Nasal Polyposis Treatment Market to reach US$ 8.8 billion by 2033, Corticosteroids to Constitute 55% of all Treatments: FMI Report
in value terms by 2023-end and is projected to rise at a CAGR of 6.7% until 2033, according to a recently published report by Future Market Insights. By the end of the said forecast period, a valuation of US$ 8.8 billion is expected for the market. A growing geriatric population suffering from chronic rhinosinusitis, with nasal polyposis (CRSwNP), and utilization of minimally invasive surgeries by otorhinolaryngology surgeons, and a rich pipeline of nasal polyposis treatment options are expected to drive market growth.
Increasing research activities are also propelling growth of the market. However, high cost and difficulties associated with sinus surgeries such as excessive bleeding, cerebrospinal fluid leak, visual disturbances, postoperative scarring, and inflammation are anticipated to restrain growth of the industry. Additionally, adverse reactions related with steroid therapies like weight gain, loss of bone mineral density, and cataract formation in eyes are expected to challenge growth of The global nasal polyposis treatment market is expected to reach US$ 4.6 billion this market. On the other hand, availability of key technologies such as nasal endoscopy and computerized tomography has created space for fresh opportunities for growth within nasal polyposis treatment market.
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Key players are receiving approvals from regulatory bodies for next generation drugs, which is anticipated to push growth of nasal polyposis treatment market during the forthcoming period. For example, on July 29, 2021, GlaxoSmithKline plc, a pharmaceutical and biotechnology company, was granted approval from the United States Food and Drug Administration for its drug Nucala (mepolizumab) used in treating patients suffering from chronic rhinosinusitis with nasal polyposis. Similarly, Mepolizumab, is the first IL-5 remedy accepted as an additional treatment in the United states for adults with chronic rhinosinusitis with nasal polyposis to aim eosinophilic inflammation. Intersect ENT Inc., a subordinate company of Medtronic, introduced SINUVA, a non-surgical option used to treat nasal polyposis, eliminating all symptoms within a period of 90 days.
Key Takeaways from the Market Study
- Global nasal polyposis treatment market to expand nearly 2x from 2023 to 2033
- Corticosteroids account for 55% of all nasal polyposis treatment types, expanding at a 9% CAGR
- More than 3 out of 5 nasal polyposis treatment procedures occur in hospitals
- North America to be an emerging hub for treating nasal polyposis, accumulating a 41.5% revenue share
- Asia Pacific to experience noteworthy investments, expected to clock a CAGR of 7% until 2033
“Rapid product approvals, innovation of effective drugs, and surging research and development activities will bolster the market growth of Nasal Polyposis treatment”, comments an FMI analyst.
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The Nasal Polyps Treatment Market is competitive and consists of several major players. Major players are creating novel delivery systems for the treatment of nasal polyps. This is expected to propel nasal polyposis treatment market. The major players in the market are: Sanofi, Merck & Co, Inc., OptiNose US, Inc., Intersect ENT, Inc., Pfizer, Regeneron Pharmaceuticals, Inc., Novartis AG, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Inc. Some recent developments in the market are as follows:
- In July 2021, GlaxoSmithKline plc. (GSK) declared that Nucala (Mepolizumab) is approved by United states FDA for chronic bilateral nasal polyposis related with chronic rhinosinusitis
- GSK Investigational Site Boise, Idaho, United states is working on a study to determine effectiveness and safety of Depemokimab (GSK3511294) in patients suffering from chronic rhinosinusitis with nasal polyposis. It is presently doing phase 3 trial and will complete this study by January 2025.
- In 2020, the United States Food and Drug Administration approved authorised use of Dupixent for adults with nasal polyps accompanied by chronic rhinosinusitis. It is the first treatment approved for uncontrolled chronic rhinosinusitis with nasal polyps and also reduces dependence on nasal polyp surgery and oral steroids.
- In 2020, Roche Holding AG, a pharmaceutical company, had successfully completed and declared the positive result from two Phase III multicenter studies evaluating Xolair for the treatment of adults with chronic rhinosinusitis with nasal polyposis.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global nasal polyposis treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the Nasal polyposis treatment market, the market is segmented on the basis of type of treatment (pharmacological therapies and surgeries) and end user (hospitals, ambulatory surgical centres, and specialty clinics) across five major regions (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa).
Key Segments Profiled in the Nasal Polyposis Treatment Industry Survey
By Type of Treatment:
- Pharmacological Therapies
- Leukotriene Inhibitors
- Functional Endoscopic Sinus Surgery
By End User:
- Ambulatory Surgical Centers
- Specialty Clinics
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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