Market Trends of Bag-on-valve (BOV) Technology Industry
The Nasal Spray Segment is Expected to Hold a Significant Share in the Market During the Forecast Period
The nasal spray segment within the BOV technology market is gaining momentum due to its innovative delivery system that ensures sterility and precise dosage. Key driving factors include the increasing prevalence of respiratory conditions, such as allergies and asthma, necessitating effective drug delivery methods. Additionally, the increasing demand for patient-friendly, non-invasive treatment options is propelling the adoption of nasal sprays. BOV technology allows for easy application without direct contact, reducing contamination risks.
The growing prevalence of chronic conditions, such as asthma, allergies, and skin disorders, necessitates effective treatment options. BOV technology facilitates targeted and efficient drug delivery, appealing to healthcare providers and patients. For instance, as per data published by the American Lung Institute in July 2024, 44.2 million Americans, representing 13.5% of the population, received an asthma diagnosis from a healthcare professional in 2022. Among the age groups, adults aged 18-55 exhibited the highest lifetime prevalence rates at 16.8%. In 2022, females were diagnosed with asthma at a rate of 14.2%, approximately 12% higher than the 12.7% rate observed in males. Thus, the high burden of these diseases is expected to boost the demand for BOV technology to facilitate drug delivery, thereby boosting the market's growth.
Companies are investing in state-of-the-art production facilities equipped with the latest technologies for high-efficiency manufacturing of BOV systems. This includes upgrading equipment for precision engineering and automation, which enhances the production capacity of cosmetics and reduces cost, which is likely to drive the segment's growth. For instance, in January 2024, Tri-Pac proudly announced the commissioning of its latest line in the United States, enhancing its BOV capabilities. This new line boosts the overall aerosol capacity by 5 million units and establishes a dedicated GMP filling line for medical devices and pharmaceuticals. Tri-Pac is rapidly expanding its core aerosol offerings and is committed to further developing products within the BOV dispensing systems.
Thus, increasing application and benefits of the valve on technology in the cosmetic industry and strategic activities taken by the market players are anticipated to drive the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
The North American bag-on-valve (BOV) technology market is poised for significant growth due to rising demand for contamination-free products, sustainability initiatives, advancements in manufacturing technologies, expanding applications across various industries, regulatory compliance needs, and consumer preferences for convenient packaging solutions. These factors collectively contribute to a favorable market environment for BOV technology in the coming years.
By increasing the scale of their operations, manufacturers can produce larger quantities of BOV systems to meet rising demand, which is expected to drive the market's growth. For instance, in August 2024, the LINDAL Group launched a new production line for its popular nasal actuator, Pinocchio, at its Columbus facility in the United States. This strategic move enhances the company's capacity to cater to the surging market demand, significantly improving lead times for its global clientele. Pinocchio, crafted from mono material, caters to both children and adults. Additionally, it comes with a sterilizable overlap and seamlessly integrates with LINDAL's extensive range of female valves and BOV technology. Thus, by implementing these strategies, market players are effectively increasing their production capabilities, supporting the expansion of the BOV technology market by meeting growing consumer and industry demands.
Moreover, companies are forming strategic partnerships with other industry players, such as packaging suppliers and product manufacturers, to enhance their production capabilities. Collaborations enable the sharing of expertise and resources, accelerating the development and deployment of BOV systems. For instance, in March 2024, Tri-Pac announced the commissioning of its latest line, enhancing its conventional aerosol-filling capabilities in the United States. This new line boosts the overall aerosol capacity by 10 million units and establishes a dedicated GMP filling line for OTC, medical device, and cosmetic categories.
Similarly, in March 2024, Aptar Pharma, part of AptarGroup Inc., announced a significant move in its strategy to expand capacity in North America. The company's facility in Congers, New York, is poised to enhance its production capabilities. In response to rising regional demand for nasal saline solutions, Aptar Pharma is launching a new assembly line specifically designed to boost the production of its BOV technology for pharmaceuticals. This diversification supports the market's growth by addressing a broader array of consumer needs.
Thus, increasing demand for contamination-free packaging and strategic activities by the market players, such as collaboration and expansion, are anticipated to boost the market's growth during the forecast period.
