The global ophthalmic drug delivery systems market size is projected to reach USD 23.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.3% from 2022 to 2030.
Ophthalmic Drug Delivery Systems Market Report Highlights
- The eye drops segment dominated the market with highest revenue share in 2021 as eye drops are often recommended as the first line of treatment in most of the ophthalmic procedures to control the effect of the disease as it is the most convenient and patient compliant technology
- The intraocular segment held the highest revenue share in 2021 owing to the advantages it offers such as sterilization, less irritation, ease of eye drops formulation and enhancement in ocular bioavailability of drugs that are insoluble in tear fluid
- On the basis of production technology, the formulation segment accounted for highest market share in 2021 owing to increase in adoption of topical eye drops which is produced through the formulation technology
- Based on material, the hydrogels segment held the highest market share in 2021 owing to the advantages it offers over other materials
- North America accounted for highest market share in 2021 due to increasing incidence of ophthalmic disorders, presence of skilled professionals and various initiatives undertaken by the government agencies to prevent blindness in the region
- The COVID-19 pandemic has a negative impact on the market. Due to change in healthcare priorities, social distancing, worldwide lockdowns led to reduced patient visits to the hospitals and clinics
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Factors such as growing prevalence of ophthalmic diseases, rise in number of ophthalmic procedures that require attentive post procedural care and increase in need to deliver controlled dosage forms for pediatric and geriatric population are anticipated to propel the growth of the market. In addition, immense focus on technological advancements is further helping the market to grow at a significant rate. For instance, manufacturers’ instant focus on nanotechnology has helped to deliver error-free drug delivery and increase the penetration level of the drug at the target site.
The market observed a sudden fall in sales of ophthalmic drug delivery systems during the first half of the COVID-19 pandemic. The lockdowns across different countries and various restrictions led down by the government led to fall in number of patient’s visits to the hospitals and clinics. Moreover, the disruption in supply chains also led to a shortage of these products which indicates an overall negative impact on the market. However, with the government’s initiatives to curb the spread of the virus and limit the negative consequences it possesses via mass vaccination programs and heavy investment in R&D activities, the market is expected to recover over the forecast period.
Ophthalmic Drug Delivery Systems Market Insights By Demography
North America dominated the market for ophthalmic drug delivery systems and accounted for the highest revenue share of more than 51.0%. This is attributed towards the availability of technologically advanced products and skilled professionals, increasing focus of government on R&D activities, well established healthcare and research infrastructure. In Asia Pacific, the market for ophthalmic drug delivery systems is projected to witness a CAGR of 9.7% during the forecast period. Growing geriatric population in this region is amongst the major factors contributing to the growth of the market in this region.
Industry Share Analysis By Major Companies
Key players manufacturing the ophthalmic drug delivery systems are focusing on strengthening their position in the market through strategic collaborations and partnerships. The companies are targeting to widen their customer base and create awareness about eye disorders through the means of these partnerships. Some of the prominent players in the ophthalmic drug delivery systems market include:
- Ocular Therapeutix Inc.
- Allergan plc.
- Santen Pharmaceutical Co. Ltd.
- Envisia Therapeutics
- pSivida
- Clearside Biomedical
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Ophthalmic Drug Delivery Systems Market Segmentation
Grand View Research has segmented the global ophthalmic drug delivery systems market based on technology, delivery route, production technology, material, and region:
- Ophthalmic Drug Delivery Systems Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Ophthalmic Drug Delivery Systems Delivery Route Outlook (Revenue, USD Million, 2017 – 2030)
- Ophthalmic Drug Delivery Systems Production Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Ophthalmic Drug Delivery Systems Material Outlook (Revenue, USD Million, 2017 – 2030)
- Ophthalmic Drug Delivery Systems Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Ophthalmic Drug Delivery Systems Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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