Market Outline: Ocular Drug Delivery Technology Market
Ocular drug delivery refers to the administration of the drug to treat the ophthalmic diseases through the topical administration i.e. eye. Ocular drug delivery is also known as ophthalmic drug delivery.
Global ocular delivery technology market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) over the 2018 to 2024.
Market Dynamics: Ocular Drug Delivery Technology Market
Ophthalmic drug delivery technologies has become most interesting challenging for the scientists due to the unique anatomy, physiology and biochemistry of the eye. Global ocular drug delivery technology market is primarily driven by increase in eye related diseases such as macular degeneration, glaucoma coupled with the preference of the patents and physicians in usage of targeted ocular drug delivery technologies. Furthermore, approval of the new ocular drug delivery technologies and advancements expected to boost the market growth over forecast period. However, factors such as discomfort to the patients on ocular insertions may hamper the market growth over the coming years.
Ocular drug delivery technology market is segmented based on the technology, disease and distribution channel
Based on the technology, the market is segmented into the following:
- Ocular Inserts
- Intra Ocular Implants
- Bio Degradable
- Punctal Plugs (Tear Duct Plugs)
- In Situ Gel
Based on the disease indication, the market is segmented into the following:
- Diabetic Retinopathy
- Macular Degeneration
Based on end user, the market is segmented into the following:
- Ambulatory Surgical Centers
- Ophthalmic Centers
Escalation of the number population suffering with eye related diseases and visual impairments are expected to propel the market. According to World Health organization (WHO), 285 Mn people are visually impaired around the world. Furthermore, global burden of eye disorders propelling rapidly owing to the ageing population and other many causes. In addition Government and non-government organizations are rising awareness and working towards providing better infrastructure for the treatment of eye related disorders. For instance, WHO has started a initiative namely Vision 2020 to abolish the possible causes of blindness and provide better eye care for the various parts of the world. Market players are collaborating to advance the ocular drug delivery technologies and strengthen their market position. For instance, In September 2016, Bayer Ag and DelSiTech entered into worldwide collaborative agreement to develepmen of innovative drug delivery technology for ophthalmology.
Geographically, global ocular delivery technology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America ocular delivery technology market is growing due to increase in the prevalence of ophthalmic disorders and increase in the adaptation of the new technologies for the treatment. Asia Pacific ocular drug delivery technology market is expected to grow at significant rates owing to the government initiatives to create awareness related to the blindness and eye related disorders and development of the healthcare infrastructure in the region. Europe ocular drug delivery technology market is expected to have notable growth rate over forecast period due to the presence of key market players and advancements in technologies.
Some of the players in the global ocular delivery technology market include:
- Taiwan Liposome Company, Ltd. (Taiwan)
- Valeant Pharmaceuticals International, Inc. (U.S.)
- Graybug Vision Inc. (U.S.)
- Ocular Therapeutix, Inc. (U.S.)
- Clearside Biomedical, Inc. (U.S.)
- EyeGate Pharma (U.S.)
- Alimera Sciences (U.S.)
- Allergan, Plc (Ireland)
- Envisia Therapeutics (U.S.)
Notable Market Developments:
In October 2016, Regeneron and Ocular Therapeutix entred into strategic collaboration in development of sustained release formulation of aflibercept to treat wet amd and other serious retinal diseases