Ocular Drug Delivery System - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ocular Drug Delivery System Market By Technology (Implantable, Particulate, And Others), By Indication (Glaucoma, Cataract, Dry Eyes, Eye Allergy, And Others), By Formulation (Solution-Based, Suspension Based, Emulsion-Based, Others), By Route Of Administration (Topical, Intraocular, Intravitreal, Intracameral, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2030 owing to the rising burden of geriatric population globally, increase in the prevalence of various eye disorders and ophthalmic problems such as cataract, glaucoma, eye allergies, infections, among others and the increasing product development activities in the ocular drug delivery system across the globe.

The global ocular drug delivery system market was valued at USD 14,669.32 million in 2022 and is likely to register a CAGR of 7.39% during the forecast period from 2024 to 2030 to reach USD 22,373.10 million by 2030. The Ocular Drug Delivery System market is observing optimistic market growth due to an increase in the rising burden of the geriatric population globally, the growing cases of various eye disorders and ophthalmic diseases such as cataracts, glaucoma, eye allergies, infections, among others, increasing clinical trials and product development activities in the ocular drug delivery systems arena across the globe is further expected to result in appreciable revenue growth of the Ocular Drug Delivery System market during the forecast period (2024-2030).

Ocular Drug Delivery System Market Dynamics:

One of the main factors for the growth of the ocular drug delivery system market is the increasing prevalence of eye disorders such as cataracts and glaucoma, and refractive errors like myopia, and presbyopia, among others globally. For instance, according to the World Health Organization (WHO) 2022, the prevalence of population having near or distant vision impairment stands at a staggering figure of 2.2 billion globally, of which almost half of the affected people could have prevented vision impairment.

According to the same source, the prevalence rate of unaddressed cataracts and glaucoma in the year 2020 were 94 million and 7.7 million globally respectively. The number of refractive errors such as myopia and presbyopia is also said to increase in the upcoming years. As per the International Myopia Institute (2023), 30% of the world is currently myopic and by 2050, the number of myopic people is said to grow to 50%, accounting for five billion.

Furthermore, as per the World Glaucoma Association 2022, the worldwide prevalence reported in 2020 was estimated to be approximately 79.6 million. As per the same source, the number is likely to increase to 111.8 million individuals by 2040.

Therefore, due to the presence of a large patient pool associated with ophthalmic problems and vision impairments worldwide, the demand for ocular drug delivery systems is expected to rise substantially during the forecast period from 2024-2030.

However, certain side effects associated with the use of eye drops, gels, ointments, complications involved in ocular surgeries, and others may act as restraints for the ocular drug delivery system market growth.

The ocular drug delivery systems market was moderately impacted during the COVID-19 pandemic. During the initial stage of the pandemic, the sale and distribution of various eye-related drugs suffered a downfall owing to the imposition of strict lockdown rules, and disruption in the manufacturing, and supply of the drugs. Also, during the pandemic, COVID-19 patients were given more preference in terms of diagnosis and treatment, and this led to a decreased number of diagnoses and treatments for various ophthalmic conditions such as cataracts, dry eyes, glaucoma, macular degeneration, conjunctivitis, and others which in turn lead to the decreased demand for ocular drug delivery system, negatively impacting the growth of ocular drug delivery systems market. However, with the ease of lockdown restrictions, the upturn of resources, and the supply chain, the administration of the vaccine to the public, with the increasing number of diagnoses for ocular diseases, the demand for ocular drug delivery systems increased and is expected to grow during the forecast period from 2022 - 2028.

Ocular Drug Delivery System Market Segment Analysis:

Ocular Drug Delivery System market by technology (implantable, particulate, and others), indication (glaucoma, cataract, dry eyes, eye allergy, and others), formulation (solution-based, suspension-based, emulsion-based, others), route of administration (topical, intraocular, intravitreal, intracameral, and others) and geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the formulation segment of the ocular drug delivery system market, the solution-based ocular drug delivery system is expected to have a significant revenue share in the year 2023. This can be attributed to their wide applicability, compatibility, and easy mode of administration, along with the rising research and developmental activities in the solution-based Ocular Drug Delivery System segment during the forecast period.

The solution-based ocular drug delivery system majorly includes all the drug types in the solution form, majorly comprising eye drops. The solution drug delivery systems mainly contain a saline base which can provide moisture for the eyes and can also help to pull the redness out. They also contain medicinal ingredients in cases of eye drops recommended for vision impairments such as refractive errors and others such as glaucoma, cataract, etc. A wide variety of diseases such as conjunctivitis, glaucoma, keratitis, eye allergies, and also before cataract surgery, corneal surgery, and others can be treated using solution-based drug deliverables, thus providing a wide end-user base and application opportunities.

In April 2022, Sandoz, a Novartis division, announced the US launch of the generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%, an AB-rated generic equivalent to AbbVie's COMBIGAN, to lower eye pressure in patients with ocular hypertension.

Therefore, owing to the interplay of all the aforementioned factors, it is expected that the demand for solution-based drug delivery systems shall increase in the overall ocular drug delivery system market during the forecast period from 2022-2028.

North America is expected to dominate the overall Ocular Drug Delivery System Market:

Among all the regions, North America is expected to dominate the global Ocular Drug Delivery System market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This domination is due to the rising prevalence of eye disorders such as cataract, diabetic retinopathy, and others, the increasing geriatric population, and the rising product launches in North America, among others.

According to the National Eye Institute (2023), the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases in 2020, and the cases are expected to reach 11.3 million and 38 million, respectively, by 2030. The American Association of Ophthalmology states that cataract is the major cause of visual impairment worldwide, and geriatric ophthalmic issues are emerging as prime factors in other developing countries apart from Noth America.

