New York, USA, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Ophthalmic Drugs Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ophthalmic Drugs Market Information by Dosage Form, Product Type, Drug Class, Indication, and Region - Forecast till 2030”, the market is anticipated to reach USD 31,360.6 Million by 2030 at 7.80% CAGR during the forecast period 2022-2030.
Market Scope:
Medicines formulated specifically for use in the eye, such as those for cataract, glaucoma, colorblindness, diabetic macular edema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration, are known as ophthalmic drugs (AMD).
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 31,360.6 Million |
| CAGR | 7.80% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Dosage Form, Product Type and Drug Class |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | In recent years, the trend of using contact lenses over specs has significantly increased |
| Increasing geriatric population and rising diabetes cases across the world |
Competitive Outlook:
Key players are increasing their foothold via new product development, mergers, and partnerships. The major players of the market are:
- Alcon
- Johnson & Johnson Services, Inc.
- Bausch Health
- Allergan
- Pfizer, Inc.
- Bayer AG
- Santen Pharmaceutical Co. Ltd.
- Genentech, Inc.
- Novartis AG
- Regeneron
- Merck & Co.
- Coherus Biosciences, Inc.
Ophthalmic Drugs Market Dynamics:
Market Drivers
The increasing number of people over the age of 65, the prevalence of eye diseases such as glaucoma, cataracts, and macular degeneration, the soaring demand for ophthalmic drugs, and the rise in investment in R&D activities by various healthcare providers are all factors that are propelling the global ophthalmic drugs market forward. A rise in the number of people who want to use state-of-the-art medical facilities and an increase in education on how to avoid and treat eye diseases are driving the industry forward. Major players in the industry and rising healthcare R&D spending both contribute to the growth of the ophthalmic medicine market.
Demand for ophthalmic medications is on the rise, and this growth is being fueled in part by rising healthcare awareness about preventing eye problems and by government programs to study and develop new ophthalmic drug formulations. The segment for retinal disease dominated the global ophthalmic drugs market by type of indication in 2016, and this trend is expected to continue over the forecast period because of the aging population, the prevalence of macular degeneration, and the surge in sales of ophthalmic drugs for the treatment of retinal disease. However, the glaucoma segment is expected to have considerable growth over the forecast period due to rising glaucoma prevalence, rising demand for ophthalmic medications, and increased awareness of glaucoma prevention and treatment.
North America accounted for a sizable share of the global market for ophthalmic pharmaceuticals, and it is expected to maintain its leadership over the projected period due to the region's growing older population, rising prevalence of eye disease, and government initiatives for eye health.
Market Restraints
The FDA has strict requirements governing the safety and efficacy of compounded ophthalmic medications, and these products must be tested for sterility for more than 14 days. This is the main factor limiting expansion in the ophthalmic medication market.
Growth in the ophthalmic medication sector has been hampered by rising health care costs and economic downturn in numerous emerging countries. Many people in various third-world countries still don't understand the value of good eyesight and the improved quality of life it can provide. Ophthalmic medication sales potential is hampered by a lack of public knowledge.
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COVID-19 Analysis:
Due to the rise in occurrences of conjunctivitis, often known as pink eye, the COVID-19 outbreak has had a major impact on the ophthalmic medications market. Since the disease is so easily spread, prompt treatment is more important than ever during this epidemic. In addition, doctors recognize conjunctivitis as an eye manifestation of the coronavirus. Lack of proper eye protection greatly contributed to the rapid spread of SARS. The value of the market for ophthalmic medications has increased thanks to these causes.
The demand for ophthalmic medications in healthcare facilities has increased as a result of preventative measures being taken. When logistics return to normal after the second wave, supply chain interruptions diminish.
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Ophthalmic Drugs Market Segmentation:
Based on Indication:
Infection or allergy segment is expected to drive the market over the review period.
Based on Type of drugs:
Over the counter drugs segment is slated to acquire substantial growth over the review period.
Based on dosage:
Liquid Ophthalmic drug form is expected to drive the market over the review period.
Based on distribution channels:
Drug stores is slated to acquire substantial growth over the review period.
Ophthalmic Drugs Market Regional Analysis:
At present, almost 41% of the global market for ophthalmic drugs is controlled by North America. Ophthalmic medicine market value has been growing steadily in recent years, thanks to improvements in therapy made possible by the widespread use of anti-inflammatory therapies. Drugs designed to relieve inflammation, such as Corticosteroids, are frequently prescribed to people with dry eye syndrome. Due to its large elderly population, North America is responsible for a sizable portion of the global market. Research and development (R&D) advancements in the health sector are on the rise in various developed countries, North America included, and the introduction of novel ophthalmic pharmaceuticals is one of the primary driving factors in the expansion of the ophthalmic drugs market.
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The Asia-Pacific area, which now has the greatest glaucoma caseload, is also projected to grow at the fastest rate during the forecast period, with a CAGR of 7.1%. A vast patient base, a high disease prevalence, and the establishment of local companies all contribute to Asia and the Pacific's rapid economic development. The Asia-Pacific area has the most patients, but also the lowest treatment rate. Growth in the region is anticipated to be bolstered by a number of strategic measures being implemented by market participants.
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