Future Market Insights' ocular drug delivery system market survey predicts positive growth on card in response to focus on novel drug delivery systems and technologies. Strategies adopted by ocular delivery system manufacturers are discussed in details, besides including insights into segments based on technology, dosage form, and distribution channel
DUBAI, U.A.E, July 1, 2021 /PRNewswire/ -- As per a study by Future Market Insight (FMI), the global ocular drug delivery system market size is likely to surpass a valuation of US$ 14.47 billion by the end of 2021, growing at a CAGR of 6.8% between 2021 and 2031. By 2031, ocular drug delivery systems sales are expected to reach US$ 27.82 billion.
The primary factor driving ocular drug delivery systems adoption is the increasing incidence of ophthalmic diseases and injuries. In the U.S., around 2,000 workers requires medical assistance due job-related eye injuries every day, according to a report published by the National Institute for Occupational Safety and Health (NIOSH).
Also, over 12 million people aged above 40 years have vision impairment in the country. Thus, the demand for effective treatment to curb the rising incidence of ophthalmic diseases and injuries is expected to create growth opportunities for the market.
Ocular drug delivery system companies are aiming at developing new products to enhance the potency of spatiotemporal drug administration. For instance, pSivida Corp. is focusing on launching its new product named, Durasert, a uveitis implant for the treatment of posterior uneitis infection. These ongoing improvements in treatment for ophthalmic diseases will favor the market growth over the assessment period.
"Increasing adoption of novel drug delivery technologies such as micro- and nanoparticles and implantable devices for posterior eye therapy is anticipated to open the floodgates for advanced ocular drug treatments," says the FMI analyst.
Leading ocular drug delivery system manufacturers are focusing on engaging in strategic collaborations and developing new products to maintain their lead in the market. For instance,
Clear side Biomedical, the U.S. based company, announced its strategic collaboration with EyeKor in March 2017, to support Clearside's clinical development efforts.
In October, 2020, AffaMed Therapeutics and Ocular Therapeutix™ announced collaboration and license agreement for OTX-TIC and DEXTENZA® in Asia.
Some of the leading companies operating in the ocular drug delivery system market profiled by FMI are:
Graybug Vision Inc.
Ocular Therapeutix, Inc.
Santen Pharmaceutical Co., Ltd
Taiwan Liposome Company Ltd.
Valeant Pharmaceuticals International, Inc
Vision Ophthalmology Group GmbH
URSAPHARM Arzneimittel GmbH
More Insights on FMI's Ocular Drug Delivery SystemMarket
The global ocular drug delivery system market study by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
The report offers insight into ocular drug delivery system demand outlook for 2021-2031
The market study also highlights ocular drug delivery system sales growth for period between 2021 and 2031
Ocular drug delivery system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Ocular drug delivery system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.