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.
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.
Ophthalmic Drug Delivery Devices Market Segmentation
Based on the product type, the ophthalmic drug delivery devices market is segmented into
- Ocular Inserts
- Contact Lenses
- Intraocular dosage forms
- Irrigating Solutions
Based on the indication, the ophthalmic drug delivery devices market is segmented into
- Dry eye
- Eye Infection & Inflammation
- Retinal Disorders
Based on the distribution channel, the ophthalmic drug delivery devices market is segmented into
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.