Ocular Drug Delivery System Market Size Estimates and Forecasts by Region, Growth Rate and Trend Analysis by Types and Application 2021 to 2031
According to Future Market Insights (FMI), the demand for ocular drug delivery system is expected to rise considerably, enabling the market to surpass US$ 14,471.2 Mn in valuation by the end of 2021. The market is forecast to exhibit 6.8% CAGR between 2021 and 2031.
Ocular drug delivery systems are designed for dispensing drug, biologic, biopharmaceutical, and botanical therapeutics for treating macular degeneration, glaucoma, presbyopia, allergy, anti-viral, dry eye, anti-infective and anti-inflammatory indications.
To overcome the ocular drug delivery barriers and improve ocular bioavailability, various conventional and novel drug delivery systems have been developed such as ointments, emulsion, suspensions, aqueous gels, Nano micelles, liposomes, , and in situ thermosensitive gels for the earlier mention ocular diseases.
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.
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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 Ocular Drug Delivery System Market 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.
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 ocular drug delivery system market 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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