Nasal Polyps Treatment Market to Reach $4.24 Billion, Globally, by 2030 at 5.6% CAGR: Allied Market Research

- Rapid utilization of minimally-invasive surgeries, rise in prevalence of chronic rhinosinusitis, and huge product pipeline drive the growth of the global nasal polyps treatment market

PORTLAND, Ore., Oct. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Nasal Polyps Treatment Market by Type of Treatment (Corticosteroids, Antibiotics, Leukotriene Inhibitors, and Others), Route of Administration (Oral, Nasal, and Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2030.". According to the report, the global nasal polyps treatment industry generated $2.48 billion in 2020, and is anticipated to generate $4.24 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030.

Prime determinants of growth

Rapid utilization of minimally-invasive surgeries, rise in prevalence of chronic rhinosinusitis, and huge product pipeline drive the growth of the global nasal polyps treatment market. However, high cost and complications associated with sinus surgeries, and adverse reactions associated with steroid therapies hinder the market growth. On the other hand, technological improvement in nasal polyps treatment present new opportunities in the coming years.

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Impact of Covid-19 on Nasal Polyps Treatment Market-

• During the Covid-19 pandemic, demand for antibiotics increased due to symptoms associated with nasal polyps such as loss in sense of smell and taste, feeling of congestion, and difficulty in breathing.
• Sinus infection and COVID-19 share similar symptoms, it is important to know the difference. As a result, in the ongoing pandemic, the nasal polyps treatment market is expected to grow, owing to increase in demand for diagnostic tests and antibiotics.
• This way, the outbreak of COVID-19 has positively impacted the nasal polyps treatment market.

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The nasal segment to maintain its leadership status throughout the forecast period

Based on route of administration, the nasal segment held the highest market share in 2020, accounting for more than half of the global nasal polyps treatment market, and is estimated to maintain its leadership status throughout the forecast period, owing to nasal delivery route being an encouraging way of delivering drugs into the body as compared to other drug delivery route such as oral and others. Moreover, this segment is projected to manifest the highest CAGR of 6.0% from 2021 to 2030. Another segment discussed in the report is oral.

The retail pharmacies segment to maintain its lead position during the forecast period

Based on distribution channel, the retail pharmacies segment accounted for the largest share in 2020, contributing nearly half of the global nasal polyps treatment market, and is projected to maintain its lead position during the forecast period, owing to increase in preference of retail pharmacies by the population, as it is the oldest and most conventional medium distributing the nasal polyps treatment products such as corticosteroids, antibiotics and leukotriene inhibitors to the consumers. Moreover, this segment is expected to portray the largest CAGR of 6.1% from 2021 to 2030. Other segments discussed in the report are hospital pharmacies and online pharmacies.

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North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly half of the global nasal polyps treatment market, owing to presence of major key players in the countries like the U.S. In addition, presence of a large population with nasal polyps, increase in incidences of CRSwNP, surge in the number of sinus surgeries are factors that supplement the growth of the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.5% from 2021 to 2030. This is due to growth in healthcare infrastructure, rise in prevalence of nasal polyps and its associated disorders such as asthma and sinusitis, and increase n disposable incomes.

Leading Market Players:-

• AstraZeneca plc.
• F. Hoffmann-La Roche AG
• GlaxoSmithKline PLC
• Intersect ENT Inc.
• Merck & Co Inc.
• Novartis International AG
• OptiNose US
• Regeneron Pharmaceuticals Inc.
• Sanofi S.A
• Teva Pharmaceutical Industries Ltd.

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