Market Insights
The physiology and anatomy of the eye are relatively complex, making ocular drug delivery a difficult challenge for researchers and the medical field. Traditional drugs are available on the market, but they are less effective at acting on specific sites of the eye. Therefore, research for enhanced eye treatment is still an ongoing process to develop advanced technology with a better outcome. Topical treatment is the conventional approach and still dominates the market owing to its ease of application and affordability. Ocular implants and inserts have broken down the limitations exerted by the topical drug delivery approach and are hence predicted to grow in forecasting periods.
Visual impairment is associated with age; hence, an aging population leads to the growth of ocular drug delivery technology. The global rise in rates of cataracts and glaucoma is the reason for the rapidly growing market for drug delivery technology. The increasing bioavailability of newer drug delivery approaches with controlled dosage systems has driven the market for ocular drug delivery technology to grow. The healthcare expenditure in R&D for manufacturing innovative products to overcome the barrier of ocular treatment and easy government approval will accelerate the growth of the ocular drug delivery technology market. Improved eye-care infrastructure is being developed in the world’s least developed regions to provide better solutions to patients suffering from eye disorders, driving the ocular drug delivery technology market, along with rising public concern for regular eye check-ups. One of the key drivers of ocular drug delivery technology is the evolution of advanced technologies like ocular implants and ocular inserts, which provide improved and effective treatment through adequate intraocular penetration. However, sometimes discomfort with the treatment procedure or a lack of safety may pose some challenges to the growth of the market.
The purpose of this research study titled “Ocular Drug Delivery Technology Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025” is to provide investors, developers, company executives, and industry participants with in-depth analysis to allow them to take strategic initiatives and decisions related to the prospects in the global ocular drug delivery technology market. This report presents and analyses the major trends prevalent in the global ocular drug delivery technology market and the market size and forecast.
This report categorizes the global ocular drug delivery technology market in terms of technology type, indication type, and geographical distribution. Depending on the technology type, the ocular drug delivery technology market is classified as follows:
- Topical Medication
- Ophthalmic injection or intravitreal injection
- Ocular insert
- Ocular implant
- Others
Based on the indication types, the ocular drug delivery technology market is categorized as:
- Cataract
- Glaucoma
- Age-related macular degeneration
- Diabetic Retinopathy
- Eye infection
- Dry eyes
- Others
A cataract is the leading indication type in the global ocular drug delivery technology market and is predicted to remain in the leading position in upcoming periods.
Geographically, the ocular drug delivery technology market is best understood by segmenting it into five major regions and five major region-level markets, which are as follows:
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- Europe
- U.K.
- Germany
- Rest of Europe
- Asia Pacific
- Japan
- China
- Rest of Asia Pacific
- Latin America Middle East, and Africa
- Brazil
- Mexico
- rest of Latin America
- Middle East and Africa
- GCC
- Rest of the Middle East and Africa
The market size and forecast for each considered geographical market are presented in this study for the period 2015-2025, along with CAGRs for the forecast period 2017-2025, and are further cross-sectionally presented in terms of the type of products, type of end users, and constituent region/country level markets.
This report also includes qualitative assessment factors such as market dynamics (drivers, restraints, and opportunities) to have a good understanding of the current and anticipated trends in the global ocular drug delivery technology market. Competition assessment tools such as major agreements, partnerships, and collaborations, market attractiveness assessment, and competitive landscape analysis by key players are also demonstrated in the study. Furthermore, this report concludes with a profile of key market players currently enjoying prominent positions in the ocular drug delivery technology market. The major players profiled in this report are Alimera Sciences, Valeant Pharmaceuticals International, Inc., Ocular Therapeutix, Inc., Allergan, Plc., Clearside Biomedical, EyeGate Pharma, Envisia Therapeutics, Inc., Graybug Vision, Inc., and others.
Because the eye is one of the most complex and important organs, treating ocular disorders can be difficult. Scientists have been working to overcome the barriers to ocular drug delivery caused by the protective layers of the eye. To date, various ocular drug delivery systems have evolved, and many more are emerging and predicted to bring pathbreaking innovations by minimizing the challenges.
