The market is expected to grow at a CAGR of 6.17% during the forecast period from 2021 to 2030

Global Ophthalmic Drug Delivery Devices Market to Reach $537. 8 Million by 2030. Market Report Coverage - Ophthalmic Drug Delivery Devices Market Segmentation.

New York, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Ophthalmic Drug Delivery Devices Market: Focus on Product, Formulation, Sales Channel, End User, and 21 Countries - Analysis and Forecast, 2021-2030" - https://www.reportlinker.com/p06135350/?utm_source=GNW

• Product- Pre-filled syringes, multidose eyedroppers, squeeze dispensers, mist sprayers, add-on devices, contact lenses, and others (tubes, ocular inserts, etc.)
• Formulation- eye drops, liquid sprays, ointments, gels, and others (emulsions, suspensions, etc.)
• Sales channel- Direct sales and indirect sales
• End User- Hospitals, clinics, homecare settings, and others (standalone and specialty centers)

Regional Segmentation

• North America – U.S., and Canada
• Europe – Germany, U.K, France, Italy, Spain, Nordic Countries, and Rest-of-Europe
• Asia-Pacific – Japan, China, India, South Korea, Australia and New Zealand, Singapore, and Rest-of-Asia-Pacific
• Latin America – Brazil, Mexico, Argentina, Colombia, and Rest-of-Latin-America
• Middle East and Africa – K.S.A., Israel, South Africa, and Rest-of-Middle East and Africa

Market Growth Drivers

• Rising Prevalence of Ocular Disorders
• Development of Novel Drug Dispensers
• Integration of Digital Solutions in Ophthalmic Drug Delivery Devices
• Regular Funding Cycles for Emerging Companies

Market Challenges

• High Upfront Cost of Advanced Ophthalmic Drug Delivery Devices
• Prolonged Regulatory Approval Process

Market Opportunities

• Entry of Regional Companies in Global Ophthalmic Drug Delivery Devices Market
• Partnerships Between Companies and Ophthalmic Clinics
• Inclusion of Nanotechnology in Ophthalmic Drugs Formulation

Key Companies Profiled

Aero Pump GmbH, AptarGroup, Inc., Bausch Health Companies Inc., Becton, Dickinson and Company, EyePoint Pharmaceuticals, Inc., Gaplast GmbH, Gerresheimer AG, Jotteq Inc., Nemera, Nipro Corporation, Ocular Therapeutix, Inc., Owen Mumford, Silgan Holdings Inc., Terumo Corporation, West Pharmaceutical Services, Inc., Kedalion Therapeutics, Inc., Re-Vana Therapeutics, Mati Therapeutics, Inc., Biocorp, Ocumedic, Inc.

How This Report Can Add Value

Who should buy this report?

• Technology/non-healthcare companies planning to enter the ophthalmic drug delivery devices market through a platform, mobile application, or smart device
• Ophthalmic drug delivery device manufacturers
• Companies manufacturing contact lenses

Key questions answered in the Global Ophthalmic Drug Delivery Devices Market Report

• What has been the impact of COVID-19 on the global ophthalmic drug delivery devices market?
• What are the key technological trends influencing the global ophthalmic drug delivery devices market, and what is their potential in short-, mid-, and long-term duration?
• What are the key regulations impacting the global ophthalmic drug delivery devices market?
• Who are the key players in the global ophthalmic drug delivery devices market?
• Which key strategy was most extensively used in the global ophthalmic drug delivery devices market?
• What are the key factors influencing the growth of the global ophthalmic drug delivery devices market? What are the major opportunity areas for the companies operating in the market?
• Which product sub-category is projected to witness accelerated growth in the global ophthalmic drug delivery devices market during the forecast period 2021-2030?
• Which formulation type is projected to hold the largest share in the global ophthalmic drug delivery devices market during the forecast period 2021-2030?
• What are the major sales channels in the global ophthalmic drug delivery devices market, and what is their growth potential during the forecast period 2021-2030?
• Who are the key end users, and what is their respective share in the global ophthalmic drug delivery devices market?
• What are the major key findings for the global ophthalmic drug delivery devices market across various regions?

