Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 23, 2024 (GLOBE NEWSWIRE) -- The ocular drug delivery technology industry (Industrie für Augenarzneimittelverabreichungstechnologie) globally generated US$ 16.3 billion in revenue by 2023. A CAGR of 5.7% is expected between 2024 and 2034, resulting in US$ 30.2 billion by 2034.
Drug delivery technologies for treating ocular diseases have significantly advanced in recent years. A variety of advanced technologies have improved the efficacy and compliance of ocular drug delivery, including nanocarriers, implants, and MEMS devices
Research and development are being conducted to improve drug efficacy, improve patient compliance, and develop non-invasive methods for ocular drug delivery. Hydrogels combining nanotechnology with hydrogels and microneedles are expected to be designed with nanocoatings derived from biomimetic structures.
Devices made up of MEMS are currently in development as treatments for chronic and refractory eye conditions. These devices enable drug therapy to be continued without the need for repeated surgical procedures for an extended time.
After a single administration, drug delivery systems can maintain maximum levels of active medications longer, resulting in more effective treatment. Side effects may be reduced, such as cataract development and elevation of intraocular pressure.
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Key Findings of the Market Report
- Based on technology, the ocular insert segment will generate demand for ocular drug delivery in the near future.
- In terms of formulation type, the solution segment is expected to create new markets for drug delivery techniques.
- Rising glaucoma conditions have significantly increased the demand for ocular drug delivery technology.
- Ophthalmic clinics are likely to increase demand for ocular drug delivery technology.
Global Ocular Drug Delivery Technology Market: Growth Drivers
- The rising prevalence of eye conditions like diabetic retinopathy, glaucoma, and age-related macular degeneration (AMD) is becoming more prevalent as the world's population ages and lifestyles change.
- Continuing research and development has resulted in safer and more effective medication formulations. The demand for advanced ocular delivery systems has increased due to innovations such as sustained-release formulations, nanoparticle drug delivery, and biodegradable implants.
- Patients prefer non-invasive drug delivery methods that minimize discomfort and inconvenience associated with traditional eye drops or injections. Ocular drug delivery technologies such as punctal plugs, inserts, and contact lenses offer convenient and comfortable alternatives, driving the market growth.
- Improved access to ocular drug delivery technologies has resulted from increased investments in healthcare infrastructure. This expansion of healthcare facilities boosts market demand for innovative ocular drug delivery solutions.
- A favorable regulatory environment and accelerated approval processes encourage manufacturers to invest in research and development. Support from regulations fosters innovation in creating novel ocular medication delivery systems and increases market competitiveness.
- Precision and targeted drug delivery platforms can now be created using nanotechnology, microfabrication, and advanced imaging systems. Enhancing medication bioavailability and tissue targeting through technical advancements propels market expansion.
Global Ocular Drug Delivery Technology Market: Regional Landscape
- Numerous eye conditions, such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and dry eye syndrome, impact a sizable portion of the population in North America. The rising frequency of these disorders is a result of the aging population and lifestyle variables, including prolonged screen time, which is pushing the need for efficient ocular drug delivery systems.
- Global leaders in biomedical research and innovation are found in North America, especially the United States. Reputable universities, research centers, and pharmaceutical firms create an atmosphere favorable to advancing cutting-edge ocular drug delivery technology. Government, business, and academia partnerships encourage innovation and expand the market.
- The regulation of the approval and commercialization of ocular drug delivery products is largely under the control of the US Food and Drug Administration (FDA). Due to a strong regulatory environment, patients and healthcare providers can feel confident knowing that products are safe, effective, and compliant with quality standards.
- Innovative ocular drug delivery technologies can enter the market more quickly with prompt approvals and clear regulatory procedures. Reimbursement policies and healthcare service accessibility both contribute to the region's market expansion.
Global Ocular Drug Delivery Technology Market: Competitive Landscape
New technologies are being introduced by leading companies in the global market for ocular drug delivery technologies.
Key Players Profiled
- Ocular Therapeutix Inc.
- Alimera Sciences Inc.
- Allergan (an AbbVie company)
- Bausch Health Companies Inc.
- EyeGate Pharmaceuticals Inc.
- Envisia Therapeutics Inc.
- Clearside Biomedical Inc.
- Graybug Vision Inc.
- Santen Pharmaceutical Co. Ltd.
- Taiwan Liposome Company Ltd.
Key Developments
- In May 2023, Alimera Sciences acquired the right to commercialize Yutiq 0.18 mg in the United States from EyePoint Pharmaceuticals. In 2024, the company will pay EyePoint Pharmaceuticals $7.5m in equal quarterly payments based on the $75m cash payment made on closing the deal.
- In September 2023, Bausch + Lomb Corporation, a global eye health leader committed to improving people's eyesight to live better, acquired XIIDRA (lifitegrast ophthalmic solution) 5%, an eye drop approved for the treatment of dry eye disease (DED) and inflammation associated with dry eye disease.
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Global Ocular Drug Delivery Technology Market: Segmentation
By Technology
- Topical
- Ocular Insert
- Erodible
- Non-erodible
- Iontophoresis
- Intraocular Implant
- Biodegradable
- Non-biodegradable
- In Situ Gel & Punctal Plug
- Others
By Formulation Type
- Solution
- Suspension
- Emulsion
- Liposome & Nanoparticle
- Ointment
By Disease Type
- Glaucoma
- Macular Degeneration
- Diabetic Retinopathy
- Cataract
- Diabetic Macular Edema
- Dry Eye Syndrome
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Ophthalmic Clinics
- Homecare Settings
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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