The report on the Ocular Drug Delivery Technology Market provides a bird’s eye view of the current proceedings and the impact on the COVID-19 pandemic. Further, the report ponders over the various factors that are likely to impact the overall dynamics of the Ocular Drug Delivery Technology Market once the COVID-19 pandemic subsides. The current trends, growth opportunities, restraining factors, and drivers are discussed in the report in detail.
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It is anticipated that glaucoma cases will surpass 100 million by 2040, while macular degeneration shall reach nearly 200 million by 2024-end. These increasing cases are poised to heighten prospects for ocular drug delivery market in the forecast period (2020-2025).
Immense research and development is occurring in the ocular drug delivery market. Shortages in 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. The market is anticipated to expand 1.4x by 2025-end.
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Key Takeaways of Global Ocular Drug Delivery Technology Market Study:
- By technology, topical drug delivery is set to dominate the market, capturing nearly half of the market share. Affordability and introduction of emulsion and suspension forms are attributed as key growth drivers. The topical drugs segment is close behind, expanding 1.4x. Long-term effectiveness and precise drug delivery are important growth drivers.
- By formulation type, solutions are anticipated to capture the majority share, accounting for more than three-fifths of the global ocular drug delivery technology market. High production volume, high-patient compliance and cost effectiveness are important growth levers.
- By disease type, macular degeneration is set to dominate the global ocular drug delivery technology market. This is followed by diabetic retinopathy. Each segment is poised to account for more than one-fifth of the market share. Rising prevalence of the diseases is the main driver behind the growth of these segments.
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- By end-user, hospitals are poised to account for a major chunk of the market. This is attributed to availability of trained and qualified personnel and well-equipped healthcare facilities. Moreover, technology integration in hospital systems is also set to brighten growth of the segment.
- By region, North America shall retain market dominance, attributed to presence of key manufacturers and rising visual impairment cases. A market share of more than half is anticipated for the North American Market. Trailing behind is the Asia-Pacific, anticipated to generate substantial growth opportunities. Advancement of research grants, increasing prevalence of cataract and uveitis and presence of key players shall augment growth. The Asia-Pacific region is set to expand a CAGR of 7.0% in the forecast period.
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Key Manufactures Concentrate on Wholesale Shift to New Formulations:
The global ocular drug delivery market is consolidated, consisting of a limited number of market players. They are: Ocular Therapeutix, Inc., Alimera Sciences, Allergan plc, Valeant Pharmaceuticals International (Bausch Health Company), Inc., and Santen Pharmaceutical Co., Ltd. Developing new drug formulae drives market growth of leading players.
Valeant Pharmaceuticals (Bausch & Lomb, Inc.) is a leader in the ocular drug delivery market. It specializes in a number of ophthalmic drugs for a number of conditions. These include glaucoma, conjunctivitis, uveitis and cataracts. Its brands are Bepreve, Istalol, Besivance, Alrex and Zylet. In 2017, the company announced the introduction of Biotrue ONEday, daily disposable contact lenses for Astigmatism. Another market leader, Santen pharmaceuticals, specializes in corneal and retinal diseases such as Dry Eyes, Uveitis, AMD and Diabetic Retinopathy, and Glaucoma. Its products include Tafluprost, Ciclosporin, Sepetaprost and Carotuximab.
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