Global Ophthalmic Drug Delivery Devices Market Overview

The scope of the global ophthalmic drug delivery devices market involves various drug delivery devices used in ophthalmic drug delivery. The considered devices include pre-filled syringes, multidose eyedroppers, drug-eluting contact lenses, technology-enabled add-on devices, mist sprayers, squeeze dispensers, and other devices such as tubes and ocular inserts.

The global ophthalmic drug delivery devices market comprises various key medical device companies and emerging companies. The major medical device companies operating in the market include Becton, Dickinson and Company, Nipro Corporation, Teruo Corporation, and West Pharmaceutical Services, Inc.

Furthermore, various ophthalmic drug delivery device manufacturers such as Aero Pump GmbH, AptarGroup, Inc., Bausch Health Companies Inc., EyePoint Pharmaceuticals, Inc., Gaplast GmbH, Gerresheimer AG, Jotteq Inc., Nemera, Ocular Therapeutix, Inc., Owen Mumford, and Silgan Holdings Inc. also operate in the market.

Additionally, owing to the rising technology integration, various emerging companies such as Kedalion Therapeutics, Inc., Re-Vana Therapeutics, Inc., Biocorp, and Ocumedic, Inc. are also present in the market and are developing advanced ophthalmic drug delivery devices.

The factors driving growth include increasing prevalence of ocular disorders, development of novel drug dispensers, integration of digital solutions in ophthalmic drug delivery devices, and regular funding cycles for emerging companies.The restraints for the global ophthalmic drug delivery devices market include high upfront cost of the advanced ophthalmic drug delivery devices and prolonged regulatory approval process.

Furthermore, there are various opportunities in the market that hold considerable growth potential. Entry of regional companies in the global ophthalmic drug delivery devices market, partnerships between companies and ophthalmic clinics, and inclusion of nanotechnology in ophthalmic drugs formulation are the key opportunity areas in the global ophthalmic drug delivery devices market.

Key technology trends such as the sustained drug delivery, connected devices for medication adherence, small molecules for drug delivery, and liquid sprays are anticipated to influence the global ophthalmic drug delivery devices market.

The global ophthalmic drug delivery devices market is in early stages of technology integration.A limited number of patents have been filed in the global market between January 2016-July 2021.

According to World Intellectual Property Organisation (WIPO), there were only 148 patents filed pertaining to the global market, with the highest being filed in 2017 (46).

During January 2018-June 2021, the global ophthalmic drug delivery devices market witnessed 54 key developments.Regulatory and legal activities were the most actively employed strategies, followed by mergers and acquisitions.

The key companies that received regulatory approvals between January 2018-June 2021 included Ocular Therapeutix, Inc., AptarGroup, Inc., EyePoint Pharmaceuticals, Inc., Nemera, Johnson, and Johnson Medical Devices Companies, Bausch and Lomb Incorporated, Ocumedic, Inc, and Terumo Corporation. Similarly, several partnerships took place between January 2018-June 2021. The aim of strategic partnerships includes new product development and business expansion.

New product launches are one of the primary strategies adopted by new companies to enter the global ophthalmic drug delivery devices market.Companies have also been working on upgrades for their existing products.

Between January 2018-June 2021, several new products were launched in the global ophthalmic drug delivery devices market. Companies such as Gerresheimer AG, Hoffman Neopac AG, Ocular Therapeutix, Inc., and Silgna Holdings, Inc. launched their products in the mentioned period. Furthermore, funding activities are critical for the entry and operation of start-ups in the global ophthalmic drug delivery devices market. Re-Vana Therapeutics, Credence MedSystems, Inc., and Kedalion Therapeutics, Inc. are the prominent companies in the global ophthalmic drug delivery devices market that have received funding for their product development and R&D efforts.

