Global Ophthalmic Drug Delivery Devices Market Grows Steadily at a CAGR of 6.17%

Introduction

The Royal College of Ophthalmologists (United Kingdom) defines ophthalmology as "the medical specialty concerned with the diagnosis, treatment, and prevention of eye and visual system disorders." Ophthalmic drug delivery devices are a subset designed to deliver therapeutic compounds for the eye. These include conventional and advanced drug delivery systems, including prefilled syringes, multidose eyedroppers, drug-coated contact lenses, mist sprayers, add-on devices, squeeze dispensers, tubes, and ocular inserts. Several methods of ocular drug administration are discussed, beginning with basic formulation techniques to increase drug availability; mucoadhesives and viscosity enhancers assist in drug retention; and penetration enhancers promote drug transport into the eye.

Market Dynamics

Development of Novel Drug Dispensers Drives the Global Market

Several market participants have developed innovative dispensing methods or cutting-edge eyedroppers to resolve the deficiencies of conventional eyedroppers. Companies like AptarGroup, Inc. and Owen Mumford have developed squeeze dispensers to administer medications. In addition, companies such as Nemera, Aero Pump GmbH, and Berry Healthcare have developed sophisticated eyedroppers emphasizing user-friendliness and formulation without preservatives. Ocular inserts, implants, and drug-coated contact lenses are innovative drug dispensers being developed to provide sustained medication administration. These sophisticated drug dispensers emphasize targeted and prolonged drug delivery, driving market growth.

Inclusion of Nanotechnology in Ophthalmic Drugs Formulation Creates Tremendous Opportunities

Drug waste is one of the primary concerns in ophthalmology. In 2018, only 11.7% of glaucoma patients had optimal drug delivery techniques, according to a National Center for Biotechnology Information (NCBI) study titled "Evaluating Eye Drop Instillation Technique and Its Determinants in Glaucoma Patients." This has spurred the development of novel formulations that emphasize targeted drug delivery. Nanotechnology is an essential technology that can be utilized to produce pharmaceutical formulations. Targeted drug delivery, minimal drug waste, continuous drug delivery, and cost-effectiveness are among the primary advantages of this technology. In addition, these formulations can pass through barriers such as the cornea and replace invasive procedures such as implants, thereby creating new market opportunities.

Regional Analysis

North America is the most significant global ophthalmic drug delivery devices market shareholder and is estimated to exhibit a CAGR of 5.07% during the forecast period. The primary growth driver for the North American ophthalmic drug delivery devices market is the increasing prevalence of ocular disorders such as glaucoma, age-related macular degeneration (AMD), and cataract. According to Global Health Data Exchange (GHDx), the prevalence of cataracts rose by 9.42% in the region between 2016 and 2019. In addition, the prevalence of glaucoma in North America increased by 12.66 percent during this period. As a result, the prevalence of ocular disorders has increased, as has the demand for ocular drugs and drug-delivery devices. The growth of the ophthalmic drug delivery devices market in North America is fueled by key and emerging companies. Furthermore, emerging regional companies have accelerated technological advancements and incorporated digital solutions into ophthalmic drug delivery devices.

Europe is anticipated to exhibit a CAGR of 6.59% over the forecast period. The rising incidence of ocular disorders such as glaucoma, age-related macular degeneration (AMD), and cataract is the primary growth driver for the ophthalmic drug delivery devices market in Europe. Historically, medical devices in Europe were governed by European Commission (EC) regulations. The main medical device regulations under which the companies applied for CE mark certification were 90/385/EC, 98/99/EC, and 93/42/EC. In response to the need for a change in the regulations, the Medical Device Regulation (MDR) was implemented. The new regulations are anticipated to be more rigorous and stringent, and the requirement for extensive documentation will increase the cost of regulatory procedures. Numerous market-leading companies, including Schott AG, Aero Pump GmbH, Gaplast GmbH, Nemera, Owen Mumford, and Gerresheimer AG, are headquartered in the region and control a substantial share of the global ophthalmic drug delivery devices market.

Key Highlights

• The global ophthalmic drug delivery devices market was valued at USD 336.83 million in 2022. It is estimated to reach USD 577.33 million by 2031, growing at a CAGR of 6.17% during the forecast period (2023–2031).
• Based on product, the global ophthalmic drug delivery devices market is divided into pre-filled syringes, multidose eyedroppers, contact lenses, add-on devices, mist sprayers, squeeze dispensers, and others. The pre-filled syringes segment accounts for the largest market share and is expected to exhibit a CAGR of 4.15% over the forecast period.
• Based on formulation, the global ophthalmic drug delivery devices market is bifurcated into eye drops, liquid sprays, gels, ointments, and others. The eye drops segment dominates the global market and is expected to exhibit a CAGR of 4.92% over the forecast period.
• Based on service, the global ophthalmic drug delivery devices market is bifurcated into direct and indirect sales. The direct sales segment owns the highest market share and is predicted to exhibit a CAGR of 6.15% over the forecast period.
• Based on end-user, the global ophthalmic drug delivery devices market is divided into hospitals, clinics, home care settings, and others. The hospital segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.81% over the forecast period.
• North America is the most significant global ophthalmic drug delivery devices market shareholder and is estimated to exhibit a CAGR of 5.07% during the forecast period.

Competitive Players

Competitive Players

The key global ophthalmic drug delivery devices market players are Aero Pump GmbH, Aptar Group, Inc., Bausch Health Companies Inc., Beckton, Dickinson, and Company, Gaplast GmbH, Gerresheimer AG, EyePoint Pharmaceuticals, Inc., Jotteq Inc., Nemera, Ocular Therapeutix, Inc., Owen Mumford, Nipro Corporation, Silgan Holdings Inc., and Terumo Corporation.

Recent Developments

Market News

• In April 2023, Celanese got engaged in an agreement with Glaukos regarding drug delivery for glaucoma treatments, the company announced. Celanese consented to provide its VitalDose drug delivery platform for incorporation into Gluakos' iDose TR.
• In December 2022, Eyenovia, Inc. was developing one of the first microdosing systems to improve the overall patient experience and streamline practice flow by enabling the digital delivery of eye medications.

Segmentation

Global Ophthalmic Drug Delivery Devices Market: Segmentation

By Product

• Pre-Filled Syringes
• Multidose Eyedroppers
• Contact Lenses
• Add-On Devices
• Mist Sprayers
• Squeeze Dispensers
• Others

By Formulation

• Eye Drops
• Liquid Sprays
• Gels
• Ointments
• Others

By Sales Channel

• Direct Sales
• Indirect Sales

By End-User

• Hospitals
• Clinics
• Homecare Settings
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa