Ophthalmic Drugs Market

Ophthalmic Drugs Market Overview:

The global ophthalmic drugs market generated $36,488.48 million in 2019, and is projected to reach $58,134.92 million by 2027, growing at a CAGR of 5.6% from 2020 to 2027. The ophthalmic drugs are the formulations that are designed for the treatment of eye diseases such as cataract, glaucoma, color blindness, diabetic macular edema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD).

Increase in geriatric population; rise in prevalence of eye disease such as glaucoma, cataract and macular degeneration; surge in demand of ophthalmic drug, and increase in investment in R&D activities by various healthcare companies are the key factors that drive the growth of the global ophthalmic drugs market. In addition, surge in demand for ophthalmic drugs, rise in awareness about healthcare to prevent the risk of eye diseases, and initiatives taken by government for development & manufacturing of different combination of ophthalmic drugs propel the growth of the market. However, prolonged time period for manufacturing and formulating the ophthalmic drug as well as side effects associated with the ophthalmic drugs are expected to restrict the market growth during the forecast period.

Ophthalmic Drugs Market Segmentation

The ophthalmic drugs market is segmented into indication, type, dosage form, distribution channel, therapeutic class, and region. By indication, the market is divided into dry eye, glaucoma, infection/inflammation/allergy, retinal disorders, and others. The retinal disorders segment is further classified into wet age-related macular degeneration, dry age-related macular degeneration, diabetic retinopathy, and others. On the basis of type, the market is fragmented into prescription drugs and over-the-counter drugs. Depending on dosage form, it is segregated into liquid ophthalmic drug forms, solid ophthalmic drug forms, semisolid ophthalmic drug forms, multicompartment drug delivery systems, and other ophthalmic drug forms. By distribution channel, the ophthalmic drugs market is differentiated into hospital pharmacies, drug stores, online pharmacies, others. The therapeutic class covered in the study include anti-glaucoma, anti-infection, anti-inflammation, anti-allergy and others.

Region wise, the ophthalmic drugs market is analyzed across North America (the U.S., and rest of North America), Europe (Germany, the UK, France, Spain, Italy, Poland, and rest of Europe), Asia-Pacific (Malaysia, Vietnam, Thailand, Philippines, and rest of Asia-Pacific), Middle East (UAE, Saudi Arabia, Palestine, Jordan, Bahrain, Qatar, Azerbaijan, Georgia, Iraq, Pakistan, Kuwait, Israel, Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Rest of Middle East), North Africa (Egypt, Morocco, Tunisia, Algeria, Lybia, and rest of North Africa) and rest of world (Brazil and others).

Segment review

Depending on type of indication, the retinal disease segment dominated the global ophthalmic drugs market in 2019, and is anticipated to continue this trend during the forecast period, due to increase in geriatric population, rise in prevalence of macular degeneration, and surge in the sale of ophthalmic drug for the treatment of retinal disease. However, the glaucoma segment is expected to witness considerable growth during the forecast period due to rise in the prevalence of glaucoma, increase in the need for ophthalmic drug, and surge in awareness about the prevention and treatment of glaucoma. 

On the basis of the type of therapeutic class, the anti-inflammatory segment exhibited the highest growth in 2019, and is anticipated to lead in the near future due to increase in prevalence of allergic conjunctivitis and hypersensitivity reactions and increase in demand of anti-inflammatory drug in wide range of condition such as uveitis, cystoid macular edema, and scleritis. However, the anti-allergy segment is expected to witness considerable growth during the forecast period, due to increase in prevalence of allergic conjunctivitis. 

North America accounted for a major share in the ophthalmic drugs market in 2019, and is expected to maintain its dominance during the forecast period, owing to rise in prevalence of the geriatric population, increase in prevalence of eye disease, and initiatives taken by government for eye health. Furthermore, rise in awareness about the prevention and treatment of eye disease, and increase in demand for advanced healthcare facilities are contributing toward the growth of the market. Moreover, upsurge in R&D activities in healthcare sector to develop novel ophthalmic drugs and presence of major players operating in the region fuel the growth of the market. However, Asia-Pacific is expected to register highest CAGR of 7.1% from 2020 to 2027, owing to increase in prevalence glaucoma and rise in awareness regarding ophthalmic drugs. 

The key players operating in the global ophthalmic drugs market include AbbVie Inc. (Allergen 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 Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. (Actavis Generics).

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the ophthalmic drugs market, and the current trends and future estimations to elucidate the imminent investment pockets
• It presents a quantitative analysis of the market from 2019 to 2027 to enable stakeholders to capitalize on the prevailing ophthalmic drugs market opportunities
• Extensive analysis of the market based on procedures and services assists to understand the trends in the industry
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the ophthalmic drugs market

 Ophthalmic Drugs Market Report Highlights