Pune, India, July 09, 2021 (GLOBE NEWSWIRE) -- The global ophthalmic therapeutic drugs market was valued at USD 37,500.2 million in 2020 and is projected to grow at a CAGR of 5.8% during the forecast period. The ophthalmic therapeutic drugs are formulations designed to treat eye disorders like glaucoma, cataract, color blindness, and age-related macular degeneration.
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The rise in the geriatric population, increasing prevalence of eye, and increasing investment in research and development activities by different healthcare brands are the major factors driving the global ophthalmic drugs market growth. Additionally, the rising demand for ophthalmic therapeutic drugs, increasing awareness about eye care for preventing the risk of eye disorders, and government initiatives for research and manufacturing of various ophthalmic drugs, are expected to contribute to market growth.
The prolonged-time period of manufacturing the ophthalmic drugs and their side effects are expected to hamper market growth during the forecast period. Apart from this, the lack of health insurance among the people in developing nations and lack of awareness among people about ophthalmic disorders like cataracts in underdeveloped countries are other restraining factors for market growth.
Some Significant Market Developments Considered in the Report:
- July 2020 - Quest Diagnostics received emergency use authorization from the US FDA for a laboratory technique that was launched for extracting viral RNA. It was designed for expanding the testing capacity of COVID-19 molecular tests.
- September 2019 - Alcon introduced iLUX Patients Care Kits for supporting the practices to treat people suffering from dry eyes in the United States.
- September 2019- Xelprose, an anti-glaucoma drug developed by Sun Pharma as well as SPARC was approved by USFDA.
- August 2018 - DSM Biomedical Inc. and Aerie Pharmaceuticals, Inc. have collaborated with each other which focuses on novel drug delivery in ophthalmology.
COVID-19 Impact on the Global Ophthalmic Therapeutic Drugs Market
The QMI team is closely monitoring the impact of COVID-19 on the global ophthalmic therapeutic drugs industry, and it has been observed that the demand for ophthalmic therapeutic is normal during the pandemic time. But it is anticipated to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. The demand for and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, energy, manufacturing, and other industries have suffered huge financial losses. However, ophthalmic therapeutic drugs have played a significant role in various drug and vaccine testing during the pandemic. All these factors have been analyzed in details in this report.
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Global Ophthalmic Therapeutic Drugs Market, by Therapeutic Class
Based on therapeutic class, the global therapeutic drugs market is segmented into anti-allergy, anti-VEGF agents, anti-inflammatory, anti-glaucoma and others. The anti-allergy segment is the fastest-growing segment due to the increasing adoption rate. Apart from this, the various companies are going through different clinical studies to develop advanced anti-allergy drugs to treat dry eye disorders.
Global Ophthalmic Therapeutic Drugs Market, by Disease Type
Based on disease type, the global ophthalmic therapeutic drugs market is segmented into dry eye, eye allergy, glaucoma, eye infection, retinal disorder, retinal disorder, uveitis, and others. The glaucoma segment is witnessing the highest market growth owing to the launch of new products in the market along with the increasing sales volume for the ophthalmic therapeutic drugs.
Global Ophthalmic Therapeutic Drugs Market, by Dosage Form
Based on dosage form, the global ophthalmic therapeutic drugs market is segmented into gels, eye solutions, capsules and tablets, eye drops, and ointments. The eye drops segment is having the highest market revenue share in 2021. This segmental growth can be due to ease of use and high patient compliance. Moreover, the introduction of modern healthcare technology for the ophthalmic therapeutic drugs market for improving physicochemical stability is estimated to drive the segment growth.
Global Ophthalmic Therapeutic Drugs Market, by Route of Administration
Based on route of administration, the global ophthalmic therapeutic drugs market is segmented into topical, local ocular, and systemic. The local ocular segment is the largest growing segment and is expected to continue its dominance during the forecast period. Additionally, the continuous launch of new products to replace existing formulations is estimated to propel market growth.
Global Ophthalmic Therapeutic Drugs Market, by Distribution Channel
Based on distribution channel, the global ophthalmic therapeutic drugs market is segmented into hospital pharmacies, drug stores, online pharmacies, and others. Hospital pharmacies is the largest growing segment as the demand for ophthalmic therapeutic drugs is rising due to the increasing prevalence of chronic eye disorders like cataracts, glaucoma and others.
Global Ophthalmic Therapeutic Drugs Market, by Region
Based on region, the global ophthalmic therapeutic drugs market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is holding the largest market share in terms of revenue due to the presence of advanced medical infrastructure and increasing consumer awareness about eye disorders.
Asia Pacific is expected to be the fastest-growing region owing to the increasing burden of ophthalmic disorders along with the rising consumer awareness. Many new companies are entering the market by taking strategic initiatives for developing new treatment methods for patients which is expected to boost regional market.
Some Major Findings of the Ophthalmic Therapeutic Drugs Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global ophthalmic therapeutic drugs market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global ophthalmic therapeutic drugs market, which include AbbVie Inc. (Allergan plc), Alcon Inc., Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd (Genentech, Inc.), Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceuticals Industries Ltd., and Teva Pharmaceuticals Industries Ltd. (Actavis Generics)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global ophthalmic therapeutic drugs market
- Impact of COVID-19 on the global ophthalmic therapeutic drugs market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Ophthalmic Therapeutic Drugs Market, By Therapeutic Class (Antiallergy, Anti-VEGF Agents, Anti-Inflammatory, Antiglaucoma, and Others), By Disease Type (Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorder, Uveitis, and Others), By Dosage Form (Gels, Eye Solutions, Capsules and Tablets, Eye Drops, and Ointments), By Route of Administration (Topical, Local Ocular, and Systemic), By Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies, and Others), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size, Share and Trends Analysis Report (2021–2030)” in depth analysis along with the table of contents (ToC).
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