Global Ocular Drug Delivery Technology Market: Snapshot
Ocular drug delivery is related to the ophthalmic diseases which affect the eye or parts of eyes. According to the report by the World Health Organization (WHO), 1.3 bn people are suffering from vision impairment globally. Rising number of patients suffering from ophthalmic disorders and vision problems are boosting adoption of the ocular drug delivery and likely to fuel the growth of the global ocular drug delivery market.
Additionally, growing aging population globally are more susceptible to suffer from vision impairment is creating the need for effective treatments and drugs are boosting adoption of ocular drug delivery and likely to bolster growth of the global ocular drug delivery market.
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Increasing investment in the research and development (R&D) activities in order to develop novel drugs are driving growth of the global ocular drug delivery technology market. Rising approvals from the US Food and Drugs Administration (FDA) are fuelling growth of the global market. Moreover, high number of pipeline drugs and other treatments are expected to offer lucrative opportunities in the global market for key players. Additionally, collaborative steps between vendors and hospitals are creating lucrative opportunities in the global ocular drug delivery technology market.
According to the report by TMR, the global ocular drug delivery technology market is expected to expand with a CAGR of 6.8% over the forecast period from 2017 to 2025 to attain value of US$18.12 bn by the end of forecast period from US$10.2 bn in 2016.
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Rising Number of Patients with Ophthalmic Disorders of to be Beneficial for Growth
On the basis of technology, the global ocular drug delivery technology market is segmented into topical, ocular inserts, intraocular implants, iontophoresis, and in situ gel & punctal plugs. The ocular inserts segment is further classified in to non-erodible and erodible. Intraocular implants segment is further classified into biodegradable and non-biodegradable. Of these, topical segment dominated the global market in 2016, with more than 50% of the overall shares in the global market for ocular drug delivery technology. Thanks to these factors, the segment is expected to expand with 6.6% from 2017 to 2025.
On the basis of formulation type, the global infusion pumps market is segmented into suspension, solution, liposomes & nanoparticles, emulsion, and ointments. Based on the disease type, the global infusion pumps market is segmented into glaucoma, macular degeneration, diabetic retinopathy, diabetic macular edema, and cataract.
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Growing Investments for Improvement of Healthcare Sector to Bolster Growth
On the basis of region, the global ocular drug delivery technology market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Of these, North America is dominating the global market for ocular drug delivery technology and expected to continue its dominance over the forecast period tailed by Europe. Growth in the North America region is attributable to the demand for the targeted drug delivery systems. In 2016, the region accounted for massive 52.5% shares in the overall market. The European market accounted for 24% of the shares in the same year. However, Asia Pacific is expected to expand with higher CAGR over the forecast period thanks to the growing initiatives from the government for improving healthcare facilities.
Some of the prominent players operating in the ocular drug delivery technology market include OCULAR THERAPEUTIX, INC., Allergan, Plc., Alimera Sciences, EyeGate Pharma, and Valeant Pharmaceuticals International, Inc. the market has highly consolidated vendor landscape. The top three companies such as Santen Pharmaceutical Co., Ltd., Alimera Sciences, and Valeant Pharmaceuticals International, Inc. accounted for 50% of the shares in the overall market.
High Prevalence of Ophthalmic Disorders fuels Global Ocular Drug Delivery Technology Market
Ophthalmic diseases, which involve the eye or portions of the eye, are linked to ocular drug delivery. As per the WHO (World Health Organization), around 1.3 billion people worldwide suffer from visual disability. The growing number of people suffering from vision-related issues and ophthalmic disorders is likely to better the acceptance of ocular drug delivery. This factor is expected to trigger development of the global ocular drug delivery technology market in the years to come.
In addition to that, the world's ageing population is increasing the need for successful medicines and medications, which is driving up the acceptance of ocular drug delivery. This factor is likely to support development of the global ocular drug delivery technology market.
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Growth of the Market to Ride on the Back of Favorable Reimbursement Policies
The global ocular drug delivery technology market is predicted to rise due to many reasons, such as increased occurrence of ophthalmic disorders, rise in incidences of macular degeneration and glaucoma incidence and . Furthermore, the industry is projected to be influenced by a rise in the number of approvals from federal regulations, favourable reimbursement policies, and increased investment to create innovative drug delivery systems. The need for ocular drug delivery technologies is expected to be fueled by the low bioavailability of drugs used in traditional ocular therapies.
Nonetheless, annoyance and pain in some patients, as well as dilution attributable to the stiffness of the implants, are likely to restrain global ocular drug delivery technology market in the years to come. Augmented demand for targeted drug delivery, particularly for posterior eye disorders, as well as increasing penetration of low molecular size particles, is likely to boost the scope of formulations of liposome and nanoparticle. Nanoparticles are also said to have longer ocular surface resistance time.
North America is set to maintain its dominance in the global ocular drug delivery technology market. The market in North America is expected to grow due to an emergence of a significant number of market players, high cost of ocular surgery and an increase in the number of instances of vision impairments.
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