According to a new report published by Progressive Markets Report, titled, "Global Ocular Drug Delivery Market: Opportunity Analysis and Industry Forecast, 2013-2025," the global ocular drug delivery market was valued at $17,364 million in 2013, and is projected to reach $48,103 million by 2025, growing at a CAGR of 8.4% from 2018 to 2025. Ocular drug delivery refers to the approaches used to deliver pharmaceutical compound in the eye to safely achieve its desired therapeutic effect.
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The major factor that contributes to the growth of the ocular drug delivery market includes increase in number of people suffering from eye disorders such as glaucoma, diabetic retinopathy, dry eye syndrome, and others. Moreover, rise in geriatric population, surge in demand for targeted ocular drug delivery techniques, and increase in the number of regulatory approvals for these techniques drive the market growth.
However, higher cost of drug delivery devices and lack of awareness about the advanced ocular drug delivery techniques in the underdeveloped countries in Asia and Africa hamper the market growth. Conversely, untapped market opportunities in the emerging economies and development of cost-effective techniques are anticipated to provide numerous opportunities for market expansion.
The report segments the market based on product, application, end user, and region. On the basis of product, the market is categorized into eye drops, ocular inserts, intraocular implants, in situ gels, and others. The applications covered in the study include glaucoma, diabetic retinopathy & macular edema, cataract, dry eye syndrome, macular degeneration, and others. By end user, the market is fragmented into hospitals, homecare settings, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa.
Presently, North America accounts for the highest market share of 46.06% of global ocular drug delivery market, due to upsurge in demand for targeted ocular drug delivery techniques and well-developed healthcare infrastructure. Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in demand for targeted drug delivery methods, improvement in economic conditions, and increase in prevalence of ophthalmic diseases such as glaucoma and diabetic retinopathy & macular edema.
The report highlights the overview, business performance, key strategic moves & developments, and market share with respect to the key players operating in the market. The key players studied in the report include Alcon, Inc. (Novartis AG), Alimera Sciences, Inc., Allergan Plc. (Actavis Plc.), Bausch & Lomb Inc. (A Valeant Pharmaceuticals International, Inc.), Clearside Biomedical, Inc., EyeGate Pharma, F. Hoffmann-La Roche Ltd., Johnson & Johnson Vision Care, Inc., OASIS Medical, Inc., and Ocular Therapeutix, Inc.