Ocular Drug Delivery System Market

Key Points Covered in Ocular Drug Delivery System Market Study

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Ocular drug delivery system Market and How to Navigate
• Recommendation on Key Winning Strategies

2016-2020 Ocular Drug Delivery System Market Outlook Compared to 2021-2031 Forecast

According to Future Market Insights (FMI), the sales of ocular drug delivery system have grown at an 6.8% CAGR between 2016 and 2020. Ocular drug delivery systems are platforms designed for dispensing drug, biologic, biopharmaceutical, and botanical therapeutics for treating macular degeneration, glaucoma, presbyopia, allergy, anti-viral, dry eye, anti-infective and anti-inflammatory indications.

To overcome ocular drug delivery barriers and improve bioavailability, various conventional and novel drug delivery systems have been developed such as ointments, emulsion, suspensions, aqueous gels, nanomicelles, liposomes, dendrimers, implants, contact lenses, nanoparticles, Nano suspensions, microneedles, and in situ thermosensitive gels for the earlier mention ocular diseases.

The research focus on key market players is on developing tools to improve the efficacy of spatiotemporal drug administration. For instance, in May 2017, pSivida Corp. announced positive 12-month follow-up data of phase 3 trials for its Durasert, a three-year uveitis implant, improving the treatment of posterior uneitis infection.

Research studies on novel drug delivery treatments for posterior eye therapy by using implantable devices and micro- and nanoparticles are expected to increase the efficacy of advanced ocular drug delivery technologies.

Companies specializing in ocular drug delivery technologies are increasing their research and development expenditure constantly. This trend is likely to continue during the forecast period. For instance, in 2016, Valeant Pharmaceuticals International, Inc. invested US$ 421.0 Mn in research and development to develop platforms for ocular drug delivery technologies.

Huge expenditure is required during developmental stages of advanced ocular drug delivery technologies. With the rise in the number of new entrants, the overall research and development expenses are projected to rise exponentially, along with collaborations and licensing agreements with several research institutes.

With pharmaceutical spending consistently rising in developed countries, the demand for ocular drug delivery system is expected to increase.

Emerging markets, especially large markets such as India and China, have significant untapped potential. With rise in disposable income, these nations are continuing to spend on innovative technologies for better treatment modalities.

Future Market Insights projects the global ocular drug delivery system market to rise at 6.8 % CAGR between 2021 and 2031.

How are Low Bioavailability of Drugs Affecting the Ocular Drug Delivery System Market?

The low bioavailability of active drug ingredient administered in eye by conventional topical routes such as solutions & ointments is usually a major obstacle to overcome. This is a result of effective multiple physiological barriers for drug entry. The administration of drugs to the posterior segment of the ocular tissue is inhibited by the same factors that account for the poor ocular bioavailability.

To enhance the bioavailability of ocular therapeutics, there are substantial efforts directed towards advanced drug delivery technologies for ophthalmic administration.

Studies exhibit that micellar formulations can improve the bioavailability of the drugs in ocular tissues, suggesting enhanced therapeutic outcomes. Also, derivatizing active pharmaceutical ingredients (API) and enhancing the ocular drug bioavailability using an emulsion as a carrier system is a phenomenal concept followed by key players in this space.

To increase drug penetration through corneal & other ocular barriers in the anterior portion of the eye, key players are focusing on the development of new drug delivery techniques in the ophthalmic market.

What are the Opportunities for Ocular Drug Delivery System Market Growth?

In case of advanced ocular drug delivery systems, insertion techniques are difficult and expulsion of shields occurs, causing the occasional inadvertent loss of the drug. Thus, using penetration enhancers to improve the corneal drug transport.

Use of ocular penetration enhancers like para-cellular pathways and phase transitions systems are likely  increase the opportunity for ocular drug delivery system market. Moreover, the protective barrier mechanisms of the human eye arrest the efficiency of drug delivery, providing an opportunity in developing mechanisms to bypass these barriers during drug administration.

Several ongoing clinical trials are executed to understand the efficacy of bypass mechanisms, which is predicted to efficiently address the problem of ocular drug bio-availability.

