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Ocular Drug Delivery Market Size, Share, Growth, Trends And Forecast 2024-2033
Ocular Drug Delivery Market
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According to The Business Research Company's, The ocular drug delivery market size has grown strongly in recent years. It will grow from $17.39 billion in 2023 to $18.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in ocular diseases, aging population trends, advancements in pharmaceutical formulations, clinical advancements in ophthalmology, prevalence of diabetes-related eye conditions..
The ocular drug delivery market size is expected to see strong growth in the next few years. It will grow to $24.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising incidence of age-related eye diseases, focus on personalized medicine in ophthalmology, increased investment in ophthalmic research, demand for prolonged drug release, global initiatives for eye health.. Major trends in the forecast period include integration of smart drug delivery devices, personalized medicine in ocular drug formulations, development of topical ophthalmic therapies, collaborations for cross-industry innovations..
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Market Drivers and Trends:
An increase in the prevalence of eye disorders is expected to propel the growth of the ocular drug delivery market going forward. Eye disorders refer to a wide range of conditions that affect the eyes, vision, or the structures surrounding the eyes. Ocular drug delivery allocates medications directly to the target site, providing greater drug concentrations at the targeted area, optimizing therapeutic efficacy while avoiding systemic adverse effects, and improving eye disorders. For instance, in March 2023, according to the World Health Organization, a Switzerland-based United Nations agency, globally, 2.2 billion people will have a near- or far-sighted impairment. According to estimates, cataracts (94 million) and uncorrected refractive problems (88.4 million) are the main causes of visual loss or impaired vision. In addition, glaucoma (7.7 million cases), corneal opacities (4.2 million cases), diabetic retinopathy (3.9 million cases), and trachoma (2 million cases) are the other common causes of vision loss. Therefore, the increase in the prevalence of eye disorders is driving the growth of the ocular drug delivery market.
Product innovation is a key trend gaining popularity in the ocular drug delivery market. Companies operating in the ocular drug delivery market are focused on developing new product innovations to sustain their position in the market. For instance, in March 2023, Alcon AG, a Swiss pharmaceutical and medical device firm focusing on eye care products, launched TOTAL30 for astigmatism and SYSTANE HYDRATION for dry eye and ocular health. TOTAL30 is the debut and only Toric lens to combine water Gradient and Celligent Technology, allowing the lens that mimics the structure of the ocular surface and provides superior performance in areas like comfort, stability, and visual acuity. SYSTANE HYDRATION PF is an ocular health eye drop that uses HydroBoost technology to restore moisture, prevent irritation, and give relief from dry eye symptoms.
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Major Key Players of the Market:
Pfizer Inc., Roche Holding AG, AbbVie Inc., Novartis AG, Allergan Inc., Regeneron Pharmaceuticals Inc., Bausch Health Companies Inc., Genentech Inc., Santen Pharmaceutical Co. Ltd., Akorn Inc., Valeant Pharmaceuticals International Inc., Aerie Pharmaceuticals Inc., Alimera Sciences Inc., Ocular Therapeutix Inc., Ophthotech Corporation, Acucela Inc., Graybug Vision Inc., Amakem NV, Kala Pharmaceuticals Inc., Icon Bioscience Inc., Clearside Biomedical Inc., Aerpio Therapeutics Inc., Senju Pharmaceutical Co. Ltd., Shire plc, Spark Therapeutics Inc., Sucampo Pharmaceuticals Inc., Carl Zeiss Meditec AG, EyeGate Pharmaceuticals Inc.
Ocular Drug Delivery Market 2024 Key Insights:
• The ocular drug delivery market size is expected to see strong growth in the next few years. It will grow to $24.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Prevalence Of Eye Disorders Boosts Ocular Drug Delivery Market
• Pioneering Product Innovations In The Ocular Drug Delivery Market
• North America was the largest region in the ocular drug delivery market in 2023
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