According to the latest report published by Credence Research, Inc. “Ocular Drug Delivery Technology Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global ocular drug delivery technology market was valued at US$ 15,500 Mn in 2016, and is expected to reach US$ 25,697 Mn by 2025, expanding at a CAGR of 5.81% from 2017 to 2025.
Browse the full report Ocular Drug Delivery Technology Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 report at https://www.credenceresearch.com/report/ocular-drug-delivery-technologies-market
Ocular drug delivery technology market is growing owing to rising prevalence of eye disorders. The complex of eye anatomy makes the treatment to be very challenging, hence innovations in ophthalmic treatment is still emerging with potential benefits. Presently available therapies not proven to be sufficient to treat every possible sites of eye, therefore enhanced product formulation with improved technology became vital. According to the statistics of World Health Organizations, 285 million people are visually impaired across the world and this global burden of eye disorder is increasing with rapidly growing ageing population. WHO has taken an initiative named VISION 2020 to abolish the possible causes of blindness and provide better eye-care infrastructure to make easily accessible eye-care.
The ocular drug delivery technology market is predicted to experience substantial growth due to growing elderly population, increasing medical interventions and increasing prevalence of eye diseases. The increasing adoption of technologically advanced products, healthcare expenditure for R&D to develop innovative products boost up the growth of the ocular drug delivery technology market.
The ocular drug delivery technology market is classified on the basis of technology type and the classifications are of below types:
- Ophthalmic injection/Intravitreal injection
- Ocular insert
- Ocular implant
Topical treatment dominates the overall market of ocular drug delivery technology in terms of technology types.
The ocular drug delivery technology market is further segmented on the basis of indication and the sub-segments are as follows:
- Age related macular degeneration
- Diabetic Retinopathy
- Eye infection
- Dry eyes
Geographically, in the year 2016, North America held the major share of ocular drug delivery technology market followed by Europe. The increasing burden of visual impairment is majorly due to cataract, glaucoma or diabetes which is directly correlated with ageing population. The increasing R&D expenditure in healthcare research to develop innovative products to obtain improved outcomes and the acceptance of the new technologies among the healthcare professionals boost up the ocular drug delivery technology market growth. The developing eye-care infrastructure, huge number of population suffering from eye disorders and increasing elderly population fuel the growth of the ocular drug delivery technology market in Asia-Pacific region and it is expected to face significant growth in upcoming years due to the growing trend of health awareness among public.
Market Competition Assessment:
The ocular drug delivery technology market currently contains multiple companies having their products marketed. The manufacturers are developing new innovative products and the market is growing due to increasing adoption and accessibilities of these products. The companies include Alimera Sciences, Valeant Pharmaceuticals International, Inc., Ocular Therapeutix, Inc., Allergan, Plc., Clearside Biomedical, EyeGate Pharma, Envisia Therapeutics, Inc., Graybug Vision Inc., and others.
Key Market Movements:
- The rising prevalence of eye disorder, growing ageing population, rising public awareness, increasing number of medical intervention, expanding eye-care set up to reduce global burden of eye diseases, increasing healthcare expenditure for R&D to manufacture newer and innovative products boost up the growth of ocular drug delivery technology market.