Along with the growing patient population associated with eye disorders, product development activities in North America are further expected to bolster the demand for ocular drug delivery systems in the upcoming years.

In October 2019, Sun Pharmaceutical Industries Limited launched CEQUA for the Treatment of Dry Eye Disease in the U.S., which is a solution of 0.09% for topical ophthalmic use and is the first and only approved cyclosporine treatment delivered with NCELL(TM) technology.

Therefore, the interplay of various factors such as the presence of a large patient population, as well as product development activities such as product launches by key market players in the region is expected to boost the North America Ocular Drug Delivery System market during the forecast period.

Ocular Drug Delivery System Market Key Players:

Some of the key market players operating in the Ocular Drug Delivery System Market include Ocular Therapeutix Inc., Allergan plc., Santen Pharmaceutical Co. Ltd., Envisia Therapeutics, pSivida, Clearside Biomedical, Oculis Pharma, Valeant Pharmaceuticals, Aptar Group, Inc., Graybug Vision Inc., Alimera Sciences, Eyegate Pharma, Vision Ophthalmology Group GmbH, URSAPHARM Arzneimittel GmbH, AbbVie Inc., Taiwan Liposome Company, Ltd., Novartis, Amorphex Therapeutics, Eyenovia, Inc., iVeena Delivery Systems, and others.

Recent Developmental Activities in Ocular Drug Delivery System Market:

In September 2022, the U.S. Food and Drug Administration approved Byooviz (ranibizumab-nuna) as the first biosimilar to Lucentis (ranibizumab injection) for the treatment of several eye diseases and conditions, including neovascular (wet) age-related macular degeneration (nAMD). Byooviz is also approved to treat macular edema (fluid build-up) following retinal vein occlusion (blockage of veins in the retina) and myopic choroidal neovascularization, a vision-threatening complication of myopia (nearsightedness).

In April 2022, Alcon announced the U.S. launch of the newest addition to its innovative portfolio of dry eye products - Systane® Hydration Multi-Dose Preservative-Free (MDPF) Lubricant Eye Drops; having HydroBoost® Technology providing extra moisture for patients with sensitive dry eyes.

In September 2020, Bausch Health Companies Inc., Bausch + Lomb, a leading global eye health business, and Eton Pharmaceuticals, Inc. announced the FDA approval for its Alaway® Preservative Free (ketotifen fumarate) ophthalmic solution, 0.035%, antihistamine eye drops (EM-100), as the first over-the-counter (OTC) preservative-free formulation eye drop approved to temporarily relieve itchy eyes.

Key Takeaways from the Ocular Drug Delivery System Market Report Study

• Market size analysis for current Ocular Drug Delivery System Market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Ocular Drug Delivery System market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Ocular Drug Delivery System market.
• Various opportunities available for the other competitor in the Ocular Drug Delivery System Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030.
• Which are the top-performing regions and countries in the current Ocular Drug Delivery System Market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Ocular Drug Delivery System market growth in the coming future?

Target Audience who can be benefited from this Ocular Drug Delivery System Market Report Study

• Ocular Drug Delivery System products providers
• Research and development organizations
• Ocular Drug Delivery System-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Ocular Drug Delivery Systems
• Various end users who want to know more about the Ocular Drug Delivery System market and the latest innovations in the Ocular Drug Delivery System market.

Frequently Asked Questions for the Ocular Drug Delivery System Market:

1. What are ocular drug delivery systems?

Ocular Drug Delivery Systems can be used in conjunction with ophthalmic devices, applied directly to the eye's surface, or administered near or inside the eye. These ocular delivery techniques are employed to treat various vision-related illnesses and disorders.

2. What is the global market for Ocular Drug Delivery Systems?

The global ocular drug delivery system market was valued at USD 14,669.32 million in 2022 and is likely to register a CAGR of 7.39% during the forecast period from 2024 to 2030 to reach USD 22,373.10 million by 2030.

3. What are the drivers for the global Ocular Drug Delivery System market?

The Ocular Drug Delivery System market is witnessing positive growth due to an increase in the rising burden of the geriatric population globally, the growing cases of various eye disorders and ophthalmic diseases such as cataracts, glaucoma, eye allergies, infections, among others, increasing clinical trials and product development activities in the ocular drug delivery systems arena across the globe is further expected to result in appreciable revenue growth of the Ocular Drug Delivery System market during the forecast period (2024-2030).

4. Who are the key players operating in the global Ocular Drug Delivery System market?

Some of the key market players operating in the Ocular Drug Delivery System market include Ocular Therapeutix Inc., Allergan plc., Santen Pharmaceutical Co. Ltd., Envisia Therapeutics, pSivida, Clearside Biomedical, Oculis Pharma, Valeant Pharmaceuticals, Aptar Group, Inc., Graybug Vision Inc., Alimera Sciences, Eyegate Pharma, Vision Ophthalmology Group GmbH, URSAPHARM Arzneimittel GmbH, AbbVie Inc., Taiwan Liposome Company, Ltd., Novartis, Amorphex Therapeutics, Eyenovia, Inc., iVeena Delivery Systems, and others.

5. Which region has the highest share in the Ocular Drug Delivery System market?

Among all the regions, North America is estimated to amass a significant revenue share in the global Ocular Drug Delivery System market. This domination is due to the rising prevalence of eye disorders such as cataract, diabetic retinopathy, and others, the increasing geriatric population, and the rising product launches in North America, during the forecast period.