The global ophthalmic drugs market is witnessing rapid increase over the past few years, mainly due to the rising prevalence of eye-related diseases & disorders. Also, discoveries of several breakthrough medicines are significant driving forces leading the growth of the market. Recent advances in medical technologies such as AMPPLIFY technology that demonstrates higher delivery of a drug into ocular tissues are escalating the market on the global platform.
Ophthalmic Drugs Market share was valued at USD 18.6 billion in 2022. The Ophthalmic Drugs market industry is projected to grow from USD 20.05 Billion in 2023 to USD 31.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 – 2030).
Substantial R&D investments into drug discoveries are another major tailwind pushing the market growth excellently, bringing about novel medicines to treat various ophthalmic diseases. Furthermore, recent development & commercialization of several drugs boost the market growth.
Also, the improving regulatory framework fosters market growth to an extent. The prevalence of eye-related diseases and disorders, alongside the growing incidences of chronic diseases such as neurovascular or diabetes that affect the eyesight, is rising continually. Moreover, coronary and other retina-related diseases led by the rising numbers of lifestyle diseases such as diabetes are growing too. All these factors are doubling the size of the ophthalmology industry, creating tremendous market demand.
Conversely, factors such as the lengthy approval process for new drug applications, clinical trials, and final approval are impeding the growth of the market significantly. Nevertheless, the demand for sophisticated medications by physicians as well as patients, would, in turn, support the market growth throughout the forecast period.
Global Ophthalmic Drugs Market – Segments
The report has been segmented into five major dynamics.
By Dosage Form : Eye Drops, Ointments, Solutions, Gels, Capsules & Tablets, and others.
By Product Type : Prescription Drug and OTC Drug.
By Drug Class : Antibiotics, Anti-Inflammatory, Anti-Glaucoma, and others.
By Indication : Glaucoma, Retinal Disorder, Dry Eye, Eye Allergy, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Ophthalmic Drugs Market – Regional Analysis
North America leads the global ophthalmic drugs heading with the presence of the many major players and a large patient population suffering from eye diseases. Moreover, the availability of well-developed technology and high healthcare expenditures, alongside the rising prevalence of eye diseases in the region, drives the market growth significantly.
Also, the growing demand for eye care led by the increasing numbers of patients suffering from chronic diseases such as diabetes, neurovascular, and different eye disorders impacts market growth positively. Additionally, augmenting demand for the minimally invasive & technologically advanced treatments, alongside the governmental support for R&D funding are expected to drive the regional market growth, commutatively.
Europe’s ophthalmic drugs market is proliferating rapidly. The burgeoning pharmaceutical industry in the region is a major driving force behind the regional market. Besides, factors such as well-penetrated healthcare sectors, a growing number of advanced treatment facilities, and increasing healthcare expenditures in the region are supporting the regional market growth. The European ophthalmic drugs market is expected to demonstrate healthy growth during the review period.
The Asia Pacific ophthalmic drugs market is growing rapidly, mainly due to the development of breakthrough medicines for the treatment of eye diseases. Besides, the rising prevalence of various eye diseases among the growing population, and large unmet needs, offer many growth opportunities for the market players.
Additionally, substantial funding support to drive R&D activities for drug discoveries from the private & public sectors supports the growth of the regional market. Furthermore, growing pharmaceutical industries, alongside the availability of new treatment methods, push the market growth, meeting the ever-increasing demand for eye care in the region.
Global Ophthalmic Drugs Market – Competitive Landscape
The ophthalmic drugs market appears highly competitive and fragmented with several well-established players churning the market competition. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch try. These players invest substantially to meet their goals of innovation and increase the footprints.
Leading players mentioned in the ophthalmic drugs market trends report include Allergan Plc, Novartis AG, F. Hoffmann-La Roche AG, Bausch Health Companies Inc., Bayer AG, Pfizer Inc., Merck & Co., Inc., Aerie Pharmaceuticals, Inc., Regeneron Pharmaceuticals, Inc., and Santen Pharmaceutical Co., Ltd., among others.
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