United States, Rockville, MD, May 11, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the global ocular drug delivery technology market is poised to grow at a CAGR of 8.2% from 2022 to 2032, expected to close at a valuation of US$ 39 Billion. A rise in the geriatric population followed by upsurge in occurrence of eye disease such as glaucoma, cataract and macular degeneration, has augmented the demand for ophthalmic drugs and treatment options.
From 2015 to 2021, the market for ocular drug delivery technology grew at a CAGR of 7.4%, closing at a value of US$ 16.4 Million. As of 2022, the industry is likely to reach US$ 17.74 Billion. It is anticipated that glaucoma cases will surpass 100 billion by 2040, while macular degeneration shall reach nearly 200 billion by 2022-end. These increasing cases are poised to heighten prospects for the ocular drug delivery market in the forecast period (2022-2032).
Recently, there has been an increment in the geriatric population followed by upsurge in occurrence of eye disease such as glaucoma, cataract and macular degeneration, augmenting the demand of ophthalmic drug in countries like U.S & Canada.
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Immense research and development are occurring in the ocular drug delivery market. Shortages in the bioavailability of such drugs is a key growth driver. Studies have shown that micellar formulations and derivative active pharmaceutical ingredients have immense scope for development. Based on these trends, the global ocular drug delivery technology market is poised to register positive growth. Therefore, the demand for effective treatment to control the increasing incidence of ophthalmic diseases and injuries is likely to create a pool of growth opportunities for the foresaid market.
Key Takeaways from the Market Study
- Global ocular drug delivery technology market to flourish 1.6x from 2022-2032
- Solution-based formulation of ocular drug delivery technology to be a top-selling category, capturing more than 60% market and flourishing at a 17% CAGR until 2032
- By technology, Intraocular implants for the healthcare industry to expand at a CAGR of 7.7%
- U.S to emerge as the fastest-growing Ocular Drug Delivery Technology market, documenting a 7.1% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 3.5 Billion in 2032
“Swelling adoption of fresh drug delivery technologies such as micro- and nanoparticles and implantable devices for posterior eye therapy is projected to unlock growth opportunities for advanced ocular drug treatments," comments a Fact.MR analyst.
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Competitive Landscape
The global market for Ocular Drug Delivery Technology is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In Feb 2022, Alimera Sciences, Inc., a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer, announces that Alimera Sciences Europe Limited, its Ireland-based European subsidiary, launched ILUVIEN® for non-infectious posterior uveitis in Spain, through its distribution partner, Brill Pharma (Brill).
- In October 2021, Allergan, an AbbVie company, announced that it will present new pooled analyses and post hoc results from the Phase 3 trials of AGN-190584 (pilocarpine HCl ophthalmic solution 1.25%), an investigational novel treatment for presbyopia, at Academy 2021, the annual meeting of the American Academy of Optometry, November 3-6. Presentations included the clinical results for near and intermediate vision, functional near vision, efficacy for post-LASIK patients, and patient experience.
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Key Segments Covered in the Ocular Drug Delivery Technology Industry Survey
- Ocular Drug Delivery Technology by Type :
- Topical Ocular Drug Delivery Technology
- Ocular Drug Delivery Inserts:
- Non-erodible Ocular Drug Delivery Technology
- Erodible Ocular Drug Delivery Technology
- Iontophoresis Ocular Drug Delivery Technology
- Intraocular Implants:
- Biodegradable Ocular Drug Delivery Technology
- Non-biodegradable Ocular Drug Delivery Technology
- In-Situ Gel & Punctal Plugs Ocular Drug Delivery Technology
- Others
- Ocular Drug Delivery Technology by Formulation :
- Solution based Ocular Drug Delivery Technology
- Suspension based Ocular Drug Delivery Technology
- Emulsion based Ocular Drug Delivery Technology
- Liposomes & Nanoparticles based Ocular Drug Delivery Technology
- Ointment based Ocular Drug Delivery Technology
- Ocular Drug Delivery Technology by Disease Type :
- Ocular Drug Delivery Technology for Glaucoma
- Ocular Drug Delivery Technology for Diabetic Retinopathy
- Ocular Drug Delivery Technology for Dry Eye Syndrome
- Ocular Drug Delivery Technology for Macular Degeneration
- Ocular Drug Delivery Technology for Diabetic Macular Edema
- Ocular Drug Delivery Technology for Cataract
- Others
- Ocular Drug Delivery Technology by Region :
- North America Ocular Drug Delivery Technology Market
- Latin America Ocular Drug Delivery Technology Market
- Europe Ocular Drug Delivery Technology Market
- Asia Pacific Ocular Drug Delivery Technology Market
- Middle East & Africa Ocular Drug Delivery Technology Market
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global ocular drug delivery technology market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of technology type (topical, ocular inserts, iontophoresis, intraocular implants, in-situ gel & punctal plugs, others), formulation (solution, suspension, emulsion, liposomes & nanoparticles and ointment), disease type (glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, diabetic macular edema, cataract and others) across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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