Ocular Drug Delivery Technology Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2025

Global Ocular Drug Delivery Technology Market Insights:

Limited bioavailability of drugs in conventional ocular therapeutics shall spur research in developing advanced drug delivery techniques for ophthalmic administration. Studies have shown that micellar formulations can help improve bioavailability of drugs in ocular tissues. This shall translate in enhanced therapeutic outcomes. Further, Studies indicate that the number of glaucoma patients is anticipated to rise to 111.8 million by 2040. Based on the aforementioned trends, the global ocular drug delivery technology market is poised to leverage positively at a CAGR of 7.2% during the forecast period (2020-2025).

Global Ocular Drug Delivery Technology Market Technological Insights: Topical drug delivery technology accounted for more than half of the total ocular drug delivery market in 2017. This trend is anticipated to continue, with the topical segment capturing a similar proportion of the overall market. A valuation of US$ 9 Bn is predicted by 2025. Introduction of emulsion and suspension forms in the formulation of topical drug delivery technologies is a major growth driver. Moreover, the technique is also very cost-effective. The topical segment is poised to expand 1.4x throughout the forecast period.

Following behind topical drug delivery is the intraocular implants segment. High adoption of intraocular implants due to its targeted action and long-term effectiveness have boosted growth opportunities for this technology. A market share of more than one-tenth is anticipated for intraocular implants, expanding at a CAGR of 7.7% across the forecast period. The segment is poised to reach a value of US$ 3 Bn by 2025-end.

Global Ocular Drug Delivery Technology Market Formulation Insights: Augmenting demand for targeted drug delivery, especially for posterior eye disorders, and high penetration of low molecular size particles shall leverage market prospects for liposome and nanoparticle formulations. Moreover, nanoparticles are claimed to provide prolonged resistance time on the ocular surface. A CAGR of 8.2% is anticipated for the liposome and nanoparticle segment, reaching a value of US$ 1 Bn by 2025-end.

The solutions segment is set to retain its market dominance across the forecast period. Dominance of the segment is attributed to its large production volume by small players in regional markets. Moreover, high-patient compliance and cost-effectiveness are other growth contributors. Projections indicate a market share exceeding three-fifths and an expansion rate of 1.4x in the forecast period.

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Global Ocular Drug Delivery Technology Market Regional Insights:

North America is poised to retain hegemony in the global ocular drug delivery technology market. Burgeoning cases of visual impairments, high cost of ocular surgeries and presence of a large number of market players are anticipated to boost the North American market. Projections indicate a market share exceeding half of the total ocular drug delivery technology market. In addition, introduction of different formulation types and reduced research and development costs are also poised to leverage growth prospects. The North American market is anticipated to expand 1.4x during the forecast period.

Asia-Pacific is expected to generate credible growth opportunities in the future. Establishment of research and development units by key manufacturers in emerging economies, increasing prevalence of cataract and uveitis are key growth levers. Research grants are being advanced by major research companies across several Asia-Pacific countries, thus broadening the scope of drug development. The Asia-Pacific region is poised to expand at a CAGR of 7.0% throughout the forecast period, capturing nearly 1/10^th of the total market share.

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Global Ocular Drug Delivery Technology Market Key Players

The global ocular drug delivery market is consolidated, consisting of a limited number of market players. However, the market is poised to become fragmented, owing to collaboration and acquisition strategies adopted by leading players. The prominent market players are Ocular Therapeutix, Inc., Alimera Sciences, Allergan plc, Valeant Pharmaceuticals International (Bausch Health Company), Inc., and Santen Pharmaceutical Co., Ltd. Specific research and development in ocular drug delivery technologies is an important approach adopted by the leading market 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.

COVID-19 Market Insights:

The outbreak of the COVID-19 pandemic has posed significant challenges to the healthcare industry across the globe. As the number of cases rise exponentially every day, key market players are increasingly diverting research and funding towards eradicating this deadly pandemic. This is anticipated to lead to shortfalls in the core business line. However, companies are putting their best feet forward to ensure that supply chains are not disrupted.

Santen pharmaceuticals, a prominent ocular drug player, is ensuring that there is continuous treatment delivery for visually impaired patients. Maintenance of appropriate inventory standards of intermediaries and raw materials is an important step in this regard. Moreover, production plants have been sterilized so that the infection does not spread among factory workers. Thorough body temperature checks along with social distancing are being practiced in the company’s factories. People who are not engaged in production activity are encouraged to work from home. Furthermore, all employees have been strongly discouraged to travel abroad for work.

Another market player, Graybug Vision, has directed its patients who are enrolled in clinical studies to restrict their in-clinic time to reduce exposure risk. Since most of the subjects are elderly patients, this precaution is absolutely important. This is anticipated to lead to substantial delays in drug development for visual disorders.

Analyst’s Viewpoint:

The global ocular drug delivery market shall witness positive growth in the future. Technological breakthroughs in the form of novel drug formulations for precise ophthalmic treatment is are poised to leverage the market. However, the ongoing COVID-19 pandemic shall substantially impede progress, owing to reduced production and research capabilities. However, in the long-run, the market is set to rebound. North America and Asia-Pacific are poised to remain attractive markets for ocular drug delivery. This is due to increasing research funding by the governments of the respective countries.

Global Ocular Drug Delivery Technology Market: Report Scope:

The study of the global ocular drug delivery technology market undertaken by Fact.MR, incorporates a five-year forecast period, 2020-2025. The report explicates on the key drivers, restraints and opportunities associated with ocular drug delivery. The market has been segmented on the basis of technology type, formulation type, disease type and end-user. Each segment is evaluated in terms of market share, revenue, attractiveness index and growth.

A detailed regional profiling has also been done, incorporating all of the abovementioned segments. The profiling is done for the following geographies: North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. In addition, a detailed competition landscape, highlighting key manufacturers’ revenue share, expansion strategies and product launches, have also been embedded within the report. Each company is also provided with a SWOT analysis to provide a realistic picture for future expansion.