Ocular Drug Delivery Technology Market Size Estimated to Observe Significant Growth by 2025
The global ocular drug delivery technology market is envisaged in a report by Transparency Market Research (TMR) to stay highly consolidated as top three players account for a substantial aggregate share. Close to a 50.0% share of the global ocular drug delivery technology market is secured by Santen Pharmaceutical Co., Ltd., Alimera Sciences, and Valeant Pharmaceuticals International, Inc. Nearly 14-18% share of the global ocular drug delivery technology market was collected by Alimera Sciences in 2016. The commercialization of EyePoint Pharmaceuticals-manufactured drug Iluvien played a significant part in helping Alimera attain the share. However, the other two of the top three companies dominate with their broad scope of ocular drugs.
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TMR predicts the global ocular drug delivery technology market to rise at a 6.28% CAGR for the forecast period 2017-2025 to obtain a valuation of US$18.1 bn by the final forecast year. In 2016, the global ocular drug delivery technology market was valued at a US$10.2 bn. Among technologies, topical is anticipated to dominate the global ocular drug delivery technology market as it rises at a 6.6% CAGR. Regionally, North America could take a leading position in the global ocular drug delivery technology market, considering its 52.5% share achieved in 2016.
Increasing Instances of Macular Degeneration and Glaucoma to Push Demand
The global ocular drug delivery technology market is projected to increase growth on the back of the rising patient preference for targeted drug delivery techniques. Increase in the number of glaucoma and macular degeneration cases could set the tone for consistent demand in the global ocular drug delivery technology market. Rising FDA approvals for new and advanced drug delivery techniques are expected to push the growth of the global ocular drug delivery technology market. Lack of bioavailability of different drugs in conventional ocular therapies could augur well for the global ocular drug delivery technology market.
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Ocular Inserts and Implants Causing Discomfort to Patients Discourage Adoption
Discomfort is one factor that could negatively hamper the demand in the global ocular drug delivery technology market. Apart from being uncomfortable, the process of ocular drug delivery can cause high lachrymation, irritation, and dilution due to the hardness of the implants. The idea of foreign body penetration in the eyes also makes patients uncomfortable, thus placing a negative impact on the global ocular drug delivery technology market.
However, the availability of a strong pipeline of drugs and other treatment products in the ophthalmic sector is envisioned to create profit-making opportunities in the global ocular drug delivery technology market. Increasing collaboration between vendors and hospitals could open the door for new opportunities in the global ocular drug delivery technology market.
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