Ocular Drug Delivery Market Size, Trends and Growth Analysis by 2027

The ocular drug delivery sector was valued at approximately US$ 16,404.32 million in 2021 and is anticipated to grow to US$ 27,016.20 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.4% during the period from 2021 to 2028.

This expansion in the ocular drug delivery market can be attributed to several factors, including the increasing incidence of eye-related disorders and heightened research efforts focused on ocular drug delivery systems. Nevertheless, the market faces challenges due to inherent limitations associated with ocular drug delivery methods. For example, traditional eye drop systems often result in significant drug loss due to rapid clearance from the ocular surface. Additionally, topical ocular drug delivery methods struggle to effectively target the posterior segment of the eye.

An ocular drug delivery system (ODDS) refers to any formulation, vehicle, or system designed to administer medication directly to the eye to treat various conditions affecting vision. These systems can range from basic sterile eye drops intended for the ocular surface to sophisticated implants designed for intraocular delivery. Ocular drug formulations are predominantly liquid, including solutions, suspensions, and emulsions, aimed at treating diseases of the anterior segment of the eye. Advanced drug delivery systems such as in-situ gels, microemulsions, nanoparticles, liposomes, iontophoresis, nanosuspensions, and ocular inserts are also available.

Globally, the primary causes of blindness and visual impairment include cataracts, glaucoma, age-related macular degeneration, diabetic retinopathy, and uncorrected refractive errors. A significant portion of the global population has experienced some form of eye disorder during their lifetime. According to a report by the World Health Organization (WHO) titled "Blindness and Vision Impairment," published in February 2021, approximately 2.2 billion individuals worldwide suffer from near or distance vision impairment. The report highlights that cataracts (94 million cases) and uncorrected refractive errors (88.4 million cases) are the leading causes of vision loss. Other notable causes include glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million).

In the United States, the National Eye Institute (NEI) projects that the number of individuals with cataracts will double from 24.4 million in 2010 to around 50 million by 2050. Furthermore, the Factsheet on Glaucoma: Facts & Figures 2019 indicates that over 3 million Americans are currently living with glaucoma. In Canada, the 2017 Canadian Survey on Disabilities reported that 1.5 million Canadians experienced sight loss, while approximately 5.59 million had eye diseases that could lead to vision impairment.

In the UK, the Royal National Institute of Blind People reported in 2017 that around 350,000 individuals were registered as blind or partially sighted, with 173,735 classified as severely sight impaired and 176,125 as sight impaired.

The COVID-19 pandemic has posed significant challenges globally, straining healthcare systems and necessitating the prioritization of limited resources to reduce hospital admissions. Despite the rising demand for ocular therapeutics, including eye drops, ointments, and suspensions, there has been a notable shortage of these products as new consumers entered the market. Manufacturers have faced increased costs and potential shortages of raw materials due to supply chain disruptions. However, as restrictions ease and businesses return to normal operations, the balance between demand and supply is expected to stabilize, presenting numerous growth opportunities for ocular drug delivery therapeutics.

The ocular drug delivery market is categorized by technology into implantable ocular drug delivery systems, particulate drug delivery systems, nanoparticle drug delivery systems, and others. The implantable ocular drug delivery systems segment is projected to hold the largest market share in 2021 and is expected to exhibit the highest CAGR during the forecast period.

In terms of formulation type, the market is divided into liposomes and nanoparticles, solutions, emulsions, suspensions, and ointments. The solution segment is anticipated to dominate the market in 2021 and is expected to achieve the highest CAGR from 2021 to 2028, driven by the growing adoption of ocular drug delivery systems in solution forms, such as eye drops and injectables.

When categorized by disease type, the ocular drug delivery market includes glaucoma, diabetic retinopathy, dry eye syndrome, macular degeneration, cataracts, diabetic macular edema, and others. The cataract segment is expected to command the largest market share in 2021 and is projected to grow at the highest CAGR from 2021 to 2028.

Finally, the market is segmented by end user into hospitals, ophthalmic clinics, and ambulatory surgical centers. The hospitals segment is expected to hold the largest market share in 2021, while the ophthalmic clinics segment is projected to register the highest CAGR during the forecast period.

Key sources referenced in the preparation of this report include the National Eye Institute, Royal National Institute of Blind People, American Academy of Ophthalmology, National Health Service, Food and Drug Administration, World Health Organization, and Centers for Disease Control and Prevention from various countries.