In June 2016, EyeGate Pharmaceuticals, Inc. announced the interim data of Phase 1b/2a trial of the iontophoretic EGP-437 which demonstrated a safety clinical profile with efficient bypass mechanisms. Such consistent research initiatives undertaken by leading players will bode well for the market.

What are the Factors Restraining Ocular Drug Delivery System Demand?

Ocular inserts and implants provide advantages such as high corneal penetration, greater dissolution area, and sustained release of medication.

However, the foreign body sensation in the eye due to the solidity of the implants lead to discomfort accompanied by irritation, drug dilution, and excessive lachrymation.

Moreover, nasolacrimal drainage through lacrimal canaliculi refers to the systemic absorption of the drug across the gastrointestinal tract or the nasal mucosa, which leads to loss in its overall volume. This reduction in the volume of drug and rare cases of allergic reactions in the lacrimal system after the drug passage are some of the factors restraining the efficiency of ocular drug delivery.

Additionally, the reduction in patient compliance as well as adherence to novel ocular therapies due to high cost and associated complexities are anticipated to act as barriers for advanced drug delivery technologies in the global ocular drug delivery technologies market.

What Is the Impact of the COVID-19 Crisis on Ocular drug delivery system Market?

COVID-19 pandemic is expected to hamper growth prospects for the ocular drug delivery system market. Significant reduction in the physicians’ office visits and subsequent decline in number of prescription and OTC eye drop purchase is expected to hamper the market growth during COVID-19.

However, nationwide COVID-19 vaccine availability and speedy vaccination programs are expected to help the market set on path of recovery in the coming 1-2 years

New eye treatment product launches, branded as well as generic, are expected to hamper growth for a short-term. Besides this, disruption in the supply chain, delay in pipeline research and development, and changing priority of leading healthcare companies will pose challenges for the market.

Country-wise Insights

How Lucrative is the Opportunity in the U.S?

The U.S. holds over 86% share in the ocular drug delivery system market in North America. In the U.S., growth is led by research collaboration and license agreement for clinical products. Rising technological advancements gives opportunity to manufacturers to deliver therapeutic drugs to targeted ocular tissues in sustained form, and provides protection from inflammatory conditions.

Moreover, expansion strategies are implemented by  some of the leading manufacturers in the country to strengthen their product portfolio. For instance, in October, 2020, Ocular Therapeutix™ and AffaMed Therapeutics announced license agreement and collaboration for DEXTENZA® and OTX-TIC in Asia.

What are the Factors Driving Revenue Generation in the U.K.?

The U.K. market will account for over 24% of the Europe market through the assessment period ending in 2031. Common clinical developments, the demand for extensive product portfolios, and improvements in drug development pipelines and production capacities are key factors speeding growth in the U.K. market.

Some of the market players are focusing on acquisition to expand their portfolio for over-the-counter drugs in the U.K. market. 

What are the Key Factors Enabling Growth in Germany?

Germany market will exhibit a 4.6% CAGR throughout the forecast period. Regulatory guidelines are relatively strict in Germany. As a result, achieving drug approvals is hard process. Germany is the second leading market in Europe. Some of the leading players are eying to expand their footprint in Germany.

For instance, Vision Ophthalmology Group GmbH is acquired by AddLife AB, an independent operator in Life Science that offers high-quality products and services within a wide variety of therapeutic areas to both private and public sectors across Europe.

What are the Favorable Policies Driving Japan Market?

The Japan market will account for more than 52% of the sales registered in East Asia in 2021. Increasing healthcare spending has improved the quality of healthcare, while boosting the demand for pharmaceutical products in Japan.

According to International Trade Administration, the overall Japan market for  prescription as well as over-the-counter drugs totalled US$ 105 Bn in 2019. The government of Japan provides for healthcare spending of around 40% people living in the country via the national insurance schemes. These policies will continue favoring expansion of the market in Japan.

Japan’s pharmaceutical sector will showcase a moderate growth in the comig years due to high pricing. Despite this, it will remain a favourable destination for international biopharmaceutical companies for drug development and innovative therapies.

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Category-wise Insights

What is Nano-Particle Drug Delivery Systems Revenue by Technology?

