New approaches for ocular drug delivery have expanded the horizon for ophthalmic drugmakers. The evolution of new formulations in ophthalmic drugs market is underpinned by extensive research in pharmaceutical and medicinal sciences on developing better therapeutics in ophthalmology. In particular, blood-ocular barriers have been widely studied to understand the efficacy of medicines. The need for expanding the choice in drug administration routes is a key trend propelling strides in the ophthalmic drugs especially for advanced retinal treatment. The unmet need in patients with dry eye diseases is a key driver for product development, observes a market survey on ophthalmic drugs market.
High morbidity of eye disorders worldwide is propelling the need for improved drug delivery methods in ophthalmic drugs market, helping it to expand at CAGR of 4.1% during 2019 – 2027.
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Increasing Incidence of Complex Disease of Ocular Surfaces Drives Need for Advanced Therapeutics
A number of ocular technologies have come forth that promise to overcome the limitations of current array of ophthalmic drugs market. This is a key factor propelling research in ophthalmic drug delivery methods. Notably, over the years, extensive research has been made in the market for improving the approaches in that increase the bioavailability of the drug. This is crucial in glaucoma, endophthalmitis, and uveitis, where the efficacy of ophthalmic drugs is severely limited by poor availability. All these conditions pose a substantial economic burden on the patient populations, and have been frequent cause of robbing them of vision and other debilitating diseases. As a result, ocular drug delivery mechanims are attracting attention of ophthalmic drugs market players.
Treatment of dry eye disease has attracted massive interest over the years. Evidently, the landscape has been shaped by growing body of controlled trials on several topical ophthalmic drugs. Key criteria of efficacy that are considered in the research are safety, potential allergic sensitivity, and barrier aspects. Apart from dry eye diseases, microbial keratitis, conjunctivitis, and Meibomian gland dysfunction are focus areas.
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Topical Ophthalmic Drugs Witness Extensive Research, Industry Leans on Boosting Patient Compliance
Ophthalmic drug makers have focused on the compliance of the patient. In this case, efforts to reduce frequency of administration have also underpinned the product development avenues in the ophthalmic drugs market. Two key aspects shape their efforts-- controlling drug release and increasing ocular bioavailability. Antibiotic delivery in ophthalmic drugs market has attracted huge interest.
Growing Number of Approvals Especially in Biologics Enriches Market, Approval of Novel Ophthalmic Therapeutics Expands Horizon
Over the years, the avenues for commercializing of new products have increased on back of growing number of approvals of biologics. Further, pioneers in the ophthalmic drugs market are targeting novel approaches for ocular drug delivery. A case in point is developing in situ gelling systems.
A number of new therapeutics for managing retinal degenerative diseases have hit the ophthalmic drugs market. For instance, ophthalmic drugs for progressive retinal diseases are expected to gain traction in coming few years. Nanotechnology is likely to play a crucial role in developing novel therapeutics, especially for sight-threatening diseases.
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North America held the major market share in the ophthalmic drugs market in 2018. Advances in ocular therapies and relentless efforts of globally prominent players in the region to overcome the existing limitations of drug delivery approaches have fueled the growth prospects. Europe is also a promising market.
Some of the prominent pharmaceutical companies keen on gaining a stronghold in the market are Santen Pharmaceutical Co., Ltd., Regeneron Pharmaceuticals, Inc., Pfizer Inc., Novartis AG, Bayer AG, Allergan, Inc., and Aerie Pharmaceuticals, Inc.
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