively over the forecast period. This market in Germany is predicted to grow at approximately 4.1 percent CAGR.

In the global other dosage forms segment, the US, Canada, Japan, China and Europe will drive the 2.5 percent CAGR estimated for this segment. The report says these regional markets account for a combined market size of $4.2 billion in the year 2020 will reach a projected size of $5 billion by the close of the analysis period. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach $8.4 billion by the year 2027. 

Some of the major players of the market, highlighted in the report, include AstraZeneca, GlaxoSmithKline (GSK), Johnson & Johnson (J&J) and Pfizer.