OCULAR DRUG DELIVERY TECHNOLOGY MARKET ANALYSIS

Regional Analysis

Regional segmentation of the ocular drug delivery technology market by Coherent Market Insights comprises North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. North America market is expected to be dominant over the forecast period. This is owing to increasing demand for treatment of posterior eye problems as according to American Academy Of Ophthalmology, in 2050 an estimated 7.32 million people in the U.S. are expected to suffer from open angle glaucoma, increasing geriatric population (that are at high risk for eye diseases), and advancement in technology in ocular therapy. IACTA Pharmaceuticals, Inc. was granted the North American rights to develop and commercialize NM133, comprising of molecular envelope technology to treat dry eye in July 2017. Furthermore, Sun Pharma launched its first branded ophthalmic product, Bromsite, in the U.S. in 2016. Asia Pacific market is expected to exhibit the highest growth rate over the forecast period. This is due to factors such as major concentration of local manufacturers, and low costs associated with treatment favoring the medical tourism in the region as according to International Journal of Pharmaceutical Sciences Review and Research, 2015, eye surgeries in developed economies such as the U.S. cost three to four times more than in India. Initiatives such as World Health Organization’s (WHO) Universal Eye Health plan till 2019 spreads awareness regarding eye health which is expected to aid in the ocular drug delivery technology market growth.