Ocular Drug Delivery Global Market Report 2024

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 observed during the historic period can be ascribed to several factors, including an increase in ocular diseases, trends in an aging population, advancements in pharmaceutical formulations, clinical progress in ophthalmology, and the prevalence of eye conditions related to diabetes. These factors collectively contributed to the expansion of the ocular drug delivery market during that period.

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 anticipated growth in the forecast period can be linked to several factors, including the increasing incidence of age-related eye diseases, a heightened focus on personalized medicine within the field of ophthalmology, augmented investment in ophthalmic research, a growing demand for prolonged drug release solutions, and global initiatives aimed at improving eye health. Noteworthy trends expected in the forecast period encompass the integration of smart drug delivery devices, the adoption of personalized medicine in ocular drug formulations, the development of topical ophthalmic therapies, and collaborations fostering cross-industry innovations. These trends collectively contribute to the projected expansion of the ocular drug delivery market.

The anticipated growth in the ocular drug delivery market is expected to be propelled by the increasing prevalence of eye disorders. Eye disorders encompass a broad spectrum of conditions affecting the eyes, vision, or surrounding eye structures. Ocular drug delivery plays a pivotal role by delivering medications directly to the targeted site, optimizing therapeutic efficacy, minimizing systemic adverse effects, and addressing various eye disorders. For example, global estimates from the World Health Organization in March 2023 indicate that 2.2 billion people worldwide will experience near- or far-sighted impairment. Cataracts (94 million cases) and uncorrected refractive problems (88.4 million cases) stand out as the primary causes of visual impairment. Additionally, conditions such as glaucoma (7.7 million cases), corneal opacities (4.2 million cases), diabetic retinopathy (3.9 million cases), and trachoma (2 million cases) contribute significantly to vision loss. The increasing prevalence of eye disorders is thus a key driver for the growth of the ocular drug delivery market.

The growth of the ocular drug delivery market is anticipated to be fueled by the expanding geriatric population. The geriatric population, typically defined as individuals aged 65 and older, experiences a higher incidence of age-related eye diseases such as age-related macular degeneration, glaucoma, and cataracts. Advances in ocular drug delivery offer promising solutions for addressing these conditions in the elderly. As of October 2022, the World Health Organization reports that by 2030, 1 in 6 people worldwide will be aged 60 years or older, totaling 1.4 billion individuals compared to 1 billion in 2020. The number of individuals aged 60 and older is projected to double to 2.1 billion by 2050, with an additional 426 million people aged 80 or older compared to the present. The growing geriatric population is, therefore, a significant driver for the growth of the ocular drug delivery market.

Product innovation stands out as a prominent trend gaining traction in the ocular drug delivery market, with companies making significant efforts to introduce novel products and technologies to maintain their competitive edge. An example of this trend is evident in the initiatives of Alcon AG, a Swiss pharmaceutical and medical device company specializing in eye care products. In March 2023, Alcon launched TOTAL30 for astigmatism and SYSTANE HYDRATION for dry eye and ocular health. TOTAL30, the first Toric lens of its kind, combines Water Gradient and Celligent Technology to mimic the ocular surface's structure, providing superior performance in comfort, stability, and visual acuity. SYSTANE HYDRATION PF, an ocular health eye drop, employs HydroBoost technology to restore moisture, prevent irritation, and offer relief from dry eye symptoms.

Major players in the ocular drug delivery market are particularly focused on innovative solutions, including ophthalmic solutions targeting the signs and symptoms of dry eye disease (DED). An ophthalmic solution is a liquid medication applied directly to the eye for treating or preventing various eye conditions. For instance, Bausch + Lomb, a Canada-based pharmaceutical company specializing in ophthalmic products, launched Miebo, a perfluorohexyloctane ophthalmic solution, in the United States in September 2023. This prescription eye drop, administered four times a day, is water-, preservative-, and steroid-free, designed to reduce tear evaporation at the ocular surface and alleviate the signs and symptoms of dry eye disease.

In June 2022, Novartis AG, a Switzerland-based provider of innovative science and digital technologies for medical treatments, made a strategic move by acquiring Kedalion Therapeutics Inc. and its innovative ocular delivery platform for an undisclosed amount. This acquisition is expected to enhance Novartis's ophthalmic portfolio, allowing the company to deliver customer- and patient-centric advancements in ocular treatments. Novartis's commitment to reimagining medicine and improving medication delivery and patient experience is underscored by this acquisition. Kedalion Therapeutics Inc., the acquired entity, is a US-based developer and commercializer of transformative topical ophthalmic therapies.

Major companies operating in the ocular drug delivery market report are 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.

North America was the largest region in the ocular drug delivery market in 2023. The regions covered in the ocular drug delivery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ocular drug delivery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key technology types in ocular drug delivery include implantable ocular drug delivery systems, particulate drug delivery systems, nano-particle drug delivery systems, and others. Implantable ocular drug delivery systems are designed for controlled drug release and are constructed from polymers that either degrade over time or remain intact. They come in diverse formulations, including liposomes, nanoparticles, solutions, emulsions, suspensions, and ointments. These systems find application in treating a range of eye conditions such as glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, cataracts, diabetic macular edema, among others. Various end-users, including hospitals, ophthalmic clinics, and ambulatory surgical centers, utilize these delivery systems for administering ocular drugs effectively.

The ocular drug delivery market research report is one of a series of new reports that provides ocular drug delivery market statistics, including ocular drug delivery industry global market size, regional shares, competitors with an ocular drug delivery market share, detailed ocular drug delivery market segments, market trends and opportunities, and any further data you may need to thrive in the ocular drug delivery industry. This ocular drug delivery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ocular drug delivery market includes revenues earned by entities such as eye drops, eye gels, eye powders, and ocular injections. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.