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IN THE NEWSNovember 05, 2021: EyePoint Pharmaceuticals, Inc. announced the interim data from its ongoing Phase 1 DAVIO trial of EYP-1901 for the potential treatment of wet AMD.
June 14, 2021: EyeGate Pharmaceuticals, Inc. announced the first successful dosage of its drug PP-001 in phase II proof-of-concept (“POC”) study ocular surface inflammation. PP-001 is an inhibitor of dihydroorotate dehydrogenase.
Global Ocular Drug Delivery Devices Market Highlights over 2022 – 2031
The global ocular drug delivery devices market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing prevalence of ocular diseases, such as, cataract, uncorrected myopia and presbyopia, combined with better treatment and care through drug delivery devices. The drug delivery devices work better than traditionally used eye drops and ointments, as they are not wiped away through tears. This ensures constant and longer-lasting drug delivery, resulting in quicker and more effective relief. Such factors are estimated to boost the market growth.
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Along with this, the growing prevalence of eye-related diseases, is expected to propel the market growth. According to the data by the World Health Organization (WHO), 2.2 billion people have some kind of vision impairment, out of which 1 billion people have moderate or severe distance vision impairment or blindness. Among these, unaddressed refractive error caused 88.4 million impairments, cataract caused 94 million, glaucoma was responsible for 7.7 million, and diabetic retinopathy caused 3.9 million vision impairment or blindness cases globally, as of 2018. Eyes are extremely sensitive organs, owing to which, there is a higher awareness regarding the health of the eyes, amongst people, especially in developed countries. As a result, the demand for treatment of ocular diseases is also elevated, which is projected to positively influence the market growth.
The market is segmented by disease type into glaucoma, diabetic macular edema, diabetic retinopathy, macular degeneration, cataract, refractive issues, and others out of which, the cataract segment is anticipated to hold a substantial share in the global ocular drug delivery devices market over the forecast period on account of high cases of cataract globally. Moreover, various government initiatives to spread awareness about cataract, are anticipated to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Ocular Drug Delivery Devices Market Regional Synopsis
On the basis of geographical analysis, the global ocular drug delivery devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Middle East & Africa region is estimated to witness noteworthy growth over the forecast period on the back of growing cases of ocular diseases in the underdeveloped countries. As per a WHO report, the instances of distance vision impairment in low-income regions are estimated to be four times higher than in high-income regions, and near vision impairment is estimated to be 80% more in western, eastern and central sub-Saharan Africa.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing cases of cataract and diabetes-related visual conditions in the region. An estimated 20.5 million (17.2%) Americans aged above 40 years, have cataract in one or both eyes, according to the statistics by the Center for Disease Control and Prevention (CDC).
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The global ocular drug delivery devices market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global ocular drug delivery devices market includes the following segments:
By Type
By Drug Form
By Diseases Type
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of ocular diseases, and growing awareness amongst people regarding vision impairment is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Taiwan Liposome Company, Ltd., Ocular Therapeutix, Inc., Kiora Pharmaceuticals, Inc., Graybug Vision Inc., Apellis Pharmaceuticals, Inc., Implanet Company, and Aerie Pharmaceuticals Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, drug type, disease type, end-user, and by region.
The ophthalmic clinics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High competition from generic products is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing prevalence of cataract in the region.
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