Nano-Particle drug delivery systems has a higher potential for growth in the coming years. It is likely to exhibit a CAGR of 7.6% in the near future. Nanoparticles have been designed to overcome the barriers, increasing the drug penetration at the target site and prolonging the drug levels by few internals of drug administrations in lower doses without any toxicity compared to the conventional eye drops.

What is the Market Share of Ophthalmic Solution?

Ophthalmic solution will continue to dominate the market during the forecast period and it is expected to hold around 60% of the market share through the end of 2031.

What is the Scope for Growth of Mail Order Pharmacies?

While hospital pharmacies are currently leading the market, mail order pharmacies will exhibit high growth in the ocular drug delivery systems market at 8.9% CAGR in the forecast period. This will be primarily due to higher acceptance of online sales channel that provide discounts and offers, which reduces the overall costs of systems and medications.

Competitive Landscape

Manufacturers in the ocular drug delivery system market are primarily aiming to carry out strategic collaborations and R&D to consolidate growth in a competitive and fragmented market.

For Instance, on March 31, 2017, Clear side Biomedical entered into a strategic collaboration with EyeKor to support Clearside’s clinical development efforts.

In September, 2020, Bausch Health Companies Inc. announced that the U.S. Food and Drug Administration (FDA) has approved Alaway® Preservative Free (ketotifen fumarate) ophthalmic solution, 0.035%, antihistamine eye drops (EM-100)

In January 2020, In February, 2021, Alimera Sciences continued Global geographic expansion with launch of ILUVIEN in Finland.

Scope of the Report

Key Questions Answered in the Report

• What is ocular drug delivery systems market size?

  The ocular drug delivery systems market is forecast to surpass a valuation of US$ 27.82 Bn by 2031.

• At what rate did the ocular drug delivery systems market expand in the last five years?

  According to FMI’s analysis, the demand for ocular drug delivery systems consistently rose, at a CAGR of 5.1% between 2016 and 2020.

• What are the key trends shaping the ocular drug delivery systems market?

  It is a prevalent trend among the market players to focus on development and modification of drug properties. Through this, they intend to improve drug permeation and drug bioavailability.

• What are the key factors driving ocular drug delivery systems market demand?

  The ocular drug delivery systems market will continue gaining from the increasing adoption of patient compliant nanomedicine based therapeutic agents that offer improved efficacy for the treatment of anterior and posterior segment ocular disorders.

• What is the North America ocular drug delivery systems market outlook?

  North America will remain dominant in the global market. At presents it holds around 51% of the overall ocular drug delivery systems market. Canada will emerge as the fastest growth market within North America, yet the U.S. is forecast to remain dominant through the assessment period.

• Which countries are key markets for ocular drug delivery systems?

  The U.S., Canada, U.K., Germany, and Japan are the key markets of ocular drug delivery systems.

• What is the cumulative share of top five companies in the ocular drug delivery systems market?

  The top five players in ocular drug delivery systems market are Valeant Pharmaceuticals International, Inc, Santen Pharmaceutical Co., Ltd, Allergan, Plc, Alimera Sciences, and Vision Ophthalmology Group GmbH. These companies account for nearly 68% of the global market share.

• At what percentage is the ocular drug delivery systems market forecast to expand in Europe?

  As per FMI analysis, the Europe ocular drug delivery systems market is expected to rise at a CAGR of 6.6% between 2021 and 2031.

• What are the key statistics for ocular drug delivery systems market in Japan and South Korea?

  The Japan ocular drug delivery systems market is expected to exhibit growth at 6.1% CAGR during the forecast period. South Korea holds a revenue share of 0.4% in the global ocular drug delivery systems market.

Ocular Drug Delivery Systems Market by Category

Technology

• Implantable Ocular Drug Delivery Systems
• Particulate Drug Delivery Systems
• Nano-Particle Drug Delivery System

Dosage Form

• Ophthalmic Solution
• Ophthalmic Suspension
• Ophthalmic Emulsion
• Ophthalmic Gels
• Ophthalmic Ointments

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Drug Store
• Mail Order Pharmacies

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)