NEW YORK, May 02, 2022 (GLOBE NEWSWIRE) -- The market size for global ophthalmic drug delivery systems is projected to grow at a CAGR of above 8.4% during the projected years and reach a value of over US$ 24,556 Mn by 2030.
The increasing number of cases of eye disorders worldwide is the most prominent driving factor for the global ophthalmic drug delivery systems market. According to the WHO, at least 2.2 billion people across the world have a far or near vision impairment. These 1 billion people include those with severe to moderate distance vision impairment or blindness owing to cataracts (94 million), uncorrected refractive error (88.4 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), corneal opacities (4.2 million), and trachoma (2 million), as well as those with near vision impairment due to uncorrected presbyopia (826 million). Moreover, in terms of regional differences, emerging regions are projected to have four times the prevalence of distant vision impairment as developed regions.
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Covid-19 Impact on the Global Ophthalmic Drug Delivery Systems Industry
The pandemic of COVID-19 has had a negative influence on the market. During the first half of the COVID-19 epidemic, sales of ophthalmic medication delivery devices dropped dramatically. Worldwide lockdowns resulted in fewer patient appointments to hospitals & clinics due to shifts in healthcare objectives and social distancing. Furthermore, the interruption in supply chains resulted in a shortage of certain products, indicating a negative impact on the market as a whole. Nevertheless, with the full resumption of all operations and the restoration to normalcy in the world, the market for ophthalmic drug delivery systems is likely to resume its expansion.
Global Ophthalmic Drug Delivery Systems Market Growth Factors
The growing number of ophthalmic procedures to curb the increasing burden of eye-related disorders is also supporting the growth of the ophthalmic drug delivery systems market. However, one of the market's driving aspects is the increasing technological developments in ophthalmic medication delivery. Recent advancements in ocular drug delivery systems have aided the ophthalmic drug delivery systems industry to generate significant revenue in recent years. Nanoparticles, biodegradable microparticles, ocular implants and hydrogels have all seen a significant increase as a result of advances in biomaterials and nanotechnology.
Additionally, the growing technological advancements in ophthalmic drug delivery are one the leading trends in the market. Globally, visual impairment has become a severe concern to people of all ages. According to statistics, there are over 285 million people with vision problems, 246 million people with subnormal vision, and 39 million people who are blind. In India, more than a third of people go blind before they reach the age of 17, and the majority of them are children under the age of five. Age-related macular degeneration (AMD) accounts for around 8.7% of global blindness, particularly in the elderly population.
Global Ophthalmic Drug Delivery Systems Market Segments
The ophthalmic drug delivery systems market is divided into five categories: material, technology, production technology, delivery route, and geography. Based on material, the market is split into collagen, hydrogels, liposomes, polycaprolactone, PDO/PVA, PLA-PEG, TMC, and others. Based on our analysis, the hydrogels segment is expected to lead the market with a considerable market share in 2021. During the forecast period, the polycaprolactone segment is predicted to grow at the fastest rate. This is owing to an increase in the number of R&D studies focusing on studying and developing polycaprolactone-based products.
Based on the technology segment, the market is split into contact lenses, eye drops, episcleral implants, punctal plugs, and others. In 2021, the eye drops segment achieved a substantial market share while the micro-electromechanical sub-segment accounted for a substantial growth rate.
The delivery route segment can be categorized into intravitreal, intraocular, and intracameral. By delivery route, the intravitreal segment is expected to attain the fastest compound annual growth rate (CAGR). On the other hand, the intraocular segment is expected to lead the industry with respect to market share.
Moreover, the production technology is split into 3D printing, compression molding, electrospinning, extrusion, formulation, micropatterning, and others. Based on our analysis, the formulation segment dominated market with largest shares in 2021.
Ophthalmic Drug Delivery Systems Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. Among all the regions, North America gathered the largest revenue during the projected period 2022 to 2030. The growing number of patients with eye disorders is the key aspect of the North America ophthalmic drug delivery systems market growth. According to the Centers for Disease Control and Prevention, roughly 12 million Americans aged 40 and over have vision impairment, with 1 million being blind, 3 million having visual impairment after correction, and 8 million having vision impairment due to uncorrected refractive error.
Additionally, the increasing number of skilled ophthalmologists, the growing focus on research & development, and the presence of advanced healthcare facilities are the leading factors that fuel the market demand. On the other hand, the Asia-Pacific region is expected to witness the highest growth rate in the coming years.
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Major Players
The ophthalmic drug delivery systems industry involves many key players. The top players presented in the report include Allergan plc, AptarGroup, Inc., Clearside Biomedical, Envisia Therapeutics, Ocular Therapeutix Inc., Oculis Pharma, pSivida, Santen Pharmaceutical Co. Ltd., and Valeant Pharmaceuticals.
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