Ocular drug delivery technology manufacturers are largely investing in strategic industry collaborations, which will not only bolster portfolios, but will also help in consolidation during the crisis period.
ROCKVILLE, MD / ACCESSWIRE / August 17, 2020 / The global ocular drug delivery technology market is expected to grow 1.4x, with a 7.2% CAGR between 2020 and 2025. A new report by Fact.MR states that the coronavirus pandemic is likely to have adversely affected the ocular drug delivery technology market. Shortage of ocular drugs during the outbreak, coupled with the postponement of non-urgent ocular treatments during lockdown has reduced short term growth prospects for the market.
“Growing investments towards the research and development of novel drugs coupled with faster approvals from the FDA for pipeline drugs and ocular treatments, will play key roles in the development and growth of the ocular drug delivery technology industry,” says the FACT.MR report.
Ocular Drug Delivery Technology Market- Key Takeaways
- Ocular inserts are gaining major traction, owing to rapid onset of drug action and faster absorption upon administration.
- Cataract and macular degeneration treatment applications account for significant revenues owing to rising cases of diabetes, and greater strain on eyes owing to urban work styles.
- Asia Pacific is exhibiting high growth rate owing to low costs of drug delivery tech and the presence of regional manufacturers.
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Ocular Drug Delivery Technology Market- Driving Factors
- Strong demand and investments towards targeted ocular drug delivery techniques is a key contributor to market growth.
- Improvements to reimbursement policies and rising government approvals boost growth prospects.
Ocular Drug Delivery Technology Market- Major Restraints
- High capital investments required for the development of ocular dug delivery technologies hold back market expansion.
- Discomfort associated with use of ocular drug delivery implants are hindering adoption rates.
COVID-19 Impact on Ocular Drug Delivery Technology Market
The worldwide pandemic of the coronavirus has had a substantial impact on ocular drug delivery systems. Demand has dropped sharply in the short term as healthcare resources are largely being redirected towards the covid-19 effort. Also, government guidelines to delay non-urgent medical procedures during lockdowns will hurt demand for ocular drug delivery technologies. Further, ophthalmic drug production has dropped during the pandemic. These factors will hurt market prospects in the short term. However, recovery is likely to be strong with the vast geriatric population and growing cases of ocular disorders.
Explore the global Ocular Drug Delivery Technology market with 94 figures, 42 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4802/ocular-drug-delivery-technology-market
Santen Pharmaceutical Co. Ltd., Ocular Therapeutix Inc., Valeant Pharmaceuticals International, Alimera Sciences, and Allergan plc are some of the major players in the ocular drug delivery technology market.
Ocular drug delivery technology developers have been engaged in clinical trials and new product launches to increase geographic expansion and build on market collaborations.
For instance, Eyenovia Inc. has partnered with Arctic Vision for the development and commercialization of MicroLine ocular drug delivery systems. Glint Pharmaceuticals has initiated clinical trials for contact lens technology for the prevention of ocular covid-19 infections. Also, Eyepoint Pharmaceuticals Inc. has introduced DEXYCU drug delivery system for cataract treatments.
About the Report
This study offers readers a comprehensive market forecast of the ocular drug delivery technology market. Global, regional and country-level analysis of the top industry trends impacting the ocular drug delivery technology market is covered in this FACT.MR study. The report offers insights on the ocular drug delivery technology market on the basis of technology type (topical, ocular inserts, iontophoresis, in-situ gel and punctual plugs, and others), formulation (solution, suspension, emulsion, liposomes & nanoparticles, and ointment), disease (glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, diabetic macular edema, cataract, and others) and end user (hospital, ambulatory surgical center, ophthalmic clinic, and home care) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FACT.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the healthcare sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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