Two business models, namely, business-to-customer (B2C) and business-to-business (B2B), are operational in the global ophthalmic drug delivery devices market.The device manufacturers often employ both the business models for ensuring a prominent local and global presence.

Moreover, owing to the emergence of add-on devices, the adoption of B2C business model is projected to increase in the market.

The global ophthalmic drug delivery devices market report highlights that the market was valued at $295.4 million in 2020 and is expected to reach $537.8 million by the end of 2030. The market is expected to grow at a CAGR of 6.17% during the forecast period from 2021 to 2030.

Global Ophthalmic Drug Delivery Devices Market Drivers

The factors driving growth include increasing prevalence of ocular disorders, development of novel drug dispensers, integration of digital solutions in ophthalmic drug delivery devices, and regular funding cycles for emerging companies.The rising prevalence of ocular disorders has also increased the global prevalence of blindness.

For instance, according to a study published in Lancet, in December 2020, titled ‘Causes of Blindness and Vision Impairment In 2020 and Trends Over 30 Years, and Prevalence of Avoidable Blindness in Relation to VISION 2020: The Right to Sight: An Analysis for the Global Burden of Disease Study,’ cataract was the major cause of blindness. Furthermore, other ocular disorders such as glaucoma, uncorrected refractive error, age-related macular degeneration, and diabetic retinopathy are also the causes of blindness.

To overcome the shortcomings of conventional eye droppers, various companies operating in the market have developed either novel dispensing systems or advanced eyedroppers. For instance, companies such as AptarGroup, Inc. and Owen Mumford have developed squeeze dispensers for ophthalmic drug delivery. Furthermore, companies such as Nemera, Aero Pump GmbH, and Berry Healthcare have developed advanced eye droppers with a focus on preservative-free formulation and ease of usage.

Furthermore, owing to the rising digitization in the global healthcare system, advancements in drug delivery systems, rising focus on medication adherence, and high cost of drug non-adherence, the ophthalmic drug delivery devices have witnessed digital solutions integration.Companies such as Nemera have developed digital devices for ensuring medication adherence and compliance with the prescribed therapy by the patient.

Furthermore, Aptar Group, Inc., in association with Kali Care, has developed connected solutions for ensuring optimum eye care.

Furthermore, emerging companies such as Kedalion Therapeutics, Inc., Re-Vana Therapeutics, and Ocumedic, Inc also operate in the global ophthalmic drug delivery devices market. These companies have a strong product pipeline of advanced drug delivery devices with a focus on minimal drug wastage. Moreover, the companies receive regular fundings that ensure constant product development and research and development (R&D) activities.

Global Ophthalmic Drug Delivery Devices Market Challenges

The restraints for the global ophthalmic drug delivery devices market include high upfront cost of the advanced ophthalmic drug delivery devices and prolonged regulatory approval process.

The high upfront cost of the advanced ophthalmic drug delivery devices plays a pivotal role in their limited adoption. For instance, the average price of an ocular insert is approximately $10 per unit, whereas the average price of a pre-filled syringe varies between $0.02-$0.60 per unit. Similarly, the price of a multidose eyedropper varies between $0.03-$0.12. The high price of the advanced ophthalmic drug delivery devices makes their purchase dependent on the reimbursable amount and eligibility criteria. Furthermore, the sales of such devices are considerably low in countries with only private insurance systems.

Furthermore, owing to the long duration of regulatory process and additional requirements, the cost of the process increases that further limits the new product launches. Furthermore, the product undergoes the regulatory process in each geography prior to its launch.

Global Ophthalmic Drug Delivery Devices Market Opportunities

Entry of regional companies in the global ophthalmic drug delivery devices market, partnerships between companies and ophthalmic clinics, and inclusion of nanotechnology in ophthalmic drugs formulation are the key opportunity areas in the global ophthalmic drug delivery devices market.

