May 20, 2020
Global Ocular Drug Delivery Technology Market to Expand 1.4x, Significant Shortfalls in Drug Delivery Technology Anticipated in COVID-19 Crisis, Projects Fact.MR
by Team Fact.MR
It is anticipated that glaucoma cases will surpass 100 million by 2040, while macular degeneration shall reach nearly 200 million by 2020-end. These increasing cases are poised to heighten prospects for ocular drug delivery market in the forecast period (2020-2025).
Immense research and development is occurring in the ocular drug delivery market. Shortages in bioavailability of such drugs is a key growth driver. Studies have shown that micellar formulations and derivative active pharmaceutical ingredients have immense scope for development. Based on these trends, the global ocular drug delivery technology market is poised to register positive growth. The market is anticipated to expand 1.4x by 2025-end.
Key Takeaways of Global Ocular Drug Delivery Technology Market Study:
- By technology, topical drug delivery is set to dominate the market, capturing nearly half of the market share. Affordability and introduction of emulsion and suspension forms are attributed as key growth drivers. The topical drugs segment is close behind, expanding 1.4x. Long-term effectiveness and precise drug delivery are important growth drivers.
- By formulation type, solutions are anticipated to capture the majority share, accounting for more than three-fifths of the global ocular drug delivery technology market. High production volume, high-patient compliance and cost effectiveness are important growth levers.
- By disease type, macular degeneration is set to dominate the global ocular drug delivery technology market. This is followed by diabetic retinopathy. Each segment is poised to account for more than one-fifth of the market share. Rising prevalence of the diseases is the main driver behind the growth of these segments.
- By end-user, hospitals are poised to account for a major chunk of the market. This is attributed to availability of trained and qualified personnel and well-equipped healthcare facilities. Moreover, technology integration in hospital systems is also set to brighten growth of the segment.
- By region, North America shall retain market dominance, attributed to presence of key manufacturers and rising visual impairment cases. A market share of more than half is anticipated for the North American Market. Trailing behind is the Asia-Pacific, anticipated to generate substantial growth opportunities. Advancement of research grants, increasing prevalence of cataract and uveitis and presence of key players shall augment growth. The Asia-Pacific region is set to expand a CAGR of 7.0% in the forecast period.
COVID-19 Market Insights:
The ongoing COVID-19 outbreak is anticipated to lead to significant shortfalls in the global ocular drug delivery technology market. Nationwide lockdowns and social distancing measures have led to curbs in production cycles. This has led to disruptions in supply chains of important market players.
However, companies are doing their best to ensure that supply of critical drug formulations remain unhindered. For instance, Santen Pharmaceuticals has kept its manufacturing operations functional, albeit with enhanced sterilization measures. Social distancing at the facility is strictly observed, as are routine body temperature checks and basic hygiene practices.
“The global ocular drug delivery technology market is set to burgeon positively. Exhaustive research in development of new drug formulations by leading manufacturers is anticipated to drive the growth forward,” infers a Fact.MR analyst.
Key Manufactures Concentrate on Wholesale Shift to New Formulations:
The global ocular drug delivery market is consolidated, consisting of a limited number of market players. They are: Ocular Therapeutix, Inc., Alimera Sciences, Allergan plc, Valeant Pharmaceuticals International (Bausch Health Company), Inc., and Santen Pharmaceutical Co., Ltd. Developing new drug formulae drives market growth of leading players.
Valeant Pharmaceuticals (Bausch & Lomb, Inc.) is a leader in the ocular drug delivery market. It specializes in a number of ophthalmic drugs for a number of conditions. These include glaucoma, conjunctivitis, uveitis and cataracts. Its brands are Bepreve, Istalol, Besivance, Alrex and Zylet. In 2017, the company announced the introduction of Biotrue ONEday, daily disposable contact lenses for Astigmatism. Another market leader, Santen pharmaceuticals, specializes in corneal and retinal diseases such as Dry Eyes, Uveitis, AMD and Diabetic Retinopathy, and Glaucoma. Its products include Tafluprost, Ciclosporin, Sepetaprost and Carotuximab.
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The research study on the ocular drug delivery market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the ocular drug delivery market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of technology type (topical, ocular inserts, iontophoresis, intraocular implants, in-situ gel & punctal plugs and others), formulation type (solution, suspension, emulsion, liposomes & nanoparticles and ointment), disease type (glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, diabetic macular edema, cataract and others) and end-users (hospitals, ambulatory surgical centers, ophthalmic clinics and homecare settings) across five major regions.
>>> To Get more insights on ocular drug delivery market, visit- https://www.factmr.com/report/4802/ocular-drug-delivery-technology-market
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