Global Ophthalmic Drug Delivery Devices Market: Snapshot
Products and tools in the global ophthalmic drug delivery devices market are aimed at treating various ophthalmic disease conditions that can affect various parts of the human eye and ocular systems. Drug formations used by healthcare professionals and offered by the vendors in the global ophthalmic drug delivery devices market are primarily synthesized and manufactured in liquid forms. These drug formulations can include various solutions, emulsions, and suspensions designed for the treatment of anterior eye segment disorders. Some of the key motivators for the substantial growth of the global ophthalmic drug delivery devices market in past few years include increasing prevalence of ophthalmic disorders, rising number of approvals that go hand in hand with governmental regulations, and increase in the funding to design and develop enhanced drug delivery systems.
Furthermore, rising incidence of macular degeneration and glaucoma, high number of favorable reimbursement policies, and low bioavailability of intended drugs in traditional ocular therapies may influence the growth of the global ophthalmic drug delivery devices market in years to come. However, occurrence of irritation, dilution owing to the hardness of implants, and discomfort faced by patients may hamper the growth of the global ophthalmic drug delivery devices market in coming years. On the other hand, increasing prevalence of retinal disorders along with growing consumption of prescription and OTC eye drops can also boost the global ophthalmic drug delivery devices market in coming years.
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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
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.
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