17-Jun-2022 | Zion Market Research
The global ophthalmic drugs market was valued at USD 38.13 billion in 2021 and is predicted to expand to USD 60.31 billion by 2028, with a CAGR of roughly 5.9%. A kind of formulation, ophthalmic drugs are intended for treating eye diseases like glaucoma, cytomegalovirus (CMV) retinitis, cataract, diabetic macular edema, color blindness, and age-associated macular degeneration (AMD). In 2021, as per WHO, about 2.2 billion individuals were estimated to suffer from blindness or vision impairment, of which at least 1 billion suffer from vision impairment that can be avoided. These one billion individuals comprise those with severe or limited visual impairment owing to unresolved cataract (65.2 million), refractive error (123.7 million), corneal opacities (4.2 million ), glaucoma (6.9 million), trachoma (2 million), and diabetic retinopathy (3 million), along with imminent visual impairment resulting from undetermined presbyopia (826 million).
The global ophthalmic drugs market is likely to witness considerable growth during the forecast period mainly owing to the growing incidence of eye-related conditions, like macular degeneration, diabetic retinopathy, and presbyopia. Further, the rising ophthalmic drug demand, growing population of elders; and rising investment in research & development activities by numerous healthcare businesses are other factors expected to boost the market growth. Furthermore, the growing consciousness about eye-related disorders and increasing technological developments are also projected to fuel the market expansion in the coming period. Also, an increase in initiatives undertaken by private and government bodies for the manufacturing and development of the diverse combinations of ophthalmic drugs is likely to sour market growth to a great extent.
Further, as the approval number for advanced therapeutics by FDA is escalating, it is likely that the adoption rate of these recently unveiled drugs will increase dramatically. In terms of ophthalmic drugs, topical drug delivery techniques are used extensively. The drug’s success rate relies on the capability of the patient to adhere to the prescribed therapeutic treatment. A few of the factors for non-compliance include lack of knowledge, misunderstanding, intolerance, and denial, thereby hampering the market growth.
The global ophthalmic drug market is categorized based on disease, drug class, dosage form, route of administration, product type, and region. By disease, the market is classified into retinal disorders, eye infection, glaucoma, eye allergy, dry eye, and others. Based on the drug class, the market is bifurcated into antiglaucoma, anti-inflammatory, anti-VEGF agents, antiallergy, and others. The dosage form segment comprises ointments, eye drops, capsules & tablets, eye solutions, and gels. The route of administration segment is split into systemic, local ocular, and topical. By product type, the market is classified into OTC drugs and prescription drugs.
During the forecast period, the global ophthalmic drugs market is expected to be dominated by North America due to the accessibility to superior healthcare infrastructure along with high consumer awareness. Additionally, the regional market is also flourishing owing to the existence of leading competitors like Pfizer, Inc., and Alcon. Further, Asia Pacific is projected to be the quickest-blooming region owing to the rising incidence of ocular diseases and growing consumer awareness. Also, local businesses are bringing up strategic events to develop an innovative patient care solutions, thereby fueling the regional market growth.
Some of the key players operating in the global ophthalmic drugs market include NOVARTIS AG, F. HOFFMANN-LA ROCHE LTD, BAUSCH & LOMB INCORPORATED, Alcon, Inc., ABBVIE Inc., TEVA PHARMACEUTICAL INDUSTRIES LTD., SUN PHARMACEUTICAL INDUSTRIES LIMITED, SANTEN PHARMACEUTICAL CO., LTD, REGENERON PHARMACEUTICALS INC., and PFIZER INC.
Browse the full “Ophthalmic Drugs Market By Disease (Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, And Others), By Drug Class (Antiallergy, Anti-VEGF Agents, Anti-Inflammatory, Antiglaucoma, And Others), By Dosage Form (Gels, Eye Solutions, Capsules & Tablets, Eye Drops, And Ointments), By Route Of Administration (Topical, Local Ocular, And Systemic), By Product Type (Prescription Drugs And OTC Drugs), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/ophthalmic-drugs-market
Global ophthalmic drugs market is segmented as follows:
By Drug Class
By Dosage Form
By Route of Administration
By Product Type
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