The global ophthalmic drug delivery devices market is dominated by global companies such as Nemera, Aptar Group, Inc., Becton, Dickinson and Company, and West Pharmaceutical Services, Inc. However, the market holds significant growth potential for regional companies as well. For instance, Chinese companies are one of the major global suppliers for pre-filled syringes and multidose eyedroppers.

Moreover, companies can partner with chain or standalone clinics as business expansion opportunities. Furthermore, partnerships with clinics also facilitate real-world evidence analysis for the companies. The key advantages of such a partnership for a company include the development of a customer base and market presence. Moreover, for patients and ophthalmologists, such a partnership would enable access to advanced drug delivery devices, increased compliance with therapy, and minimal wastage of the drugs.

Nanotechnology is one of the key technologies that can be used in manufacturing drug formulations.The key advantages of the technology include sustained drug delivery, target delivery, minimal wastage, and cost-efficacy.

Furthermore, such formulations can pass through barriers such as cornea and can be used instead of invasive techniques such as implants.

Impact of COVID-19 on Global Ophthalmic Drug Delivery Devices Market

In the short term, i.e., 2-4 years from 2020, COVID-19 would have a medium impact on the global ophthalmic drug delivery devices market. The demand for add-on devices is anticipated to be high during this timeframe.

5-10 years from 2020, the resumption of elective surgeries and normalization of the supply chain would be the key factors for market recovery. Finally, in the long term, i.e., 8-12 years from 2020, the reinstatement of supply chain and entry of advanced ophthalmic drug delivery devices are expected.

Market Segmentation

Global Ophthalmic Drug Delivery Devices Market (by Product)

The global ophthalmic drug delivery devices market (by product) has been segmented into pre-filled syringes, multidose eyedroppers, contact lenses, add-on devices, mist sprayers, squeeze dispensers, and others.

Global Ophthalmic Drug Delivery Devices Market (by Formulation)

The global ophthalmic drug delivery devices market (by formulation) has been segmented into eye drops, liquid sprays, ointments, gels, and others.

Global Ophthalmic Drug Delivery Devices Market (by Sales Channel)

The global ophthalmic drug delivery devices market has been segmented into direct sales and indirect sales.

Global Ophthalmic Drug Delivery Devices Market (by End User)

The global ophthalmic drug delivery devices market (by end user) has been segmented into hospitals, clinics, homecare settings, and others

Global Ophthalmic Drug Delivery Devices Market (by Region)

The different regions covered under the global ophthalmic drug delivery devices market report include North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa.

North America dominated the global ophthalmic drug delivery devices market in 2018 and is anticipated to uphold its dominance throughout the forecast period.The growth in the market is majorly driven by the increasing research and development activities and adoption of advanced ophthalmic drug delivery devices.

Also, the ongoing trend for digital transformation through the development of platforms and mobile applications is putting a significant impact on the market growth.

Key Market Players and Competition Synopsis

Aero Pump GmbH, AptarGroup, Inc., Bausch Health Companies Inc., Becton, Dickinson and Company, EyePoint Pharmaceuticals, Inc., Gaplast GmbH, Gerresheimer AG, Jotteq Inc., Nemera, Nipro Corporation, Ocular Therapeutix, Inc., Owen Mumford, Silgan Holdings Inc., Terumo Corporation, West Pharmaceutical Services, Inc., Kedalion Therapeutics, Inc., Re-Vana Therapeutics, Mati Therapeutics, Inc., Biocorp, and Ocumedic, Inc.

The global ophthalmic drug delivery devices market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are regulatory and legal activities, partnerships and alliances, new offerings, mergers and acquisitions, expansion activities, and funding activities.

Countries Covered
• North America
• U.S.
• Canada
• Europe
• Germany
• Italy
• France
• Spain
• U.K.
• Nordic Countries
• Rest-of-Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia and New Zealand
• Rest-of-Asia-Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest-of-Latin America
• Middle East and Africa
• K.S.A.
• Israel
• South Africa
• Rest-of-Middle East and Africa
Read the full report: https://www.reportlinker.com/p06135350/?utm_source=GNW

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