The Global Ocular Drug Delivery System Industry, according to Future Market Insights, is poised for remarkable expansion in the coming decade. A recent report by the global market research and consulting firm projects that the market will surge to a valuation of US$ 16,159.9 million by 2023, with a promising Compound Annual Growth Rate (CAGR) of 6.9% between 2023 and 2033.
The key driver behind this impressive growth is the increasing focus on advanced therapies for a wide range of ophthalmic ailments. As a result, by 2033, the market is expected to achieve unprecedented sales of ocular medication delivery systems, surpassing US$ 31,410.2 million.
To overcome the ocular drug delivery barriers and improve ocular bioavailability, various conventional and novel drug delivery systems have been developed such as ointments, emulsions, suspensions, aqueous gels, Nano micelles, liposomes, and in situ thermosensitive gels for the earlier mentioned ocular diseases.
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Glaucoma is the second-leading cause of blindness worldwide, accounting for up to 8% of total blindness. In India, glaucoma is the leading cause of irreversible blindness with at least 12 million people affected and nearly 1.2 million people blind from the disease. More than 90 percent of glaucoma cases remain undiagnosed in the community.
Thus the high incidence of ophthalmic diseases, resulting in the rise significant patient population, is driving the global ocular drug delivery systems market.
Ocular drug has to pass the water-fat-water membranous structure of cornea and this changing environment presents a significant barrier. That is why, for almost four decades, researchers have been involved in developing intraocular sustained-release drug delivery platforms.
Owing to the rigorous research studies, approvals for new ocular drug delivery techniques are currently recorded globally. This has helped the market to gain momentum over the last few years.
Key Takeaways from Global Ocular Drug Delivery System Industry Study
- Increasing focus on pharmaceutical innovation and research on drug delivery technologies is driving a transition towards particulate drug delivery systems, which will account for over 68% of the market in 2021.
- Ophthalmic solution for ocular drug delivery system is expected to account for 60% the global market share by 2031.
- Among distribution channels, hospital pharmacies accounted for 40% of the market share in 2031. Soaring influx of patients for treatment and availability of intensive care support have propelled the demand in the sehment.
- North America holds the maximum share, owing to the presence of Tier1 players, high per-capita healthcare expenditure, and favorable reimbursement policies in the region.
- The U.S. holds a more than 44% share in the global ocular drug delivery systems market.
- The U.K. and Germany are leading markets in Europe, accounting for more than 41% of the Europe market in 2021.
- South Korea is the fastest growing market in East Asia, exhibiting 10.3% CAGR through 2031.
“Increasing prevalence of eye infections, innovation in drug delivery technologies, and rising clinical trials are creating lucrative growth opportunities for ocular drug delivery system sales,” says the Future Market Insight analyst.
Increase in Funding for Research Activities Offers Growth Opportunities
Leading manufacturers in the Global Ocular Drug Delivery System Industry are strengthening their market position through collaboration with various other organizations. Governments in developed and developing countries are actively taking initiatives to encourage research pharmaceutical products.
For instance, In April, 2017, Santen Pharmaceuticals announced a strategic investment in Regenerative Patch Technologies LLC, a U.S. based company engaged in development of ophthalmic therapies.
Pharmaceutical giants are expected to benefit from the globalization of labor forces, that is, employment of skilled local labor at cheaper rates to derive larger cost savings. Furthermore, this will create room for research and development (R&D) investments.
As per data from EFPIA and PhRMA, annual pharmaceutical (R&D) expenditures increased at 2.5% p.a. in Europe as compared to 3.3% p.a. in the U.S. over the latest measurable period 2016-2020. This will also create opportunities for the expansion of the market.
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Who is Winning?
The global market is set to expand due to the rising prevalence of eye infections. Leading players within this space are expected to focus on research and development to offer an early and precise diagnosis of ailment, besides offering effective patient care.
Some of the leading players in the Global Ocular Drug Delivery System Industry include but are not limited to Allergan Plc., Graybug Vision Inc., Ocular Therapeutix, Inc., Alimera Sciences, pSivida, 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.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global ocular drug delivery systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the ocular drug delivery systems treatment on basis of the key indication in detail, cover every aspect of the market such as technology, dosage form, distribution channel across seven major regions.
Global Ocular Drug Delivery System Industry by Category
Technology
- Implantable Ocular Drug Delivery Systems
- Particulate Drug Delivery Systems
- Nano-Particle Drug Delivery System
Dosage Form
- Ophthalmic Solution
- Ophthalmic Suspension
- Ophthalmic Emulsion
- Ophthalmic Gels
- Ophthalmic Ointments
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Mail Order Pharmacies
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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