Research Nester published a report titled “Ocular Drug Delivery Devices Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global ocular drug delivery devices market in terms of market segmentation by type, drug type, disease type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global ocular drug delivery devices market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The market is segmented by disease type into glaucoma, diabetic macular edema, diabetic retinopathy, macular degeneration, cataract, refractive issues, and others, out of which, the cataract segment is anticipated to hold a substantial share over the forecast period. This can be accounted to the high cases of cataract, along with the various government initiatives to spread awareness about cataract.
The global ocular drug delivery devices market is estimated to grow on the back of increasing prevalence of ocular diseases, and growing awareness amongst people regarding vision impairment. According to the data by the World Health Organization (WHO), 2.2 billion people have some kind of vision impairment. Moreover, drug delivery devices are more effective, as they are undisturbed from tears, unlike eye drops and ointments. Such factors are further expected to boost the market growth.
On the basis of geographical analysis, the global ocular drug delivery devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing cases of cataract in the region. An estimated 20.5 million (17.2%) Americans aged above 40 years, have cataract in one or both eyes, according to the statistics by the Center for Disease Control and Prevention (CDC).
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Prevalence of Eye-Related Issues to boost the Market Growth
Ocular diseases are very common, as eyes are extremely sensitive. As per a WHO report, majority cases of vision impairment and blindness can be attributed to cataract and unaddressed refractive issues. The growing prevalence of eye diseases is primarily estimated to boost the market growth. Along with this, the high demand for treatment for ocular diseases, is also expected to fuel the market growth.
However, high competition from generic products, along with the discomfort, such as irritation, and excessive lachrymation caused by these devices are expected to operate as key restraint to the growth of global ocular drug delivery devices market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global ocular drug delivery devices market which includes company profiling of Taiwan Liposome Company, Ltd., Bausch Health Companies Inc., Ocular Therapeutix, Inc., Kiora Pharmaceuticals, Inc., Graybug Vision Inc., Apellis Pharmaceuticals, Inc., Implanet Company, Aerie Pharmaceuticals Inc., EyePoint Pharmaceuticals, Inc., Protalix BioTherapeutics. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ocular drug delivery devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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