Global Intravitreal (IVT) Injectables Market: Overview
Intravitreal (IVT) injectables are used for the administration of medications to patients suffering from retinal disorders. Drugs are administered in the form of injections directly into the vitreous cavity of the eye, which is filled with vitreous humor gel. The procedure for injecting drugs is performed by a skilled ophthalmologist in the outpatient or office setting. Antivascular endothelial growth factor (anti-VEGF) drugs, antibiotics, steroids, antifungals, and antivirals are commonly used drugs for retinal conditions. Eylea, lucentis, and macugen are some of the common IVT injectables available in the market for the treatment of ocular diseases.
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Global Intravitreal (IVT) Injectables Market: Key Trends
Increase in the prevalence of retinal disorders such as age-related macular degeneration, retinal vein occlusions, and diabetic retinopathy across the globe are major factors driving the global intravitreal (IVT) injectables market. According to the National Eye Institute (NEI), approximately 2.0 million people in the U.S. were affected with AMD in 2010, and the number is expected to more than double to reach an estimated 5.4 million by 2050. Furthermore, favorable regulatory guidelines for the design and manufacture of intravitreal (IVT) injectables for patient safety are projected to boost the growth of the market during the forecast period. Manufacturers are developing intravitreal (IVT) injectables that are compatible with these regulatory guidelines.
Moreover, an increase in focus of industry players on innovation with a strong pipeline of IVT injections for the treatment of retinal conditions is projected to propel global market over the next few years. However, the need for frequent intravitreal injections and risks or complications associated with injectables, including infection and inflammation in the eye, retinal detachment, and vitreous hemorrhage, are anticipated to restrain the global market in the future.
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Global Intravitreal (IVT) Injectables Market: Segmentation
The global intravitreal (IVT) injectables market can be segmented based on drug class, application, distribution channel, and region. In terms of drug class, the market can be classified into anti-VEGF, antibiotics, corticosteroids, antifungals, and antivirals. The anti-VEGF segment held a prominent share of the global intravitreal injectables market in 2018. These drugs have the ability to bind to growth factors and suppress the formation of irregular blood vessels in ocular diseases.
Moreover, anti-VEGF drugs help minimize fluid leakage associated with these disorders, thereby generating high demand from ophthalmologists. Based on application, the global intravitreal (IVT) injectables market can be categorized into age-related macular degeneration (AMD), endophthalmitis, diabetic retinopathy, retinal vein occlusions, and others. In terms of distribution channel, the market can be segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held a prominent market share in 2018. It is anticipated to continue to dominate the market during the forecast period.
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Global Intravitreal (IVT) Injectables Market: Regional Analysis
In terms of region, the global intravitreal (IVT) injectables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to account for a prominent share of the global market between 2019 and 2027. A rise in the prevalence of age-related macular degeneration (AMD) is anticipated to drive demand for intravitreal (IVT) injectables in the U.S. Moreover, an intravitreal injection is the most common ophthalmic procedure performed in the country, owing to a favorable reimbursement scenario, which, in turn, is expected to boost market growth in the future. Increase in the geriatric population and rise in the burden of retinal diseases are anticipated to propel demand for intravitreal (IVT) injectables in Europe. Presence of a signficant patient pool suffering from diabetes mellitus in emerging countries such as India and China is a major risk factor for the development of diabetic retinopathy. This is expected to drive demand for intravitreal (IVT) injectables market in Asia Pacific in the coming years.
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Global Intravitreal (IVT) Injectables Market: Competitive Landscape
Key players operating in the global intravitreal (IVT) injectables market are Alcon Pharmaceuticals, Novartis, Regeneron Pharmaceuticals Inc., Allergan, Alimera Sciences, Bristol Myers Squibb, Bausch & Lomb, F. Hoffmann-La Roche, Thrombogenics and Valeant Pharmaceuticals International. These players have adopted organic and inorganic growth strategies to expand product portfolio and geographic reach.
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