Ocular Drug Delivery Devices Market: Introduction
- Ocular drug delivery devices are defined as devices that effectively deliver a drug based on the need of a patient.
- Ocular drug delivery devices are used for various purposes such as during a surgery to provide a specific medication to the eye and to treat eye dryness and other such issues related to the eye.
- Ocular drug delivery devices aid in providing a specific drug in correct measurements and these are even inserted into the eye during necessary conditions to provide ocular drug delivery.
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Key Drivers and Opportunities of Global Ocular Drug Delivery Devices Market
- Rise in awareness about eye-related diseases increases the need of eye treatment. According to WHO, around 2.2 billion individuals have different eye-related issues. This increases the need of various ocular drugs that can be delivered through devices. These factors are anticipated to fuel the growth of the global market during the forecast period.
- According to WHO, around 422 million individuals have diabetes globally. This is likely to increase the prevalence of diabetic retinopathy, which if left untreated can lead to blindness. This in turn spreads awareness among individuals to avail various treatment procedures to treat retinopathy. Hence, rise in awareness about ocular drug delivery devices is expected to drive the global ocular drug delivery devices market in the next few years.
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North America to Capture Major Share of Global Ocular Drug Delivery Devices Market
- In terms of region, the global ocular drug delivery devices market can segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is likely to account for major share of the global ocular drug delivery devices market during the forecast period due to presence of well-established companies that are developing and providing ocular drug delivery devices. Moreover, the U.S. has 28 million individuals who suffer from different types of retinal diseases.
- Europe is a prominent market for ocular drug delivery devices due to enhanced eye care providers and increase in the usage of ocular drug delivery devices to provide the best treatment to patients with retinal diseases and other ocular issues
- The ocular drug delivery devices market in Asia Pacific is projected to grow at a rapid pace during the forecast period owing to increase in the geriatric population, rise in number of diabetic patients due to various eating habits & genetic influence, and surge in number of awareness camps related to eye treatment and care
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Key Players Operating in Global Ocular Drug Delivery Devices Market
The global ocular drug delivery devices market is consolidated due to the presence of small number of prominent players and new-startups that collaborate to provide the best ocular drug delivery devices. Growth strategies adopted by leading players are likely to drive the global ocular drug delivery devices market.
Major players operating in the global ocular drug delivery devices market are:
- Alcon Vision LLC
- Carl Zeiss AG
- Glaukos Corporation
- Ocular Therapeutix, Inc.
- Graybug Vision, Inc.
- Santen Pharmaceutical Co., Ltd.
- Clearside Biomedical, Inc.
- Other prominent players
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