Increase in technological advancement, rise in prevalence of eye disorders, and surge in old age population drive the growth of the ocular drug delivery market.
PORTLAND, Ore., Dec. 4, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Ocular Drug Delivery Market by Technology (Topical, Ocular Insert, Intraocular Implants, In-Situ Gel, and Others), Formulation Type (Solution, Emulsion, Suspension, Ointment, and Others), Disease Indication (Glaucoma, Diabetic Retinopathy, Dry Eye Syndrome, Age Related Macular Degeneration, and Others), and End User (Hospitals, Ophthalmic Clinic, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032,” According to the report, ocular drug delivery industry was estimated at $67.7 billion in 2022, and is anticipated to hit $115.5 billion by 2032, registering a CAGR of 5.5% from 2023 to 2033.
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Prime determinants of growth
Technological advancements in the ocular drug delivery, rise in number of people suffering from eye disorders, and increase in geriatric population drive the growth of the ocular drug delivery market. However, strict regulatory requirements for the approval of new ocular drug delivery products is hampering the market growth. On the contrary, increase in the new product is expected to offer remunerative opportunity for expansion of the ocular drug delivery market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$67.7 billion |
|
Market Size in 2032 |
$115.5 billion |
|
CAGR |
5.5 % |
|
No. of Pages in Report |
248 |
|
Segments covered |
Technology, Formulation Type, Disease Indication, End User, and Region |
|
Drivers |
Technological advancements in the ocular drug delivery Surge in prevalence of eye disorders Rise in geriatric population |
|
Opportunity |
Surge in new product approvals and strong product pipeline |
|
Restraint |
Stringent regulatory requirements for product approvals |
Economic Downturn Analysis: Impact of Recession in 2023 on the Ocular Drug Delivery Market
- Ocular drug delivery market is driven by technological advancements in the ocular drug delivery, and rise in prevalence of eye disorders, during recession.
- However, increased manufacturing and operating costs, and fluctuations and adverse movement in shipping cost impact the ocular drug delivery market growth during recession.
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The topical segment to maintain its leadership status throughout the forecast period
Based on technology, the topical segment held the highest market share in 2022, accounting for more than half of the ocular drug delivery market revenue, and is projected to attain the highest CAGR of 5.9% from 2023 to 2032, owing to increase in demand for ocular ear drops and other topical drug delivery products.
The solution segment to maintain its leadership status throughout the forecast period
Based on formulation type, the solution segment held the highest market share in 2022, accounting for more than half of the ocular drug delivery market revenue, and is projected to attain the highest CAGR of 5.9% from 2023 to 2032, as durg in the solution form provides rapid onset of action, is easy to administer, and is widely available.
The age related macular degeneration segment to maintain its leadership status throughout the forecast period
Based on disease indication, the age related macular degeneration segment held the highest market share in 2022, accounting for nearly two-fifths of the ocular drug delivery market revenue, owing to surge in geriatric population and rise in prevalence of age related macular degeneration. However, the glaucoma segment is expected to witness the fastest CAGR of 6.8% from 2023 to 2032, owing to increase in incidences of glaucoma.
The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals segment held the highest market share in 2022, accounting for nearly three-fifths of the ocular drug delivery market revenue, owing to rise in number of people undergoing eye treatment from the hospital settings. However, the others segment is expected to witness the fastest CAGR of 6.7% from 2023 to 2032, owing to increase in use of ambulatory surgical centers for the treatment of various eye disorders.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global ocular drug delivery market revenue, owing to high research activities in this region, availability of new formulations, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.3% from 2023 to 2032, owing to development of pharmaceutical industry, and surge in prevalence of geriatric population that are more prone to various eye related disorders.
Leading Market Players: –
- Ocular Therapeutix, Inc.
- EyePoint Pharmaceuticals, Inc.
- Clearside Biomedical
- Santen Pharmaceutical Co., Ltd.
- Abbvie Inc.
- Novaliq GmbH
- Bausch & Lomb
- Alimera Sciences, Inc.
- Nicox
- Kiora Pharmaceuticals, Inc.
The report provides a detailed analysis of these key players of the ocular drug delivery market. These players have adopted strategies such as product approval and collaboration to increase their market share and maintain dominant shares in the different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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