Ocular Drug Delivery Technology Market Opportunity will Rise to US$18.124 bn by 2025
The global ocular drug delivery technology market is consolidated in nature. The top three companies operating in the market, namely Santen Pharmaceutical Co., Ltd., Alimera Sciences, and Valeant Pharmaceuticals International, Inc. (Bausch & Lomb Incorporated) account for over half the share in it. Of them, Santen Pharmaceuticals and Valeant Pharmaceuticals have a stronghold over the market because of their wide array of topical ocular drug products. Alimera Sciences captured 14% to 18% market share in 2016 due to commercialization of Iluvien manufactured by pSivida Corp.
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Keen manufacturers – both large and small regional ones – in the global ocular drug delivery technology market are collaborating with hospitals and other suppliers or acquiring other companies in order to bolster their positions. They are also looking to expand their share with a robust pipeline of products in ophthalmic sector. Competition in the market will likely heat up in the near future on the back of favorable reimbursement policies of governments and increasing number of research grants.
A report by Transparency Market Research predicts the global ocular drug delivery technologies market to expand at a steady 6.8% CAGR between 2017 and 2025 to become worth US$18.124 bn by 2025-end vis-à-vis revenue from US$ 10.2 bn in 2016.
Helpful Reimbursement Policies Makes North America Market Leader
Depending upon the type of technology, the global ocular drug delivery technology market can be segmented into topical, ocular inserts, iontophoresis, intraocular implants, and in-situ gel and punctal plugs, among others. Of them, the topical segment dominates the market revenue-wise. Going forward too, the topical segment is expected to retain its leading share of about 50.2% in revenue till 2025. This is mainly because of the growing pool of elderly and the rising number of regional players in the ophthalmic technology market.
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Geographically, the key segments of the global ocular drug delivery technology market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, at present, is a dominant region because of the strong demand for targeted drug delivery to the posterior eye and concentration of prominent manufacturers. In 2016, the region held a substantial 52.5% share in the market.
Rising Instances of Glaucoma Pushing up Demand
Some of the primary growth drivers in the global ocular drug delivery technology market is the low bioavailability of drugs in conventional ocular therapies, increasing occurrence of glaucoma and macular degeneration, increasing preference among patients for targeted ocular drug delivery techniques, and approval of the FDA for new ocular drug delivery techniques.
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However, there are a number of factors serving to restrain the market as well. As per the lead analyst of the TMR report: “Ocular inserts and implants provide advantages such as high corneal penetration, greater dissolution area, and sustained release of medication. However, the foreign body sensation in the eye due to the solidity of the implants lead to discomfort accompanied by irritation, drug dilution, and excessive lachrymation. Therefore, even though they provide enhanced drug delivery alternatives, the discomfort is likely to arrest the growth of this segment.”
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