The ocular drug delivery market was valued at US$ 16,404. 32 million in 2021 and is projected to reach US$ 27,016. 20 million by 2028; it is expected to grow at a CAGR of 7. 4 % from 2021 to 2028. The growth of the ocular drug delivery market is attributed to factors such as growing prevalence of eye disorders and rising research on ocular drug delivery.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ocular Drug Delivery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Formulation Type, Disease Type, and End User and Geography" - https://www.reportlinker.com/p06176792/?utm_source=GNW
However, the market is likely to get impacted by several disadvantages associated with ocular drug delivery.
For instance, ocular drug delivery system with eye drops led to extensive loss of the drug due to rapid elimination from the eye. Similarly, topical delivery of ocular drugs is unable to reach the posterior segment of the eye.
An ocular drug delivery system (ODDS) is a dosage form, vehicle, or system intended to instill, administer, or deliver drug/medicine to the eye against any ailment or disorder involving or affecting vision.It ranges from simple sterile eye drop for the ocular surface to complex implants for intraocular tissue.
Ocular drug formulations are primarily liquid forms, such as solutions, suspensions, and emulsions for treating anterior eye segment diseases. These formulations can be available in the form of advanced drug delivery systems like in-situ gel, microemulsion, nanoparticle, liposome, iontophoresis, nanosuspension, and ocular inserts.
The leading cause of blindness or low vision across the globe is cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and unaddressed refractive error.The majority of the global population have or had some eye disorder in their lifetime.
As per the World Health Organization (WHO) report “Blindness and vision impairment” published in February 2021, around 2.2 billion people worldwide have a near or distance vision impairment. It has also estimated that the leading cause of vision loss or low vision is cataract (94 million) and uncorrected refractive errors (88.4 million). Further, the other common causes of vision loss are glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million).
According to the National Eye Institute (NEI), in the US, the number of people with cataracts is expected to double from 24.4 million in 2010 to about 50 million in 2050. Similarly, as per the Factsheet Glaucoma: Facts & Figures 2019, over 3 million people in the US were living with glaucoma. Moreover, as per the Canadian Survey on Disabilities 2017, 1.5 million Canadians had a sight loss, and around 5.59 million had an eye disease which could further lead to sight loss.
Additionally, as per the Royal National Institute of Blind People in 2017, in the UK, there were around 350,000 people registered as blind and partially sighted; about 173,735 were registered for severely sight impaired; and 176,125 were registered for sight-impaired.
The COVID-19 pandemic has become the most significant challenge across the world.As this pandemic has stressed healthcare systems across the globe, prioritizing the limited resources was essential to minimize hospital admissions.
However, despite increased demand for ocular therapeutics such as eye drops, ointment, and suspension, there was a shortage of these products as new consumers entered the market.Manufacturers are also experiencing raised prices and potential shortages of raw ingredients due to supply restrictions.
However, as the restrictions have been lifted and businesses are resuming, the demand-supply variables are coming back to normal. This will offer several growth prospects for ocular drug delivery therapeutics.
Based on technology, the ocular drug delivery market is segmented into implantable ocular drug delivery systems, particulate drug delivery systems, nano-particle drug delivery system, and others. The implantable ocular drug delivery systems segment would account for the largest market share in 2021, and the same segment is anticipated to register the highest CAGR during the forecast period.
Based on formulation type, the ocular drug delivery market is segmented into liposomes and nanoparticles, solution, emulsion, suspension, and ointment.The solution segment would hold the largest share of the market in 2021, and it is estimated to register the highest CAGR in the market during 2021-2028.
The growth of the solution segment is attributed to the increasing adoption of ocular drug delivery systems in solution forms, like eye drops and injectables.
Based on disease type, the ocular drug delivery market is segmented into glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, cataract, diabetic macular edema, and others.The cataract segment would account for the largest market share in 2021.
The market for this segment is estimated to grow at the highest CAGR from 2021 to 2028.
Based on end user, the ocular drug delivery market is segmented into hospitals, ophthalmic clinics, and ambulatory surgical centers. The hospitals segment would hold the largest share of the market in 2021, while the ophthalmic clinics segment is estimated to register the highest CAGR in the market during the forecast period.
National Eye Institute, Royal National Institute of Blind People, American Academy of Ophthalmology, National Health Service, the Food and Drug Administration, the World Health Organization, and the Centers for Disease Control and Prevention of various countries are among the major primary and secondary sources referred to while preparing this report.
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