On the basis of technology, the ocular drug delivery technology market is segmented as below:
- Topical
- Ophthalmic injection or intravitreal injection
- Ocular insert
- Ocular implant
- Others
The topical treatment of the eye is done with a gel, liquid drop, or ointment. The topical segment is anticipated to be the largest in terms of market share due to its easy application and affordability and is expected to remain dominant in the ocular drug delivery technology market. The topical medication is applied on the surface of the eye; hence, it is easy to treat the anterior part of the eye but ineffective in treating the posterior segment. Intravitreal injection is a common treatment procedure for age-related macular degeneration, diabetic retinopathy, and uveitis. The popularity and usage of the injection are increasing due to its better efficacy and faster and improved drug transfer when compared to topical or systemic drug delivery systems.
Advancement in ocular drug delivery technology develops ocular implants that help treat a wide range of disorders, from diabetic retinopathy to glaucoma and vision correction, in a dosage-dependent manner. Because of their popularity and ease of dissolution at the eye site, biodegradable implants are expected to grow at a faster rate. The ocular insert releases the containing drug over time; unlike soluble inserts, the insoluble insert must be removed from the site of application.
On the basis of indication, the ocular drug delivery technology market has been categorized as follows:
- Cataract
- Glaucoma
- Age-related macular degeneration
- Diabetic Retinopathy
- Eye infection
- Dry eyes
- Others
According to a study by the World Health Organization (WHO), around 285 million people are visually impaired, and 90% of them are from developing countries. A cataract is the most common problem among all eye-related disorders, which are responsible for 48% of blindness all over the world; WHO estimates that approximately 18 million people lose their vision owing to cataracts. A cataract was dominating and anticipated to be in the leading position in the ocular drug delivery technology market due to the growing aging population and increasing risk factors like diabetes, trauma, and smoking. Increasing expenditure in healthcare, improved eye-care infrastructure, accessible set-ups in the least developed regions, initiatives from various organizations for eye check-ups, and the cost-effectiveness of further treatment fuel the growth of cataract treatment across the globe. Glaucoma is predicted to be the second leading cause of blindness worldwide; hence, the growing public awareness propels the growth of the ocular drug delivery technology market.
Age-related macular degeneration is the third most common cause of blindness. With the growing risk factors associated with AMD, like an aging population and changing dietary patterns and smoking habits, the prevalence of AMD is rising, and the market for ocular drug delivery technology is also expanding.
Diabetic retinopathy is linked to diabetes and damages the blood vessels of the retina, and it is on the rise globally due to a change in lifestyle. The growing prevalence of diabetes is driving the market for diabetic retinopathy treatment and the ocular drug delivery technology market.
Geographically, the global ocular drug delivery technology market is cumulative for North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Geographically, North America is predicted to be the leading market for ocular drug delivery technology, followed by Europe. The increasing prevalence of eye-related diseases, especially macular degeneration and diabetic retinopathy, and the growing trouble with the vision on account of constantly changing lifestyles and diets drive the ocular drug delivery technology market to grow faster. According to the research of the National Eye Institute, 24.4 million Americans are affected by cataracts, and around 2.7 million people suffer from glaucoma. Since these problems are on the rise, so is the involvement of ocular drugs, which in turn drives the ocular drug delivery technology market.
The presence of major manufacturers, healthcare expenses in R&D to develop innovative products for ophthalmic treatment, and its acceptability among physicians are the key factors behind the rapidly growing ocular drug delivery technology market in the North American region. Many manufacturers have started an in-licensing approach to receive easy approval of drugs in the U.S., which fuels the growth of the ocular drug delivery technology market. According to a research study, the European region’s aging population and diabetes risk are causing a sharp increase in visual disability, with approximately 25 million people visually disabled.
Visual impairment is associated with age; hence, the rising geriatric population increases the demand for ocular drugs and propels the growth of the ocular drug delivery technology market in the Asia-Pacific region. Increasing disease prevention by creating health awareness and a stronger eye-care infrastructure is driving the ocular drug delivery technology market in this region.
The detailed regional classification of the global optical drug delivery technology market is as follows:
- North America (U.S. and Canada)
- Europe (Germany, U.K., France, Spain, Italy, and the Rest of Europe)
- Asia Pacific (China, India, Japan, and the Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- Middle East and Africa (GCC plus the rest of the Middle East and Africa)
