Ophthalmic Drugs Market Aims for Remarkable Growth, Targeting USD 62.67 Billion by 2032 at 6% CAGR

The global ophthalmic drugs market size is anticipated to grow from USD 35 billion to USD 62.67 billion in 10 years. The market will experience rapid growth due to the increasing research and development expenditure during the forecast period. The key market players are listed in the report with their sales, revenues and strategies are Alcon, Allergan, Bausch Health Companies Inc., Bayer AG, Coherus Biosciences, Inc., Genentech, Inc., Merck & Co., Inc., Novartis AG, Pfizer Inc. and others.

Newark, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 35 billion in 2022 global ophthalmic drugs market will reach USD 62.67 billion in 2032. The number of people with eye diseases has increased due to sedentary lifestyles and prolonged use of laptops and mobile devices. To put this into perspective, in the US, 3.17 million people have had cataract surgery, and in 2021, 537 million people are predicted to have diabetic retinopathy. These numbers are expected to rise over time. Geriatric populations are growing in India and China, with almost 18% of the Chinese population expected to be over 60 in 2020. The incidence of eye problems rises along with the ageing population. The need for ophthalmic medications to treat these disorders rises when these factors are considered.

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Key Insight of the Global Ophthalmic Drugs Market

North America is expected to dominate the market during the forecast period.

The market will expand as the senior population becomes more prevalent. Given the changes in lifestyle and environment, there will be an increase in eye infections and illnesses, which will further the market's expansion. Given the established and interconnected healthcare infrastructure, the availability of ophthalmic medications will also be favourable for the market's expansion. During the forecast period, the market will continue to grow as long as major players are present.

In 2022, the glaucoma segment dominated the market with the largest market share of 38% and revenue of 13.30 billion.

The indication segment is divided into dry eye, allergies, infection, retinal disorders, glaucoma, and others. In 2022, the glaucoma segment dominated the market with the largest market share of 38% and revenue of 13.30 billion.

In 2022, the anti-VEGF segment dominated the market with the largest market share of 39% and revenue of 13.65 billion.

The drug class segment is divided into anti-allergy, anti-glaucoma, anti-inflammatory, anti-VEGF agents, anti-allergy and others. In 2022, the anti-VEGF segment dominated the market with the largest market share of 39% and revenue of 13.65 billion.

In 2022, the eye drops segment dominated the market with the largest market share of 43% and revenue of 15.05 billion.

The dosage form segment is divided into gels, capsules and tablets, eye drops, eye solutions and suspensions, and ointments. In 2022, the eye drops segment dominated the market with the largest market share of 43% and revenue of 15.05 billion.

In 2022, the drug stores segment dominated the market with the largest market share of 40% and revenue of 14 billion.

The distribution channel segment is divided into hospital pharmacies, drug stores, online pharmacies, and others. In 2022, the drug stores segment dominated the market with the largest market share of 40% and revenue of 14 billion.

Advancement in market

August 2023 - According to the chemists' organization, a gradual increase in viral conjunctivitis infections has caused a 25% increase in sales of eye drops and other ophthalmic solutions in Gujarat in July, marking the first increase in three years. Health officials speculate that the adenovirus strain's potential mutation may be to blame for the outbreak's wild expansion.

Report Coverage Details

Report CoverageDetails
Forecast Period2023-2032
Base Year2022
Market Size in 2022USD 35 Billion
Market Size in 2032USD 62.67 Billion
No. of Pages in Report237
Segments CoveredIndication, Drug Class, Dosage Form and Distribution Channel
DriversThe prevalent expansion of the digital age
OpportunitiesThe increasing research and development
RestraintsThe risks associated with ophthalmic drugs

Market Dynamics

Driver: The widespread use of digital screens.

Every aspect of life is becoming more mechanized and digitally enhanced. The way we live now, how we work, and how we live in general are all centred on screens. The rise in eye infections and diseases is attributed to extended screen time. The increase in eye infections and disorders is also a result of the environmental changes brought on by climate change. The growth of eye problems where the eye becomes dry, irritated, red, and loses flexibility is largely attributed to the surge in the usage of smartphones, laptops, PCs, and tablets for educational, recreational, and professional purposes. The global need for ophthalmic medications will be driven by the rising frequency of eye problems, infections, and diseases resulting from increased screen time.

Restraints: The dangers of using ophthalmic medications.

The human body's most delicate organ is the eye. Any medicine that treats infections or eye conditions has undergone extensive testing to guarantee its dependability, safety, and efficacy. However, there have been numerous occasions where mistakes made during the production, assembly, storage, or packing of ophthalmic medications resulted in contamination, which ultimately caused vision loss, patient discomfort, or even death in certain circumstances. As a result, ophthalmic medication hazards limit the market's potential expansion.

Opportunities: Increased investment in research development.

Novel ophthalmic medications have been developed to treat eye problems, infections, and patients due to growing research and development and rising rates of these conditions. To promote community health, public and private market participants are making significant investments in developing generic ophthalmic medications that are accessible, inexpensive, and effective. Therefore, the growth of the worldwide ophthalmic medicines market during the forecast period will be influenced by the expansion of research and development.

Challenges: Stringent government regulations.

The top healthcare institutions and governing authorities maintain the highest regulatory compliance standards while approving ophthalmic drugs. They ensure safety, efficacy and transparency to safeguard patient interests. The events of lapses increase vigilance, leading to bans on manufacturing facilities and revocation of licenses. The international regulations and safety standards also make compliance lengthy and time-consuming, restricting the market's growth.

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Some of the major players operating in the global ophthalmic drugs market are:

• Alcon
• Allergan
• Bausch Health Companies Inc.
• Bayer AG
• Coherus Biosciences, Inc.
• Genentech, Inc.
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc.
• Santen Pharmaceutical Co. Ltd.

Key Segments covered in the market:

By Indication

• Dry Eye
• Allergies
• Infection
• Retinal Disorders
• Glaucoma
• Others

By Drug Class

• Anti-Allergy
• Anti-Glaucoma
• Anti-Inflammatory
• Anti-VEGF Agents
• Anti-Allergy
• Others

By Dosage Form

• Gels
• Capsules and Tablets
• Eye Drops
• Eye Solutions and Suspensions
• Ointments

By Distribution Channel

• Hospital Pharmacies
• Drug Stores
• Online Pharmacies
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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