Global Nasal Polyps Treatment Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Nasal Polyps and Rising Healthcare Expenditure
The global nasal polyps treatment market is estimated to be valued at USD 3.39 Bn in 2024, exhibiting a CAGR of 7.6% over the forecast period (2024-2031). The market is witnessing high growth due to factors such as increasing prevalence of nasal polyps across the globe and rising healthcare expenditure. Furthermore, advancing technologies for nasal polyps treatment are also fueling market growth.
Market Dynamics:
Rising sedentary lifestyle and growing pollution levels are the major drivers responsible for the increasing prevalence of nasal polyps across the globe. Furthermore, genetic factors also play an important role in nasal polyps development. Individuals having a family history of nasal polyps or asthma are at higher risk of developing nasal polyps. Growing efforts by key players for new product development and approval are also supporting market growth.
Increased Prevalence of Chronic Sinusitis is Contributing to the Growth of Nasal Polyps
Chronic sinusitis is one of the major causes for the formation of nasal polyps. In October 2023, according to Sinus & Allergy Wellness Center, it was stated that, chronic sinusitis affects over 30 million people in the U.S. alone. The inflammation caused by chronic sinusitis results in the development of polyps in the nasal cavity in many cases. As the cases of chronic sinusitis continue to rise globally due to factors such as increasing pollution and climate change, it is directly leading to a surge in the number of nasal polyps patients. This increased prevalence of the condition is acting as a key driver for the growth of the global nasal polyps treatment market.
Advancements in Medication Therapies are Driving Market Growth
Considerable advancements have been made in medication therapies to treat nasal polyps in the recent years. The development of novel biologics such as mepolizumab and dupilumab that target specific inflammatory pathways involved in polyp formation are proving to be highly effective treatment options. These biologics not only help in the reduction of polyp size but also reduce the need for surgeries in many cases. Moreover, several new drug candidates are in the pipeline which can further expand the medication options available to treat nasal polyps if approved. The availability of more efficacious and targeted therapies is boosting the nasal polyps treatment market.
High Cost of Surgery and Medication is Restraining Market Growth
Surgery and medication both require significant out-of-pocket spending on the part of patients suffering from nasal polyps. While surgery provides long term results, the associate costs of the procedure is quite high. The medication therapies, especially biologics also have an expensive price tag which may not be affordable for many patients. This high cost of nasal polyps treatment is a major restraint as it prevents a large section of patients from opting for the best available treatment options. The overall growth of the market remains restricted due to affordability issues in various developing and underdeveloped regions.
Growing Healthcare Expenditure and Expanding Insurance Coverage are Providing Opportunities
The rising healthcare spending and improving insurance coverage in many countries worldwide is opening up promising opportunities for the nasal polyps treatment market. As the healthcare infrastructure strengthens and more people are able to avail health insurance policies, they can bear the costs of premium treatment options for nasal polyps including costly biologics and surgeries. This is enabling more patients to receive appropriate care without worrying about out-of-pocket costs. The increasing healthcare budgets of many governments is also favoring the market growth.
Awareness Programs are Driving Early Diagnosis and Treatment
Various public awareness programs run by government as well as non-profit organizations regarding nasal polyps and their risk factors are encouraging more people to get timely medical advice if they experience associated nasal symptoms. This is leading to increasing instances of early diagnosis and treatment seeking behavior. When nasal polyps are detected at an initial stage, treatment protocols often require just medication with minimal chances of needing surgery in future. Growing awareness about nasal polyps is indirectly driving the market by facilitating early intervention and management of the condition.
Link: https://www.coherentmarketinsights.com/market-insight/nasal-polyps-treatment-market-2775
Key Developments
- On October 14, 2024, GSK plc., a biopharmaceutical company, announced positive results from the Phase III ANCHOR trials for depemokimab, a treatment for chronic rhinosinusitis with nasal polyps (CRSwNP). Both ANCHOR-1 and ANCHOR-2 trials met their primary endpoints, demonstrating significant reductions in nasal polyp size and nasal obstruction compared to placebo over 52 weeks. Depemokimab, an ultra-long-acting biologic administered every six months, targets interleukin-5 (IL-5), a key cytokine in type 2 inflammation.
- On September 13, 2024, Regeneron Pharmaceuticals, Inc., a global pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) approved Dupixent (dupilumab) as an add-on maintenance treatment for adolescent patients aged 12 to 17 years with inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP).
- In July 2021, GSK plc., a biopharmaceutical company, announced that the U.S. Food and Drug Administration approved Nucala (mepolizumab), a monoclonal antibody that targets interleukin-5 (IL-5), as a treatment for patients with chronic rhinosinusitis with nasal polyps (CRSwNP). This new indication for mepolizumab is for the add-on maintenance treatment of CRSwNP in adult patients 18 years of age and older with inadequate response to nasal corticosteroids.
Key Players
Sanofi, Merck & Co., Inc., AstraZeneca, Regeneron Pharmaceuticals Inc., Novartis AG, Optinose, GSK plc., INTERSECT ENT, Inc., Sun Pharmaceutical Industries Ltd., Cipla, Mylan N.V., and Genentech
