New York, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Ocular Drug Delivery Market: Key Insights
According to our new research study on "Ocular Drug Delivery Market to 2028 – Global Analysis and Forecast – by Technology, Formulation Type, Disease Type, End User, and Geography," the Ocular Drug Delivery Market Size is projected to reach US$ 27,016.20 million by 2028 from US$ 16,404.32 million in 2021; it is expected to grow at a CAGR of 7.4% from 2021 to 2028.
Ocular Drug Delivery Market: Competitive Landscape
AbbVie Inc.; Bausch Health Companies Inc.; Taiwan Liposome Company, Ltd.; Ocular Therapeutix, Inc., Graybug Vision, Inc.; Alimera Sciences, Inc.; Envisia Therapeutics; Novartis AG; EyeGate Pharmaceuticals, Inc; and Clearside Biomedical, Inc. are among the key companies operating in the ocular drug delivery market. The major market players are focusing on the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In March 2020, AbbVie (Allergan plc.) received FDA approval for DURYSTA (bimatoprost implant). It is the first and only intracameral biodegradable sustained-release implant to lower intraocular pressure in open-angle glaucoma or ocular hypertension patients.
In December 2020, EyeGate Pharmaceuticals, Inc. acquired Panoptes Pharma, a privately-held clinical-stage biotech company focused on developing a novel proprietary small molecule for the treatment of severe eye diseases.
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North America to Dominate Ocular Drug Delivery Market:
The North America ocular drug delivery market is further segmented into the US, Canada, and Mexico. The US is the most significant contributor to the market in this region. The leading position of North America in the global ocular drug delivery market is primarily attributed to product awareness, an increase in the prevalence of eye diseases, and the presence of major market players in the region. Further, the aging population in the US is likely to increase the incidence of eye diseases, which will eventually drive the adoption of ocular drug delivery products in the country. For instance, as per the Population Reference Bureau 2019, the number of individuals in the US aged 65 and older is estimated to double from 52 million in 2018 to around 95 million by 2060, and the 65 and more age group's share of the total population will increase from 16% to 23%. This aged population is highly vulnerable to eye conditions. For instance, as per the American Academy of Ophthalmology 2019 study, an estimated 7.32 million people aged 70–75 will be affected by primary open-angle glaucoma (POAG) by 2050 in the US.
The Asia Pacific ocular drug delivery market is mainly represented by China, Japan, India, Australia, and South Korea. The rest of the countries in Asia Pacific also contribute to the regional market growth. The market in this region is driven by rising incidence of visual impairments, growing geriatric population in the region, and increasing number of pharmaceutical and biotech companies in this region. China is facing similar problems regarding eye diseases or disorders. In April 2018, the country reported that approximately 720 million people were affected by short-sightedness. The country also has the largest number of people with uncorrected poor vision, and it is expected the numbers are likely to boom in the coming future. Also, the country has a large number of ophthalmologists. There are approximately 28,000 ophthalmologists, which are five times more than the World Health Organization's guidelines. Therefore, considering the factors mentioned above, the market for ocular drug delivery is expected to propel during the forecast period.
The leading cause of blindness or low vision across the globe is cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and unaddressed refractive error. The majority of the global population have or had some eye disorder in their lifetime. As per the World Health Organization (WHO) report "Blindness and vision impairment" published in February 2021, around 2.2 billion people worldwide have a near or distance vision impairment. It has also estimated that the leading cause of vision loss or low vision is cataract (94 million) and uncorrected refractive errors (88.4 million). Further, the other common causes of vision loss are glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million).
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According to the National Eye Institute (NEI), in the US, the number of people with cataracts is expected to double from 24.4 million in 2010 to about 50 million in 2050. Similarly, as per the Factsheet Glaucoma: Facts & Figures 2019, over 3 million people in the US were living with glaucoma. Moreover, as per the Canadian Survey on Disabilities 2017, 1.5 million Canadians had a sight loss, and around 5.59 million had an eye disease which could further lead to sight loss.
Additionally, as per the Royal National Institute of Blind People in 2017, in the UK, there were around 350,000 people registered as blind and partially sighted; about 173,735 were registered for severely sight impaired; and 176,125 were registered for sight-impaired.
Ocular Drug Delivery Market: Segmental Overview
Based on technology, the ocular drug delivery market is segmented into implantable ocular drug delivery systems, particulate drug delivery systems, nano-particle drug delivery system, and others. The implantable ocular drug delivery systems segment would account for the largest market share in 2021, and the same segment is anticipated to register the highest CAGR during the forecast period.
Based on formulation type, the ocular drug delivery market is segmented into liposomes and nanoparticles, solution, emulsion, suspension, and ointment. The solution segment would hold the largest share of the market in 2021, and it is estimated to register the highest CAGR in the market during 2021–2028. The growth of the solution segment is attributed to the increasing adoption of ocular drug delivery systems in solution forms, like eye drops and injectables.
Based on disease type, the ocular drug delivery market is segmented into glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, cataract, diabetic macular edema, and others. The cataract segment would account for the largest market share in 2021. The market for this segment is estimated to grow at the highest CAGR from 2021 to 2028.
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Based on end user, the ocular drug delivery market is segmented into hospitals, ophthalmic clinics, and ambulatory surgical centers. The hospitals segment would hold the largest share of the market in 2021, while the ophthalmic clinics segment is estimated to register the highest CAGR in the market during the forecast period.
Impact of COVID-19 Pandemic on Ocular Drug Delivery Market:
The COVID-19 pandemic has become the most significant challenge across the world. As this pandemic has stressed healthcare systems across the globe, prioritizing the limited resources was essential to minimize hospital admissions. However, despite increased demand for ocular therapeutics such as eye drops, ointment, and suspension, there was a shortage of these products as new consumers entered the market. Manufacturers are also experiencing raised prices and potential shortages of raw ingredients due to supply restrictions. However, as the restrictions have been lifted and businesses are resuming, the demand-supply variables are coming back to normal. This will offer several growth prospects for ocular drug delivery therapeutics.
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