Ophthalmic Drug Delivery Devices Market Introduction
Ophthalmic drug delivery devices refer to novel techniques introduced by key players in the market to deliver medications to the eye, especially to the posterior segment. These techniques aim to overcome the drawbacks of conventional drug delivery methods and delivery of drugs to the specific target site into the eye, surpassing the corneal epithelial barriers.
Ophthalmic Drug Delivery Devices Market – Competitive Landscape
Key players operating in the global ophthalmic drug delivery devices market include Alimera Sciences, Inc., Alcon, Inc. (Novartis AG), Bausch + Lomb, Inc. (a Valeant Pharmaceuticals International, Inc.), Allergan plc (Actavis plc), EyeGate Pharma, Clearside Biomedical, Inc., Johnson & Johnson Inc., F. Hoffmann-La Roche Ltd., OASIS Medical, Inc., and Ophthalmic Therapeutix, Inc. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are likely to boost the global ophthalmic drug delivery devices market during the forecast period.
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Johnson & Johnson
Johnson & Johnson engages in R&D, manufacture, and sale of broad range of health care products. It operates through three business segments: pharmaceutical, medical devices, and consumer. The pharmaceutical segment focuses on five therapeutic areas: cardiovascular & metabolic diseases, immunology, neurosciences, oncology, and infectious disease & vaccines. The medical devices segment offers a wide range of products utilized in surgery, cardiovascular, orthopedic, diabetes, and vision care field. The consumer segment offers baby care, oral care, women’s health, wound care, and over-the-counter pharmaceutical products. Hoffmann-La Roche Ltd. Hoffmann-La Roche Ltd. is a prominent biotechnology company that engages in the development and marketing of breakthrough medicines and diagnostic solutions across various medical specialties. The company operates through two major divisions: pharmaceutical and diagnostics. The company is a leader in in-vitro diagnostic business globally. The company offers diverse products and solutions in various fields including clinical chemistry, immunoassay, molecular diagnostics, tissue diagnostics, point of care diagnostics, and hematology and hemostasis.
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Ophthalmic Drug Delivery Devices Market Dynamics
The global ophthalmic drug delivery devices market is driven by rise in prevalence of glaucoma & macular degeneration, low bioavailability of drugs in conventional ophthalmic therapies, and rise in patient preference for targeted ophthalmic drug delivery techniques. Moreover, surge in technological innovations and investment by public and private sectors for the advancement of health care are projected to boost the market during the forecast period. However, high patient discomfort in ocular device insertion and high cost of drug delivery devices are anticipated to restrain the global ophthalmic drug delivery devices market in the next few years.
Rising Patient Preference for Targeted Ophthalmic Drug Delivery Devices is driving the Demand for Ophthalmic Drug Delivery Devices
Owing to the unique anatomy and physiology of the eye, ophthalmic drug delivery devices with improved bioavailability is a major challenge for pharmacologists and scientists. Severe ophthalmic disorders such as AMD, DME, and retinopathy display low probability of getting cured by topical or other conventional form of drug therapy. Delivery of drugs into the eye using conventional needles could cause problems such as swelling, fatigue, or destruction of photo- ophthalmic cells, which generates the need for repetition of therapy. To avoid this, attempts are being made by researchers to develop drug delivery technologies for the eye to reduce the frequency of drug administration and patients’ discomfort. Targeted techniques such as colloidal systems (microemulsion, nanaosuspension, and niosomes), Microneedles, ultrasound, and iontophoresis-based ophthalmic drug delivery devices provide increased efficiency and are developed as promising systems. Due to these advantages, the patient’s as well as physician’s preference for them is rising.
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Rising in Prevalence of Glaucoma & Macular Degeneration
Glaucoma and macular degeneration are a major cause of blindness all around the world. For instance, in November 2014, a study published in American Academy of Ophthalmology suggested that 64.3 Mn people were living with glaucoma in 2013. This number is projected to grow to 111.8 Mn in 2040. In June 2016, according to statistics published by World Glaucoma Association, along with World Health Organization, slightly more than 12% of all global blindness is caused by glaucoma. BioLight Life Sciences Ltd. estimated that age-related macular degeneration (AMD) affected 30 Mn to 50 Mn people worldwide till 2014, of which 15 Mn are in the U.S., with 600,000 new cases diagnosed every year globally, of which over 200,000 are in the U.S. Thus the overall high incidence of ophthalmic diseases is resulting in the rise of the patient pool, driving the global ocular drug delivery technologies market
High Patient Discomfort in Ocular Device Insertion is expected to Restraint the Market during Forecast Period
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Ocular insertion devices provide advantages such as high corneal penetration, greater dissolution area, and sustained release of medication. However, the foreign body sensation in the eye lead to discomfort accompanied by irritation, drug dilution, and excessive lachrymation. These disadvantages are resulting in overall patient discomfort. Therefore, even though they provide enhanced drug delivery alternatives, the discomfort is likely to arrest the growth of this segment.
Ophthalmic Drug Delivery Devices Market Segmentation
Based on the product type, the ophthalmic drug delivery devices market is segmented into Liquids Solutions Suspensions Others Semi-solids Ointments Gels Solids Ocular Inserts Contact Lenses Intraocular dosage forms Injections Irrigating Solutions Implants
Based on the indication, the ophthalmic drug delivery devices market is segmented into Dry eye Glaucoma Eye Infection & Inflammation Retinal Disorders Others
Based on the distribution channel, the ophthalmic drug delivery devices market is segmented into Hospital Pharmacies Drug Stores Online Pharmacies Others
The report on ophthalmic drug delivery devices market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The ophthalmic drug delivery devices market report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The ophthalmic drug delivery devices market report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis for ophthalmic drug delivery market includes: North America Europe Asia Pacific Latin America Middle East & Africa (MEA)
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report: A complete backdrop analysis, which includes an assessment of the parent market Important changes in market dynamics Market segmentation up to the second or third level Historical, current, and projected size of the market from the standpoint of both value and volume Reporting and evaluation of recent industry developments Market shares and strategies of key players Emerging niche segments and regional markets An objective assessment of the trajectory of the market Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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