The global ophthalmic drug delivery devices market is in early stages of technology integration. A limited number of patents have been filed in the global market between January 2016-July 2021. According to World Intellectual Property Organisation (WIPO), there were only 148 patents filed pertaining to the global market, with the highest being filed in 2017 (46).
The factors driving growth include increasing prevalence of ocular disorders, development of novel drug dispensers, integration of digital solutions in ophthalmic drug delivery devices, and regular funding cycles for emerging companies. The restraints for the global ophthalmic drug delivery devices market include high upfront cost of the advanced ophthalmic drug delivery devices and prolonged regulatory approval process. Furthermore, there are various opportunities in the market that hold considerable growth potential. Entry of regional companies in the global ophthalmic drug delivery devices market, partnerships between companies and ophthalmic clinics, and inclusion of nanotechnology in ophthalmic drugs formulation are the key opportunity areas in the global ophthalmic drug delivery devices market.
Key technology trends such as the sustained drug delivery, connected devices for medication adherence, small molecules for drug delivery, and liquid sprays are anticipated to influence the global ophthalmic drug delivery devices market.
The global ophthalmic drug delivery devices market is expected to reach $537.8 million by the end of 2030. The market is expected to grow at a CAGR of 6.17% during the forecast period from 2021 to 2030.
During January 2018-June 2021, the global ophthalmic drug delivery devices market witnessed 54 key developments. Regulatory and legal activities were the most actively employed strategies, followed by mergers and acquisitions. The key companies that received regulatory approvals between January 2018-June 2021 included Ocular Therapeutix, Inc., AptarGroup, Inc., EyePoint Pharmaceuticals, Inc., Nemera, Johnson, and Johnson Medical Devices Companies, Bausch and Lomb Incorporated, Ocumedic, Inc, and Terumo Corporation. Similarly, several partnerships took place between January 2018-June 2021. The aim of strategic partnerships includes new product development and business expansion.
Market Segmentation
Global Ophthalmic Drug Delivery Devices Market (by Product)
The global ophthalmic drug delivery devices market (by product) has been segmented into pre-filled syringes, multidose eyedroppers, contact lenses, add-on devices, mist sprayers, squeeze dispensers, and others.
Global Ophthalmic Drug Delivery Devices Market (by Formulation)
The global ophthalmic drug delivery devices market (by formulation) has been segmented into eye drops, liquid sprays, ointments, gels, and others
Global Ophthalmic Drug Delivery Devices Market (by Sales Channel)
The global ophthalmic drug delivery devices market has been segmented into direct sales and indirect sales.
Global Ophthalmic Drug Delivery Devices Market (by End User)
The global ophthalmic drug delivery devices market (by end user) has been segmented into hospitals, clinics, homecare settings, and others
Global Ophthalmic Drug Delivery Devices Market (by Region)
The different regions covered under the global ophthalmic drug delivery devices market report include North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa.
North America dominated the global ophthalmic drug delivery devices market in 2018 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and adoption of advanced ophthalmic drug delivery devices. Also, the ongoing trend for digital transformation through the development of platforms and mobile applications is putting a significant impact on the market growth.
Key Market Players and Competition Synopsis
Aero Pump GmbH, AptarGroup, Inc., Bausch Health Companies Inc., Becton, Dickinson and Company, EyePoint Pharmaceuticals, Inc., Gaplast GmbH, Gerresheimer AG, Jotteq Inc., Nemera, Nipro Corporation, Ocular Therapeutix, Inc., Owen Mumford, Silgan Holdings Inc., Terumo Corporation, West Pharmaceutical Services, Inc., Kedalion Therapeutics, Inc., Re-Vana Therapeutics, Mati Therapeutics, Inc., Biocorp, and Ocumedic, Inc.
The global ophthalmic drug delivery devices market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are regulatory and legal activities, partnerships and alliances, new offerings, mergers and acquisitions, expansion activities, and funding activities.
New product launches are one of the primary strategies adopted by new companies to enter the global ophthalmic drug delivery devices market. Companies have also been working on upgrades for their existing products. Between January 2018-June 2021, several new products were launched in the global ophthalmic drug delivery devices market. Companies such as Gerresheimer AG, Hoffman Neopac AG, Ocular Therapeutix, Inc., and Silgna Holdings, Inc. launched their products in the mentioned period. Furthermore, funding activities are critical for the entry and operation of start-ups in the global ophthalmic drug delivery devices market. Re-Vana Therapeutics, Credence MedSystems, Inc., and Kedalion Therapeutics, Inc. are the prominent companies in the global ophthalmic drug delivery devices market that have received funding for their product development and R&D efforts.
Two business models, namely, business-to-customer (B2C) and business-to-business (B2B), are operational in the global ophthalmic drug delivery devices market. The device manufacturers often employ both the business models for ensuring a prominent local and global presence. Moreover, owing to the emergence of add-on devices, the adoption of B2C business model is projected to increase in the market.
Key questions answered in the Global Ophthalmic Drug Delivery Devices Market Report
• What has been the impact of COVID-19 on the global ophthalmic drug delivery devices market?
• What are the key technological trends influencing the global ophthalmic drug delivery devices market, and what is their potential in short-, mid-, and long-term duration?
• What are the key regulations impacting the global ophthalmic drug delivery devices market?
• Who are the key players in the global ophthalmic drug delivery devices market?
• Which key strategy was most extensively used in the global ophthalmic drug delivery devices market?
• What are the key factors influencing the growth of the global ophthalmic drug delivery devices market? What are the major opportunity areas for the companies operating in the market?
• Which product sub-category is projected to witness accelerated growth in the global ophthalmic drug delivery devices market during the forecast period 2021-2030?
• Which formulation type is projected to hold the largest share in the global ophthalmic drug delivery devices market during the forecast period 2021-2030?
• What are the major sales channels in the global ophthalmic drug delivery devices market, and what is their growth potential during the forecast period 2021-2030?
• Who are the key end users, and what is their respective share in the global ophthalmic drug delivery devices market?
• What are the major key findings for the global ophthalmic drug delivery devices market across various regions?
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How This Report Can Add Value
Who should buy this report?
• Technology/non-healthcare companies planning to enter the ophthalmic drug delivery devices market through a platform, mobile application, or smart device
• Ophthalmic drug delivery device manufacturers
• Companies manufacturing contact lenses
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