Albany, NY -- (SBWIRE) -- 08/17/2018 -- The global ocular drug delivery technology market is is foreseen to expand notably in forthcoming years. Owing to a few players in the industry, the market is anticipated to be highly consolidated. The three leading firms in the market are Valeant Pharmaceuticals International, Inc. (Bausch & Lomb Incorporated), Alimera Sciences, and Santen Pharmaceutical Co., Ltd. These firms held more than 50% of the overall share of the market. Among them, Santen Pharmaceuticals and Valeant Pharmaceuticals dominates the market due to its wide range of ocular drugs it manufactures in the market. In 2016, Alimera Sciences accounted for about 14% to 18% share in global market, thanks to commercialization of drug named Iluvien manufactured by firm named pSivida Corp.
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Key manufacturer in global ocular drug delivery technology market, including both small and big are indulging into mergers and acquisitions, and collaborating with hospitals, healthcare centers and tie up with other firms to strengthen their position in the market. These firms have a lot of promising products in pipeline in order to increase their market share. Owing to supportive reimbursement policies the market scene is foreseen to be highly competitive.
According to a recent report by Transparency Market Research, global ocular drug delivery technology market is expected to expand at a steady CAGR of 6.8% within the forecast period from 2017 to 2025. In 2016, the market opportunities was worth US$ 10.2 bn. This figure is anticipated to reach around worth of US$18.124 bn by the end of 2025.
Based on type of technology, the market is segmented into ocular inserts, topical, intraocular, iontophoresis, punctal plugs and in-situ gels. Among these, topical segment leads the market with highest revenue among all of them. The segment accounts for around half of the overall market share till 2025. Geographically, North America region is leading the global ocular drug delivery technology market, owing to the surging demand for targeted drug delivery and increased number of key players in the region.
Increased cases of macular degeneration to Propel Growth in Ocular Drug Delivery Technology
Lack of bioavailability of various drugs in traditional ocular therapies, FDA approval for new advanced drug delivery methods, rise in cases of macular degeneration and glaucoma, rise in preference among patients regarding the usage of targeted drug delivery techniques are some of the major driving factors surging the demand for global ocular drug delivery technique market.
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Solidity of Implants, Irritating the Eyes to Hamper Demand for Ocular Drug Delivery Technology
Nevertheless, the global ocular drug delivery technology market is anticipated to be pulled down due to various factors causing hindrance. Even though the ocular inserts and implants are beneficial for factors such as wider dissolution area, increased corneal penetration, and sustained release of medication, the foreign body penetration in the eye owing to the hardness of the implants makes the process uncomfortable, along with causing dilution, irritation, and high lachrymation. As a result, even if the firms they provide improved drug delivery options, the discomfort is expected to hamper the growth of this segment.
This analysis is based on a recent market research report by Transparency Market Research, titled, "Ocular Drug Delivery Technology Market (Technology – Topical, Ocular Inserts (Non-Erodible and Erodible), Iontophoresis, Intraocular Implants (Biodegradable and Non-Biodegradable), and In Situ Gel & Punctal Plugs; Formulation Type – Suspension, Solution, Emulsion, Liposomes & Nanoparticles, and Ointments; Disease Type – Glaucoma, Diabetic Retinopathy, Macular Degeneration, Diabetic Macular Edema, and Cataract; End User – Hospitals, Ambulatory Surgical Centers, Ophthalmic Clinics, and Homecare Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
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