Ocular Drug Delivery Market Sets New Record, Projected at USD 115.5 Billion By 2032, to Grow at 5.5% CAGR

The ocular drug delivery market size was valued at $67.7 billion in 2022, and is estimated to reach $115.5 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

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.

Covid19 Impact on Ocular Drug Delivery Market

The Covid-19 pandemic has significantly impacted the Ocular Drug Delivery Market, witnessing both challenges and opportunities. The increased focus on healthcare and the rising demand for efficient drug delivery systems have driven innovations in ocular drug delivery technologies. However, disruptions in the pharmaceutical supply chain and delayed clinical trials have posed challenges. The market has adapted to the new normal by emphasizing telemedicine and remote patient monitoring. With a growing awareness of ocular diseases, there is a surge in research and development activities, leading to a promising future for the ocular drug delivery market post-pandemic.

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Ocular drug delivery market trends are shaped by the increasing incidence of eye diseases, advancements in drug formulation, and a growing preference for non-invasive treatments among patients. The elevated prevalence of conditions such as glaucoma, age-related macular degeneration, and dry eye has generated a heightened demand for ocular drug delivery solutions. Notably, Alcon, a global medical technology company, reported in March 2023 that 1.4 billion individuals globally are affected by dry eye, while 146 million people suffer from diabetic retinopathy. Consequently, the escalating prevalence of age-related disorders stands out as a pivotal factor propelling the growth of the ocular drug delivery market.

Furthermore, advancements in ocular drug delivery technologies contribute significantly to market expansion. These innovative formulations enhance the overall effectiveness of therapies for diverse ocular disorders, reducing administration frequency and enhancing drug absorption. Notably, sustained-release drug delivery formulations, exemplified by EyePoint Pharmaceuticals, Inc.’s injectable Durasert, release medication gradually over an extended period. The company also offers DEXYCU, a dexamethasone intraocular suspension providing sustained-release drug delivery. Moreover, the market experiences growth impetus from the approval of new products. In December 2021, AbbVie Inc., a global pharmaceutical company, obtained FDA approval for VUITY eye drops, marking the first approved formulation to address age-related blurry near vision.

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Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ocular drug delivery market analysis from 2022 to 2032 to identify the prevailing ocular drug delivery market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the ocular drug delivery market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global ocular drug delivery market trends, key players, market segments, application areas, and market growth strategies.

Key Findings of the Study

• By technology, topical segment dominated the market in 2022.
• On the basis of formulation type, solution segment dominated the market in 2022.
• Depending on disease indication, age related macular degeneration segment dominated the market in 2022.
• On the basis of end user, hospital segment dominated the market in 2022.
• By region, the North America segment dominated the market in 2022. However, Asia-Pacific is the fastest growing segment during the forecast period with CAGR of 6.3%.

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.

Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2032?
• Which region has more opportunities?

 

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