The therapy of ophthalmic ailments is related to ocular drug delivery. Ophthalmic diseases impact several areas of the eye anatomy, which are primarily divided into anterior and posterior parts based on their location. Ocular drugs are applied directly to the affected area or near the affected area to allow for quick absorption and fast onset of action feasible. For treating anterior eye segment disorders, topical ocular drug compositions are mostly provided in liquid form, such as solutions, suspensions, and emulsions. More modern therapies, such as implants and injections, are used to treat posterior segment diseases.
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Polymers, bioadhesive gels, and hydrogels are among the materials utilized in ocular drug delivery. By bypassing the natural obstacles associated with the eye anatomy, novel drug delivery techniques allow higher penetration of the therapeutic agent, resulting in a long-lasting effect. Traditional drug delivery can easily treat anterior segment diseases, whereas novel drug delivery systems such as intravitreal, suprachoroidal, and subconjunctival injections are used to treat posterior segment diseases. Improved therapeutic systems and dose formulations are being researched, with the goal of acting for longer durations while maintaining maximum patient compliance.
The global ocular drug delivery technology market is expected to grow as the demand for better and more effective treatment alternatives develops, and so does the prevalence of eye diseases.
The prevalence of ocular diseases and disorders has increased dramatically in recent years as a result of causes such as an ageing population (leading to macular degeneration and cataract), excessive eye strain due to long working hours, and rising diabetes prevalence leading to retinopathy. Diabetes is a leading cause of retinopathy, with 422 million people diagnosed in 2014, and this figure is expected to rise in the near future, according to the World Health Organization (WHO).
Age-related macular degeneration is also on the rise, with the International Agency for the Prevention of Blindness predicting that 196 million individuals would have macular degeneration by 2020. Over the forecast period, this is expected to propel the global ocular drug delivery technology market growth.
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Coherent Market Insights divides the ocular drug delivery technology market into five regions: North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa. Over the forecast period, the North American market is expected to hold the dominant position in the global ocular drug delivery market. This is due to rising demand for treatment of posterior eye problems (according to the American Academy of Ophthalmology, an estimated 7.32 million people in the U.S. will suffer from open angle glaucoma in 2050), growing geriatric population (who are at higher risk for eye diseases), and improvements in ocular therapy technology. In July 2017, IACTA Pharmaceuticals, Inc. was awarded the North American rights to develop and commercialize NM133, a molecular envelope technology-based treatment for dry eye. In 2016, Sun Pharma has introduced Bromsite, its first branded ophthalmic drug, in the U.S.
Over the projected period, the Asia Pacific market is expected to develop at the fastest rate. This is due to factors such as a high concentration of local manufacturers and low treatment costs, which favor medical tourism in the region. According to the International Journal of Pharmaceutical Sciences Review and Research, 2015, eye surgeries in developed economies such as the U.S. cost three to four times as much as they do in India. Initiatives like the World Health Organization’s (WHO) Universal Eye Health Plan that will operate until 2019 raise awareness about eye health, which will help the ocular drug delivery technology market expand.
Key Competitors
The global ocular drug delivery technology market is dominated by the following companies Valeant Pharmaceuticals International, Taiwan Liposome Company Ltd., Pfizer Inc., Graybug Vision Inc., and Alimera Sciences, Clearside biomedical Inc., Novartis, and Envisia Therapeutics.
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Ocular Drug Delivery Technology Market Taxonomy
The global ocular drug delivery technology market is segmented on the basis of product type, formulation type, application, end user, and geography
On the basis of product type, the global ocular drug delivery technology market is segmented into:
- Topical
- Intraocular Implants
- Biodegradable
- Non-Biodegradable
- Hydrogel Systems
- Iontophoresis
- Ocular Inserts
- Non-Erodible
- Erodible
- Others (Punctal plugs, cyclodextrines)
On the basis of formulation type, the global ocular drug delivery technology market is segmented into:
- Solution
- Suspension
- Liposomes
- Emulsion
- Nanoparticles
- Nano suspensions
- Others (Niosomes, dendrimers)
On the basis of application, the global ocular drug delivery technology market is segmented into:
- Glaucoma
- Diabetic Retinopathy
- Macular Degeneration
- Diabetic Macular Edema
- Cataract
On the basis of end user, global ocular drug delivery technology market is segmented into:
- Hospitals
- Ambulatory surgical centers
- Ophthalmic Clinics
- Others
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