PUBLISHER: Allied Market Research | PRODUCT CODE: 1414742
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414742
The ocular drug delivery market is likely to experience a significant growth rate of 5.5% from 2023-2032 owing to rise in demand from healthcare industry- Allied Market Research
The ocular drug delivery market growth is driven by increase in the incidences of ocular diseases, rise in aging population, and surge in development of new technologies for ocular drug delivery. Surge in aging population and shift in lifestyles are the major risk factors that contribute to the increased prevalence of eye disorders such as
1) glaucoma, age-related macular degeneration (AMD), and others. The risk of getting age-related macular degeneration rises with the aging population. For instance, according to National Center for Biotechnology Information (NCBI) 2022, about 200 million people are estimated to have AMD and by 2040, this number is expected to reach 300 million. Thus, there is an increase in need for efficient drug delivery systems that can offer consistent and focused delivery of drugs to treat these illnesses.
Furthermore, continuous technical advancements to improve ocular drug delivery strategies are also driving the market growth. These developments are intended to enhance the effectiveness, accuracy, and patient experience while administering drugs to the eyes. For instance, sustained-release intraocular implants, such as
1) the ILUVIEN, which deliver fluocinolone acetonide and dexamethasone, respectively, have become recognized as ground-breaking technologies. These implants ensure stable drug levels in the eye and minimize the need for frequent eye drops by releasing medication gradually over an extended period of time.
In addition, increase in R&D activities and reduced side effects of drugs due to use of advanced drug delivery technologies boost the market growth. However, stringent regulatory guidelines for the drug approvals limit the growth of the ocular drug delivery market. Furthermore, high cost associated with new drug development is financially challenging for pharmaceutical companies and limit their ability to invest in innovation and develop new ocular drug delivery formulation thereby impacting the market growth. Further, shift of patient preference towards the non-invasive treatments due to ease of administration and improved compliance also drives the demand for eye drops, eye ointments, and other formulations. For instance, according to National Centers for Biotechnology Information (NCBI), topical eye drop is the most convenient and highly preferred route of drug administration.
The ocular drug delivery market is segmented on the basis of technology, formulation type, disease indication, end user, and region. On the basis of technology, the market is classified into topical, ocular insert, intraocular implants, in-situ gels, and others. As per formulation type, the market is categorized into solution, emulsion, suspension, ointment, and others. On the basis of disease indication, the market is segmented into glaucoma, diabetic retinopathy, dry eye syndrome, age related macular degeneration, and others. On the basis of end use the market is divided into hospitals, ophthalmic clinics, and others.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global ocular drug delivery market are Ocular Therapeutix, Inc., EyePoint Pharmaceuticals, Inc., Clearside Biomedical, Santen Pharmaceutical Co., Ltd., Abbvie Inc., Novaliq GmbH, Bausch & Lomb, Alimera Sciences, Inc., Nicox, and Kiora Pharmaceuticals, Inc. Key players operating in the market have adopted product approval and collaboration as their key strategies to expand their market share and product portfolio.
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