Ocular Drug Delivery Market Expected to Reach $115.5 Billion by 2032—Allied Market Research

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. Development and commercialization of innovative methods and technologies for the administration of therapeutics drugs to the eye is called as ocular drug delivery. Complex structure and protective mechanisms of eye limit the effectiveness of therapeutic drugs. Various formulation techniques are developed to overcome these complications. These techniques include eye drops, eye suspensions, ocular inserts, and intraocular implants. The development of efficient ocular drug delivery systems is essential for the management of eye disorders such as glaucoma, cataracts, and retinal disorders.

The ocular drug delivery market trends include rise in prevalence of eye diseases, advancement in drug formulation, and shift of patient preference for non-invasive treatments. The rise in number of patients suffering from glaucoma, age-related macular degeneration, and dry eye has led to surge in demand for ocular drug delivery solutions. For instance, in March 2023 Alcon, a global medical technology company has reported that 1.4 billion people live with dry eye across the globe. In addition, as per the same source, 146 million people have diabetic retinopathy. Thus, rise in prevalence of age-related disorders is the key factor that drives the ocular drug delivery market growth.

In addition, development of new technologies in the field of ocular drug delivery also drives the market growth. These novel formulations increase the overall efficacy of therapies for various ocular disorders, decrease the frequency of administration, and improve drug absorption. For instance, sustained release drug delivery formulations are designed to slowly release the medication over an extended period of time. Durasert is an injectable formulated by the EyePoint Pharmaceuticals, Inc., for the treatment of eye disorders. In addition, it offers DEXYCU a dexamethasone intraocular suspension a sustained release drug delivery solution. Further, increase in new product approvals boosts the market growth. For instance, 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.

However, stringent regulatory requirements slow down the approval process which, in turn, impacts the market growth. Regulatory bodies such as U.S. Food and Drug Administration (FDA), and European Medicines Agency (EMA) have strict standards for the approval of new drug formulations. This leads to delay in the approval process of new drugs which negatively impacts the ocular drug delivery market size. However, surge in new product approvals is expected to create numerative ocular drug delivery market opportunity.

On the basis of technology, the market is classified into topical, ocular insert, intraocular implants, in-situ gels, and others. The topical segment dominated the market in 2022, and is the fastest growing segment during the forecast period. This is attributed to high availability of various topical technology drugs and it is the most convenient technology of drug administration.

As per formulation type, the ocular drug delivery industry is categorized into solution, emulsion, suspension, ointment, and others. The solution segment dominated the global market in 2022 and it is expected to register fastest CAGR during the forecast period. This is attributed to increase in use of solution formulations such as eye drops.

On the basis of disease indication, the ocular drug delivery market analysis is categorized into glaucoma, diabetic retinopathy, dry eye syndrome, age related macular degeneration, and others. The, age related macular degeneration segment accounted for the largest ocular drug delivery market share the global market in 2022, owing to increasing prevalence of age related macular degeneration, and surge in geriatric population that are more susceptible to acquire AMD.

Depending on end use the ocular drug delivery industry is divided into hospitals, ophthalmic clinics, and others. The hospitals segment accounted for the largest ocular drug delivery market share in 2022, and is expected to remain dominant during the forecast period, owing increase in patient consultation through hospital settings. On the other hand, others segment is expected to register fastest growth during the ocular drug delivery market forecast period owing to surge in number of people taking eye treatment from ambulatory surgical centers.

Region wise, North America had the highest market share in 2022, and is expected to maintain its lead during the forecast period owing to increase in prevalence of eye disorders, development of new technologically advanced ocular drug delivery formulations, easy accessibility of medications, and strong presence of market key players. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to surge in ageing population, increase in prevalence of conjunctivitis, diabetic retinopathy and cataract, and development of pharmaceutical industry.

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%