Ocular Drug Delivery Market Updates 2024 : Rise in Prevalence of Eye Diseases is Predicted to Cross to USD 115.5 Billion Market Revenue by 2032, Claims AMR

According to a new report published by Allied Market Research, titled, “Ocular Drug Delivery Market,” 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.

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The ocular drug delivery market is influenced by several key trends, including an increase in the prevalence of eye diseases, advancements in drug formulation techniques, and a shift in patient preference towards non-invasive treatment options. The growing number of patients affected by conditions such as glaucoma, age-related macular degeneration, and dry eye has resulted in a rising demand for ocular drug delivery solutions.

For instance, in March 2023, Alcon, a global medical technology company, reported that approximately 1.4 billion people worldwide are affected by dry eye. Moreover, the same source indicated that 146 million individuals suffer from diabetic retinopathy. Consequently, the escalating prevalence of age-related disorders stands out as a primary driver fueling the growth of the ocular drug delivery market.

Economic Downturn Analysis: Impact of Recession in 2023 on the Ocular Drug Delivery Market

During a recession, the ocular drug delivery market is propelled by technological advancements in the field and an uptick in the prevalence of eye disorders. However, the market growth faces challenges such as heightened manufacturing and operating costs, as well as fluctuations and adverse movements in shipping costs, which negatively impact its trajectory.

North America to maintain its dominance by 2032

In 2022, North America dominated the ocular drug delivery market, holding the largest share of revenue, nearly half of the global total. This was driven by robust research activities, the availability of new formulations, and the significant presence of key market players in the region. However, the Asia-Pacific region is projected to experience the most rapid compound annual growth rate (CAGR) of 6.3% from 2023 to 2032. This growth can be attributed to the expanding pharmaceutical industry and the increasing prevalence of eye-related disorders among the aging population in the region.

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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.

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%

Recent Product Approvals in the Ocular Drug Delivery Market

• In June 2023, Novaliq GmbH, a pharmaceutical company received the Food and Drug Adminstation (FDA), approval for its VEVYE an opthalmic solution for the treatment of dry eye disease. VEVYE is the first cyclosporine topical solution indicated for the treatment of dry eye
• In December 2021, AbbVie Inc., a global pharmaceutical company has received the Food and Drug Administration (FDA) approval for its VUITY eye drop. VUITY eye drop is the first and only approved formulation to treat age-related blurry near vision

Recent Collaboration in the Ocular Drug Delivery Market

• In October 2020, Ocular Therapeutix Inc., a global biopharmaceutical company has entered into a collaboration and agreement with AffaMed Therapeutics a clinical-stage biopharmaceutical company. Under this agreement AffaMed Therapeutics will develop and commercialize of DEXTENZA and OTX-TIC in Greater China, South Korea, and the ASEAN markets.

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.

 

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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