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.
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.
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.
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, Oophthalmic 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 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.