PUBLISHER: Grand View Research | PRODUCT CODE: 1170990
PUBLISHER: Grand View Research | PRODUCT CODE: 1170990
The global inhaled and intranasal products contract service providers market size is estimated to reach USD 4.5 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% from 2023 to 2030. There is an increased awareness of the effective and advanced respiratory devices compared to the traditional treatments fueling the growth of the market.
Inhaler design has seen little change in the past ten years, but some features have led to advancements that open new possibilities for disease treatment according to an article published by the National Library of Medicine (NIH) in 2021. The development of vibrating mesh systems for nebulizers was the most significant advancement, whereas the formulation, metering system, and aerosol dispersion properties are the three main components of dry powder inhaler technology. Furthermore, one of the most important breakthroughs at the start of the new millennium was the regulatory approval and commercialization of Advair/Seretide (GlaxoSmithKline). These developments and advancements in the design of the product improve the drug delivery system. Hence, contributing to the growth of the inhaled & intranasal products contract service providers market.
COVID-19 has resulted in a positive impact on the market. For instance, according to a July 2020 article titled "Inhalers Safe During COVID-19 Pandemic," asthma and chronic obstructive pulmonary disease patients are usually prescribed inhaled and oral corticosteroids along with inhalers to avoid attacks. Inhaler shortages occurred in the U.K. as a result of a 400% increase in demand during the pandemic. The U.K.'s population was attempting to stock up in anticipation of the COVID-19 pandemic, according to the Department of Health and Social Care, which resulted in distressing shortages. As a result, during the pandemic phase, such incidences increased the demand for the market.