According to Fact.MR, the sales of ocular drug delivery system have propagated at a 7.2% CAGR between 2015 and 2021. Ocular drug delivery systems are platforms invented for dispensing drug, biologic, biopharmaceutical, and botanical therapeutics for doctoring macular degeneration, glaucoma, presbyopia, allergy, anti-viral, dry eye, anti-infective and anti-inflammatory indications.
It is anticipated that glaucoma cases will surpass 100 billion by 2040, while macular degeneration shall reach nearly 200 billion by 2022-end. These increasing cases are poised to heighten prospects for the ocular drug delivery technology. Immense research and development are occurring in the ocular drug delivery market. Shortages in the bioavailability of such drugs is a key growth driver. Studies have shown that micellar formulations and derivative active pharmaceutical ingredients have immense scope for development. Based on these trends, the global ocular drug delivery technology market is poised to register positive growth.
To beat the ocular drug delivery barriers and advance bioavailability, numerous conventional and new drug delivery systems have been established such as ointments, emulsion, suspensions, aqueous gels, nanomicelles, liposomes, dendrimers, implants, contact lenses, nanoparticles, Nano suspensions, microneedles, and in situ thermosensitive gels for the earlier mention ocular diseases.
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Key Challenges to Ocular Drug Delivery Technology Industry Expansion
Based on the recent analysis, prominent drug manufacturer which hinders the market growth of ocular drug delivery technology which comprises excessive cost and complexities linked with the treatment. Low bioavailability of drugs for conventional ocular therapies is also one of the prominent restraining factors in the ocular drug delivery system market.
Subsequently after the clinical trials, scientists have discovered some side effects of ocular drug delivery technology on the human skin such as irritation, excessive lachrymation, and drug dilution occurring post the treatment which is expected to restrict the market growth over the forecast period.
How Opportunistic are Growth Prospects across the U.S Market?
North America is poised to retain hegemony in the global ocular drug delivery technology market. Burgeoning cases of visual impairments, high cost of ocular surgeries and presence of a large number of market players are anticipated to boost the North American market. Canada will arise as the fastest growth market within North America, yet the U.S. is estimated to remain dominant through the assessment period.
There are approximately 3 Billion people with glaucoma and between 16 and 49 Billion people suffering from dry eyes in the United States alone. Rise in patients suffering from infections or inflammatory diseases (uveitis), and that is a significant number of people who have to administer eye drops regularly
Projections indicate a market share exceeding half of the total ocular drug delivery technology market. In addition, introduction of different formulation types and reduced research and development costs are also poised to leverage growth prospects. Fact.MR forecasts that the North American market is anticipated to expand 1.4x to surpass US$ 9 Billion during the forecast period. The market is subjected to register a CAGR value of 7.1% which documented a valuation of nearly US$ 4.2 Billion in 2021.
Which Product Type is Most Preferred in the Ocular Drug Delivery Technology Market?
Solution-based Formulations to Remain Most Preferred across the Globe
By formulation type, solutions are anticipated to capture the majority share, accounting for more than 60% of the global ocular drug delivery technology market. High production volume, high-patient compliance and cost-effectiveness are important growth levers.
Augmenting demand for targeted drug delivery, especially for posterior eye disorders, and high penetration of low molecular size particles shall leverage market prospects for liposome and nanoparticle formulations. Moreover, nanoparticles are claimed to provide prolonged resistance time on the ocular surface. Fact.MR reveals that liposome and nanoparticle segment have recorded a CAGR of 8.2% in the historic period, reaching a value of US$ 1.75 Billion by 2032-end.
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Competitive Landscape
Prominent Ocular Drug Delivery Technology providers are reliant on partnerships, collaborations, acquisitions, and new software launches so as to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- In Feb 2022, Alimera Sciences, Inc., a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer, announces that Alimera Sciences Europe Limited, its Ireland-based European subsidiary, launched ILUVIEN® for non-infectious posterior uveitis in Spain, through its distribution partner, Brill Pharma (Brill).
- In October 2021, Allergan, an AbbVie company, announced that it will present new pooled analyses and post hoc results from the Phase 3 trials of AGN-190584 (pilocarpine HCl ophthalmic solution 1.25%), an investigational novel treatment for presbyopia, at Academy 2021, the annual meeting of the American Academy of Optometry, November 3-6. Presentations included the clinical results for near and intermediate vision, functional near vision, efficacy for post-LASIK patients, and the patient experience.
Key Segments Covered in the Ocular Drug Delivery Technology Industry Survey
Ocular Drug Delivery Technology by Type :
- Topical Ocular Drug Delivery Technology
- Ocular Drug Delivery Inserts:
- Non-erodible Ocular Drug Delivery Technology
- Erodible Ocular Drug Delivery Technology
- Iontophoresis Ocular Drug Delivery Technology
- Intraocular Implants:
- Biodegradable Ocular Drug Delivery Technology
- Non-biodegradable Ocular Drug Delivery Technology
- In-Situ Gel & Punctal Plugs Ocular Drug Delivery Technology
- Others
Ocular Drug Delivery Technology by Formulation :
- Solution based Ocular Drug Delivery Technology
- Suspension based Ocular Drug Delivery Technology
- Emulsion based Ocular Drug Delivery Technology
- Liposomes & Nanoparticles based Ocular Drug Delivery Technology
- Ointment based Ocular Drug Delivery Technology
Ocular Drug Delivery Technology by Disease Type :
- Ocular Drug Delivery Technology for Glaucoma
- Ocular Drug Delivery Technology for Diabetic Retinopathy
- Ocular Drug Delivery Technology for Dry Eye Syndrome
- Ocular Drug Delivery Technology for Macular Degeneration
- Ocular Drug Delivery Technology for Diabetic Macular Edema
- Ocular Drug Delivery Technology for Cataract
- Others
Ocular Drug Delivery Technology by Region :
- North America Ocular Drug Delivery Technology Market
- Latin America Ocular Drug Delivery Technology Market
- Europe Ocular Drug Delivery Technology Market
- Asia Pacific Ocular Drug Delivery Technology Market
- Middle East & Africa Ocular Drug Delivery Technology Market
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