Nasal Polyps Treatment Market Projected to Reach Nearly $6 Billion by 2027
Transparency Market Research (TMR) has published a new report on the nasal polyps treatment market for the forecast period of 2019 – 2027. According to the report, the global nasal polyps treatment market was valued at ~ US$ 3.9 Bn in 2018, and is projected to expand at a CAGR of ~ 5% from 2019 to 2027.
Nasal Polyps Treatment Market: Overview
- The global nasal polyps treatment market is anticipated to be driven by the rise in the geriatric population suffering from chronic rhinosinusitis with nasal polyps (CRSwNP), rapid utilization of minimally-invasive surgeries by otorhinolaryngologist surgeons in developed regions, and rich pipeline of nasal polyps treatment options.
- North America held a major share of the global nasal polyps treatment market in 2018, due to the presence of a large population with nasal polyps, increase in incidences of CRSwNP, surge in the number of sinus surgeries, and rapid adoption of technologically-advanced products such as sinus implants in the U.S.
- The nasal polyps treatment market in Asia Pacific is expected to expand at a high CAGR of ~ 6% from 2019 to 2027, due to the surge in the target patient pool with inflammatory respiratory disorders, which is likely to drive the number of surgical procedures in emerging markets such as India and China.
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Rise in Prevalence of CRSwNP across the Globe to Drive Market
- Rise in the prevalence of inflammatory and respiratory diseases such as chronic rhinosinusitis, asthma, nasal polyps, and allergic rhinitis is expected to augment the global nasal polyps treatment market during the forecast period.
- Chronic rhinosinusitis (CRS) is a nasal inflammatory condition that affects the tissues deep inside the nasal passages and paranasal sinuses, causing symptoms that last for 8 weeks to 12 weeks or longer. The disease can occur with or without nasal polyposis.
- CRS is considered to be a serious nasal disorder, with a prevalence of 4.7% among the geriatric population aged 60 years and above. Moreover, it is the sixth most common chronic condition affecting the elderly population.
- Hence, rise in the prevalence and increase in the burden of chronic respiratory diseases such as chronic rhinosinusitis with nasal polyps will drive the need for treatments and therapies among patients. This could lead to an increase in the number of sinus surgical procedures, which, in turn, is likely to accelerate the growth of the global nasal polyps treatment market in the next few years.
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Pharmacological Therapies in Demand
- In terms of treatment, the global nasal polyps treatment market can be classified into pharmacological therapies and surgeries. The pharmacological therapies segment can be divided into antibiotics, corticosteroids, leukotriene inhibitors, and others. The surgeries segment can be categorized into polypectomy and functional endoscopic sinus surgery (FESS).
- The pharmacological therapies segment dominated the global nasal polyps treatment market in 2018, and the trend is projected to continue during the forecast period. Pharmacological therapies including intranasal steroids, sprays, systemic & oral corticosteroids, nasal saline irrigations, and antibiotics are widely adopted for the treatment of patients with chronic rhinosinusitis with nasal polyps (CRSwNP).
- Moreover, increase in the demand for topical and systemic corticosteroids with high potential to minimize the size of nasal polyps and prevent regrowth is anticipated to boost the growth of the segment in the nasal polyps treatment market.
Hospitals to be Promising End User
- Surgical options including polypectomy and functional endoscopic sinus surgery (FESS) for nasal polyps treatment are primarily performed in ambulatory surgical centers, hospitals, and specialty clinics. The hospitals segment is estimated to expand at a high CAGR during the forecast period, owing to an increase in the number of patients diagnosed with nasal polyps across the globe, leading to a rapid rise in sinus surgeries performed in operating rooms.
- Growth of the segment is attributed to increase in the availability of specialty care services in hospitals and the presence of qualified healthcare professionals in hospitals.
- The ambulatory surgical centers segment is expected to grow at a rapid pace in the next few years. Increase in the shift from operating rooms to ambulatory surgical centers for sinus surgeries due to greater efficiency, patient satisfaction, minimal length of stay, and lower infection rates is likely to boost the growth of the segment in the nasal polyps treatment market.
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North America a Prominent Market; Asia Pacific to Offer Significant Incremental Opportunity
- In terms of region, the global nasal polyps treatment market has been segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is projected to account for a leading share of the global nasal polyps treatment market during the forecast period, owing to an increase in the number of patients suffering from nasal polyps. For instance, nearly 200,000 new cases of nasal polyps are reported in the U.S. every year, which is anticipated to boost the nasal polyps treatment rate. This, in turn, is expected to drive the demand for medical therapy as well as escalate the number of sinus procedures performed in the country.
- Moreover, the favorable reimbursement scenario for nasal polyps treatment in the country is likely to drive the nasal polyps treatment market in North America.
- The nasal polyps treatment market in Asia Pacific is projected to grow at a rapid pace in the next few years. India, China, and South Korea are anticipated to be lucrative markets for nasal polyps treatment during the forecast period, owing to a rise in the patient population affected by chronic rhinosinusitis with nasal polyps.
- According to the National Center for Biotechnology Information (NCBI), approximately 8% of the population of China and 6.9% population of South Korea are affected by chronic rhinosinusitis. The disease can occur with nasal polyps and lead to nasal obstruction, facial pain, and inflammation in the sinuses, which is likely to drive demand for medications for treatment.
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Growth Strategies of Key Players
- Key players operating in the global nasal polyps treatment market are Merck & Co, Inc., Intersect ENT, Inc., OptiNose US, Inc., Sanofi, Pfizer, GlaxoSmithKline plc, Novartis AG, F. Hoffmann-La Roche Ltd., and Regeneron Pharmaceuticals, Inc.
- These companies engage in research and development activities as well as strategic collaborations and partnerships for new product launches in order to expand their product offerings and customer base.
- For instance, in April 2018, Intersect ENT, Inc. announced the launch of the SINUVA Sinus Implant in the U.S. SINUVA Sinus Implant is a mometasone furoate steroid eluting sinus implant used to treat recurrent nasal polyps in patients who have already undergone sinus surgery. The implant is used by physicians as an alternative to medication with limited efficacy for nasal polyps. This product launch enabled the company to expand its product portfolio and strengthen its position in the global nasal polyps treatment market.
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