According to a new report published by Allied Market Research, titled, “Nasal Polyps Treatment Market, by type of treatment, route of administration, and distribution channel: global opportunity analysis and industry forecast, 2021–2030," the global nasal polyps treatment market size was valued at $2.48 billion in 2020, and is projected to reach $4.24 billion by 2030 registering a CAGR of 5.60% from 2021 to 2030.
Nasal polyps are non-cancerous growths or swellings that develop in the lining of nose and paranasal sinuses. These polyps are usually formed in layers of sinuses and obstruct the pathway of sinus. Nasal polyps are not painful. Causes of development of nasal polyps could be long-term inflammation or genetic traits. There are two primary types of nasal polyps: ethmoidal and antrochoanal. Ethmoidal polyps arise from ethmoid sinuses and extend through middle meatus into the nasal cavity. Antrochoanal polyps usually arise in maxillary sinus and extend into the nasopharynx and represents only 4–6% of all nasal polyps. However, antrochoanal polyps are more common in children comprising one-third of all polyps in this population. Ethmoidal polyps are usually smaller and multiple while antrochoanal polyps are usually single and larger. Nasal polyps treatment is aimed at reducing inflammation of nasal passages and sinuses as well as shrinking nasal polyps.
Rise in geriatric population suffering from chronic rhinosinusitis with nasal polyps (CRSwNP), rapid utilization of minimally-invasive surgeries by otorhinolaryngologist surgeons, and rich pipeline of nasal polyps treatment options with growing research activities are principle driving factors that boost growth of the nasal polyps treatment market. However, high cost and complications associated with sinus surgeries such as excessive bleeding, cerebrospinal fluid leak, visual disturbances, postoperative scarring, and inflammation hinder growth of the market. In addition, adverse reactions associated with steroid therapies such as weight gain, loss of bone mineral density, and cataract formation in eyes hamper growth of the market. On the contrary, availability of key technologies such as nasal endoscopy and computerized tomography has created fresh opportunities for growth within the global nasal polyps treatment market.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the industry grow significantly, as demand for antibiotics increased due to symptoms associated with nasal polyps such as loss in sense of smell and taste, feeling of congestion or stuffiness, and, in rare cases, difficulty breathing. This supports the nasal polyps treatment market to gain traction.
On the basis of type of treatment, the corticosteroids segment dominated the global nasal polyps treatment market in 2020, and is expected to remain dominant throughout the forecast period, owing to factors such as increase in demand for corticosteroids treatment and its availability in various dosage forms such as injections, intranasal sprays, and drops according to the need of patients.
On the basis of route of administration, the nasal segment dominated the global market in 2020 and is anticipated to continue this trend during the forecast period. This is attributed to the fact that nasal delivery route is an encouraging way of delivering drugs into the body as compared to other drug delivery routes such as oral and others.
Based on distribution channel, the retail pharmacies segment acquired largest share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in preference of retail pharmacies by the population, as it is the oldest and most conventional medium distributing nasal polyps treatment products such as corticosteroids, antibiotics, and leukotriene inhibitors to the consumers.
Key Findings Of The Study
- By type of treatment, the corticosteroids segment held largest share in the global market in 2020.
- By route of administration, the nasal segment held largest nasal polyps treatment market share in 2020, and is expected to remain dominant throughout the forecast period.
- By distribution channel, the retail pharmacies segment dominated the global nasal polyps treatment market in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 4.90% during the forecast period.
North America accounted for the largest share of the global nasal polyps treatment market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to presence of major key players in the countries such as the U.S. In addition, presence of large population with nasal polyps, increase in incidences of CRSwNP, surge in number of sinus surgeries, and rapid adoption of technologically-advanced products such as sinus implants in the U.S.