Ocular Inserts Market : Segmentation, Opportunities, Trends & Future Scope to 2025
Ocular insert is a sterile, thin, multilayered, semisolid, or solid device that is drug impregnated and placed into the conjunctival sac. These inserts are composed of polymeric support, which may or may not contain a drug. Drugs can be inserted or dispersed as solution later in the polymeric support. Ocular inserts offer several advantages such as continual release of medication into eyes and ease of administration by nurse and patients. Ocular inserts signify an important advancement in eye therapy.
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The global ocular inserts market is expect to expand at a fast-paced CAGR during the forecast period. Rise in prevalence of ophthalmological diseases such as glaucoma and retinal vascular diseases is a key factor expected to drive the global ocular inserts market during the forecast period. According to the American Academy of Ophthalmology, around 2.7 million people above 40 years of age in the U.S. are affected with glaucoma. Usage of ocular insert as a drug delivery system in the disease can boost the global ocular inserts market in the near future. Furthermore, advantages of ocular inserts such as different shapes and sizes and solubility of inserts are augmenting the global ocular inserts market. Lack of awareness about ophthalmic disorders and drug delivery systems in developing countries is one of the key factors estimated to hamper the global ocular inserts market during the forecast period.
The global ocular inserts market can be segmented based on solubility, end-user, and geography. In terms of solubility, the global ocular inserts market can be divided into soluble ocular inserts, insoluble ocular inserts, and bio-erodible ocular inserts. The insoluble ocular inserts segment can be further segmented into diffusion inserts, osmotic inserts, and soft contact lenses. The soluble ocular inserts segment is further classified into natural polymer and synthetic polymers. The insoluble ocular inserts segment is anticipated to hold large share of ocular inserts market during the forecast period due to the increase in usage of contact lenses as ocular drug delivery system. Based on end-user, the global ocular inserts market can be divided into private eye clinics, eye hospitals, and outpatient retinal clinics.
In terms of geography, the ocular inserts market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America accounts for significant share of the global ocular inserts market. Increase in prevalence of chronic disorders and glaucoma is one of the primary factors fuelling the ocular inserts market in North America. Furthermore, rise in awareness about ocular drug delivery systems, increase in per capita health care expenditure, and availability of advanced technology propelling the ocular inserts market in North America.
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Europe is also anticipated to hold key share of the global ocular inserts market, led by the increase in elderly population. The ocular inserts market in Asia Pacific is anticipated to expand at a fast pace during the forecast period owing to the growth in geriatric population and rise in government initiatives regarding awareness about blindness and adoption of health care solutions for better standard of life. Furthermore, rise in prevalence of childhood blindness and high prevalence of glaucoma are driving the ocular inserts market in Asia Pacific.
Key players adopt strategies such as mergers and acquisitions, improvement of products, cost effectiveness, and collaborative partnerships in order to expand their ocular inserts market share. Prominent players operating in the ocular inserts market include Ocular Therapeutix, Inc, Bausch & Lomb Incorporated, Novartis AG, and EyeGate.
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