As per a study by Future Market Insight (FMI), the global ocular drug delivery system market size is likely to surpass a valuation of US$ 14.47 billion by the end of 2021, growing at a CAGR of 6.8% between 2021 and 2031. By 2031, ocular drug delivery systems sales are expected to reach US$ 27.82 billion.
The primary factor driving ocular drug delivery systems adoption is the increasing incidence of ophthalmic diseases and injuries. In the U.S., around 2,000 workers requires medical assistance due job-related eye injuries every day, according to a report published by the National Institute for Occupational Safety and Health (NIOSH).
Also, over 12 million people aged above 40 years have vision impairment in the country. Thus, the demand for effective treatment to curb the rising incidence of ophthalmic diseases and injuries is expected to create growth opportunities for the market.
Ocular drug delivery system companies are aiming at developing new products to enhance the potency of spatiotemporal drug administration. For instance, pSivida Corp. is focusing on launching its new product named, Durasert, a uveitis implant for the treatment of posterior uneitis infection. These ongoing improvements in treatment for ophthalmic diseases will favor the market growth over the assessment period.
“Increasing adoption of novel drug delivery technologies such as micro- and nanoparticles and implantable devices for posterior eye therapy is anticipated to open the floodgates for advanced ocular drug treatments,” says the FMI analyst.
- The U.S. is leading the ocular drug delivery system market in North America with a market share of 86% in the region.
- With improvements in drug development pipelines, the U.K. is expected to account for over 24% of the market share in Europe by the end of 2031.
- The market in Germany is estimated to grow at a CAGR of 4.6% making it the second leading market in the U.K.
- Owing to the growing healthcare spending, Japan is projected to account for over 52% of the sales in East Asia by 2021.
- Ophthalmic solution is likely to remain the dominant segment during the forecast period and hold a market share of nearly 60% by the end of 2031.
- Increasing incidence of ophthalmic diseases and injuries will fuel the demand for the ocular drug delivery system market.
- Favorable reimbursement policies will drive the growth of the market.
- Rising demand for targeted drug delivery techniques will bolster the market growth.
- Ongoing advancement in drug delivery treatment will spur the demand for the ocular drug delivery system market.
- High cost and complexities associated with the treatment is restraining the market growth.
- Low bioavailability of drugs for conventional ocular therapies is hampering the growth of the ocular drug delivery system market.
- The discomfort such as irritation, excessive lachrymation, and drug dilution occurring post the treatment is negatively impacting the market growth.
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Leading ocular drug delivery system manufacturers are focusing on engaging in strategic collaborations and developing new products to maintain their lead in the market. For instance,
- Clear side Biomedical, the U.S. based company, announced its strategic collaboration with EyeKor in March 2017, to support Clearside’s clinical development efforts.
- In October, 2020, AffaMed Therapeutics and Ocular Therapeutix™ announced collaboration and license agreement for OTX-TIC and DEXTENZA® in Asia.
Some of the leading companies operating in the ocular drug delivery system market profiled by FMI are:
- Graybug Vision Inc.
- Allergan Plc.
- Ocular Therapeutix, Inc.
- Alimera Sciences
- Santen Pharmaceutical Co., Ltd
- Taiwan Liposome Company Ltd.
- Envisia Therapeutics
- Eyegate Pharma
- Valeant Pharmaceuticals International, Inc
- Vision Ophthalmology Group GmbH
- Clearside Biomedical
- URSAPHARM Arzneimittel GmbH
More Insights on FMI’s Ocular Drug Delivery System Market
The global ocular drug delivery system market study by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
- Implantable Ocular Drug Delivery Systems
- Particulate Drug Delivery Systems
- Nano-Particle Drug Delivery System
- Ophthalmic Solution
- Ophthalmic Suspension
- Ophthalmic Emulsion
- Ophthalmic Gels
- Ophthalmic Ointments
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Mail Order Pharmacies
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The report offers insight into ocular drug delivery system demand outlook for 2021-2031
- The market study also highlights ocular drug delivery system sales growth for period between 2021 and 2031
- Ocular drug delivery system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Ocular drug delivery system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others