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Paraffin Wax: A solid, soft, white or colorless wax with a melting point between 48 and 66 degrees Celsius. Petroleum is converted into paraffin wax by dewaxing stocks of light lubricating oil.
Microcrystalline Wax: When petrolatum is DE-oiled as part of the refining of petroleum, a kind of wax called microcrystalline wax is created.
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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 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.
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.
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 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.
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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 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?
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