The ocular drug delivery technology market is set for a rapid growth over the forecast period. In terms of revenue, the global ocular drug delivery technology market accounted for USD 12.48 Billion in 2019 and is expected to reach USD 19.88 Billion by 2026, growing at a CAGR of 6.88%
The ocular drug delivery technology market is set for a rapid growth over the forecast period. In terms of revenue, the global ocular drug delivery technology market accounted for USD 12.48 Billion in 2019 and is expected to reach USD 19.88 Billion by 2026, growing at a CAGR of 6.88%
Global Ocular Drug Delivery Technology Market: Overview
The biggest challenge faced by pharmacologist and formulation scientist of today is the delivery of ocular drugs. Topical eye drops, especially for the treatment of anterior segment diseases, are the most efficient and patient-compliant route of drug administration. Numerous precorneal, static and dynamic ocular barriers limit the delivery of medicines to the intended ocular tissues. Therapeutic drug levels in target tissues are often not sustained for a longer time. Over the past two decades, research on ocular drug delivery has progressed steadily towards developing a new, effective and patient-compliant formulation and devices/techniques for drug delivery that can resolve these obstacles and sustain tissue drug levels.
The low bioavailability of drugs in traditional ocular therapies, high prevalence of glaucoma & macular degeneration, increased competition for targeted ocular drug delivery methods, and increasing the number of approvals from regulatory authorities for innovative ocular drug delivery techniques are the key factors driving the growth of the global ocular drug delivery technology market.
Global Ocular Drug Delivery Technology Market: Growth Factors
According to the World Health Organization (WHO) research, 1.3 billion individuals worldwide suffer from vision deficiency. Growing numbers of patients with ophthalmic disorders and vision issues are boosting ocular drug delivery adoption and are expected to accelerate the growth of the global market for the delivery of ocular drugs.
In addition, increasing aging populations worldwide are more vulnerable to vision impairment, generating the need for effective treatment and medications are boosting ocular drug delivery adoption and these are the factors likely to improve the growth of the global market for ocular drug delivery.
Increasing investment in research and development (R&D) activities to develop new drugs is driving the growth of the global market for ocular drug delivery technology. Surging approvals from the U.S. Food and Drug Administration (FDA) are exacerbating the growth of the global market. Moreover, a large rate of targeted therapies and other treatments are anticipated to provide key players in the global market with lucrative opportunities. In addition, cooperative steps between vendors and healthcare facilities are generating profitable positions for ocular drug delivery technology on the global market.
Impact due to the outbreak of COVID-19
The spread of the COVID-19 pandemic has provided the healthcare sector around the world with major challenges. Key industry players are rapidly diverting research and funds to eliminate this deadly pandemic, as the number of cases are growing exponentially every day, thereby leading to shortfalls in the healthcare market. Nevertheless, businesses are putting their best steps forward to guarantee that supply chains are not interrupted.
Santen pharmaceuticals, a leading player in the field of ocular medicines, ensures that visually impaired patients receive continuous therapy. A significant step in this respect is the maintenance of acceptable inventory requirements for intermediaries and raw materials. In addition, manufacturing plants have been sterilized in such a way that the infection does not spread among workers in the factory. In the company's factories, comprehensive body temperature checks are carried out along with social distancing. People who do not participate in industrial operations are allowed to work from home. In addition, all employees have been strictly forbidden from going abroad for work.
Global Ocular Drug Delivery Technology Market: Segmentation
By technology, the market is divided into ocular inserts, topical, in situ gel & punctal plugs, intraocular implants, and iontophoresis. Among these, topical segment held the largest market share in 2019. The segment is also expected to expand at a substantial growth rate from 2020 to 2026, owing to developments in topical ocular drug delivery systems: contact lenses and hydrogels.
Based on the disease type, the market is segmented into macular degeneration, diabetic macular edema, diabetic retinopathy, glaucoma, cataract, and others. Diabetic retinopathy and diabetic macular edema are expected to grow at a significant rate over the forecast period. Diabetic retinopathy and diabetic macular edema are the primary causes of blindness in the working-age population in most advanced countries. The growing number of people with diabetes globally indicates that diabetic retinopathy and diabetic macular edema will continue to be significant contributors to vision loss and related functional disability.
Global Ocular Drug Delivery Technology Market: Regional Analysis
By Geography, the ocular drug delivery technology market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
North America is set to remain a hegemon on the global market for ocular drug delivery technology. Rapidly growing cases of vision impairment, increased prices of eye surgery and the emergence of a large number of market players are expected to fuel the North American market. Forecasts indicate a market share of more than half of the overall market for ocular drug delivery technology. In addition, the implementation of various formulation forms and decreased costs for research and development are also in the process of leveraging growth prospects. The North American market is predicted to grow at a notable rate over the forecast period.
Asia-Pacific is projected to have reliable growth prospects in the future. Key growth levers are the establishment of research and development units by key producers in emerging economies, and the growing prevalence of cataracts and uveitis. Research grants are being initiated by major research firms through a range of Asia-Pacific countries, thereby strengthening the reach of drug production. The Asia-Pacific region is expected to grow at a significant rate over the forecast period, acquiring almost 1/10th of the overall market share.
Global Ocular Drug Delivery Technology Market: Competitive Players
The major players in the global ocular drug delivery technology market include Allergan, Plc., Alimera Sciences, EyeGate Pharma, OCULAR THERAPEUTIX, INC., Santen Pharmaceutical Co., Ltd., and Valeant Pharmaceuticals International, Inc. among others
The report segment of global ocular drug delivery technology market are as follows:
Global Ocular Drug Delivery Technology Market: Technology Segment Analysis
Global Ocular Drug Delivery Technology Market: Formulation Type Segment Analysis
Global Ocular Drug Delivery Technology Market: Disease Type Segment Analysis
Global Ocular Drug Delivery Technology Market: End User Segment Analysis
Global Ocular Drug Delivery Technology Market: Regional Segment Analysis
Increasing investment in research and development (R&D) activities to develop new drugs is driving the growth of the global market for ocular drug delivery technology. Surging approvals from the U.S. Food and Drug Administration (FDA) are exacerbating the growth of the global market. Moreover, a large rate of targeted therapies and other treatments are anticipated to provide key players in the global market with lucrative opportunities. In addition, cooperative steps between vendors and healthcare facilities are generating profitable positions for ocular drug delivery technology on the global market.
According to Zion Market Research, the Ocular Drug Delivery Technology market is expected to generate revenue of around USD 19.88 Billion by the end of 2026, growing at a CAGR of 6.88%.
North America is set to remain a hegemon on the global market for ocular drug delivery technology. Rapidly growing cases of vision impairment, increased prices of eye surgery and the emergence of a large number of market players are expected to fuel the North American market. Asia-Pacific is projected to have reliable growth prospects in the future. Key growth levers are the establishment of research and development units by key producers in emerging economies, and the growing prevalence of cataracts and uveitis.
The major players in the global ocular drug delivery technology market include Allergan, Plc., Alimera Sciences, EyeGate Pharma, OCULAR THERAPEUTIX, INC., Santen Pharmaceutical Co., Ltd., and Valeant Pharmaceuticals International, Inc. among others
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