New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global Ocular Drug Delivery System Market Size was valued at USD 69.1 Billion in 2022 to USD 140.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.35% during the forecast period.
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An important organ like the eye is affected by a number of medical conditions. Such conditions can impair a person's vision in addition to their physical health. As a result, there are numerous medication delivery methods available on the market to treat these eye illnesses. The eye's effective defence mechanism has led to the market's abundance of ophthalmic medications. In fact, ointments and eye drops make up around 70% of all eye medications that are offered on the market. However, because of the tears coming from the eyes, these creams and drops easily drain from the ocular canal. As a result, pharmaceutical companies are introducing cutting-edge and new ophthalmic formulations in emerging countries. These formulations are available to consumers as ocular inserts, nanoparticles, microemulsions, iontophoresis, and liposomes.
Different conventional and novel drug delivery systems, including emulsions, ointments, aqueous gels, suspensions, liposomes, nanomicelles, implants, dendrimers, contact lenses, and nanoparticles, have been developed to remove ocular drug delivery barriers and to increase bioavailability. Additionally, the major market competitors are concentrating on creating instruments that increase the effectiveness of spatiotemporal drug administration. For instance, pSivida Corp. announced in May 2017 that the third phase trials for Durasert, which aids in the treatment of posterior unecite infection, had produced positive 12-month follow-up data.
The market requires significant investment during the early phases of the development of cutting-edge ocular medication delivery systems. Due to the collaborations and licencing agreements with various research institutes, it is predicted that the costs associated with research and development will rise at a high rate due to the growing number of new entrants. In fact, numerous pharmaceutical firms in developed economies are already investing a sizable amount in the creation of new technologies, which is fostering market expansion.
Ocular implants and inserts have advantages such as increased dissolution area, high corneal penetration, and medication release, but the market will be constrained by discomfort in the eyes as well as drug dilution, irritation, and excessive lachrymation due to the solidity of the implants and the sensation of foreign bodies in the eye. In addition, the market expansion would be hampered by the decline in patient compliance and adherence to novel ocular medicines because of the high cost involved.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Ocular Drug Delivery System Market Size, Share, and COVID-19 Impact Analysis by Technology (Topical, Iontophoresis, Ocular Insert [Erodible and Non-Erodible], Intraocular Implants [Biodegradable and Non-Biodegradable], In Situ Gel & Punctal Plugs, and Others), Formulation Type (Liposomes & Nanoparticles, Solution, Emulsion, Suspension, and Ointment), by Disease Type (Glaucoma, Diabetic Retinopathy, Dry Eye Syndrome, Macular Degeneration, Cataract, Diabetic Macular Edema, and Others), and by End User (Hospitals, Ophthalmic Clinics, Ambulatory Surgical Centers, and Homecare Settings), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)". Get Detailed Report Description Here:
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COVID 19 Impact
The global ocular drug delivery system market is expected to experience growth challenges as a result of the COVID 19 pandemic. It is projected that the quick dip in doctor office visits and the amount of prescriptions and eye drop purchases will have an impact on market growth as the pandemic spreads. Having said that, it is anticipated that the availability of COVID 19 vaccines and rapid vaccination programmes will aid in the market's recovery over the next one to two years. In addition, it is projected that the introduction of both high-end and low-cost eye care solutions will restrain market expansion. Additionally, the market would be hampered by the interruption of the supply chain, the delay of R&D operations, and the shift in priority of reputable organisations.
Market Segmentation
The global ocular drug delivery system market is segmented into technology, formulation type, disease type, end users, and technology. Among technology, the market is segmented into topical, iontophoresis, ocular insert, intraocular implants, insitu gel and punctal plugs, others. On the basis of formulation type, the global ocular drug delivery system market is segmented into liposomes and nanoparticles, emulsion, solution, suspension, ointment. Based on disease type, the market is segmented into glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, cataract, diabetic macular edema, others. On the basis of end users, the market is bifurcated into hospitals, ambulatory surgical centers, ophthalmic clinics, homecare settings.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period.
Due to growing research collaboration and licence agreements for clinical goods, North America now has the biggest market share and will maintain this dominance over the forecast period. In addition, the growing sophistication of technology gives businesses the chance to supply treatments for tissues associated to the eye. On the other hand, Europe is expected to experience the fastest market growth during the forecast period as a result of widespread clinical advancements, advances in drug development, rising consumer demand for broad product portfolios, and production capacity, to name a few.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ocular Drug Delivery System Market are Valeant Pharmaceuticals International, Inc., Taiwan Liposome Company, Ltd., Ocular Therapeutix, Inc., Graybug Vision Inc., EyeGate Pharma, Clearside Biomedical, Inc., Alimera Sciences, Envisia Therapeutics, Allergan, Plc, AbbVie Inc.n and among others.
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