Ocular Drug Delivery Technology Market- Opportunity Analysis, 2017-2025
Ocular drug delivery is associated with the treatment of ophthalmic diseases. Ophthalmic diseases affect various parts of the eye anatomy, which are mainly categorized on the basis of their position namely, anterior segment and posterior segment. Ocular drugs are directly administered onto the affected area or near the affected area for fast absorption and rapid onset of action feasible. Topical ocular drug formulations are primarily available in liquid form such as solutions, suspensions, and emulsions for treating anterior eye segment diseases. Posterior segment diseases are treated with more advanced therapies such as implants and injections.
Materials used in ocular drug delivery include polymers, bioadhesive gels, and hydrogels. Novel drug delivery systems enable better penetration of the therapeutic agent, providing long lasting effect by bypassing the natural barriers associated with the eye anatomy. Anterior segment diseases can easily be treated with conventional drug delivery, whereas, posterior segment diseases are treated with the help of novel drug delivery systems such as intravitreal, subconjunctival, and suprachoroidal injections. Newer therapeutic systems and dosage forms are under research, which can act for longer durations with maximum patient compliance.
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Increasing need for better and effective treatment options and increasing eye diseases prevalence is expected to boost growth of the ocular drug delivery technology market
Incidence of ophthalmic diseases and disorders in the recent past years has increased significantly due to factors such as rising geriatric population (leading to macular degeneration and cataract), excessive strain on eyes owing to long working hours, and increasing diabetes prevalence leading to retinopathy. Diabetes is a major cause of retinopathy and according to World Health Organization (WHO), the number of people with diabetes was 422 million in 2014 which is expected to increase in the near future.
Incidence of age-related macular degeneration is also increasing and according to International Agency for the Prevention of Blindness, 196 million people are expected to have macular degeneration by 2020. This is expected to support growth of the market over the forecast period.
Regional segmentation of the ocular drug delivery technology market by Coherent Market Insights comprises North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. North America market is expected to be dominant over the forecast period. This is owing to increasing demand for treatment of posterior eye problems as according to American Academy Of Ophthalmology, in 2050 an estimated 7.32 million people in the U.S. are expected to suffer from open angle glaucoma, increasing geriatric population (that are at high risk for eye diseases), and advancement in technology in ocular therapy. IACTA Pharmaceuticals, Inc. was granted the North American rights to develop and commercialize NM133, comprising of molecular envelope technology to treat dry eye in July 2017. Furthermore, Sun Pharma launched its first branded ophthalmic product, Bromsite, in the U.S. in 2016. Asia Pacific market is expected to exhibit the highest growth rate over the forecast period. This is due to factors such as major concentration of local manufacturers, and low costs associated with treatment favoring the medical tourism in the region as according to International Journal of Pharmaceutical Sciences Review and Research, 2015, eye surgeries in developed economies such as the U.S. cost three to four times more than in India. Initiatives such as World Health Organization’s (WHO) Universal Eye Health plan till 2019 spreads awareness regarding eye health which is expected to aid in the ocular drug delivery technology market growth.
Key players operating in the Ocular Drug Delivery Technology market are Alimera Sciences, Valeant Pharmaceuticals International, Clearside Biomedical, INC., Taiwan Liposome Company, Ltd., Novartis, Pfizer Inc., Envisia Therapeutics, and Graybug Vision Inc.
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