Ophthalmic Drugs Market Overview:
Global Ophthalmic Drugs Market size was valued at $29,613 million in 2016, and is expected to reach $42,663 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. Ophthalmic drugs are extensively used to treat glaucoma, cataract, diabetic retinopathy, and other ophthalmic disorders. Introduction of novel ocular drug delivery approaches in the market has driven the manufacturers to develop innovative therapeutic approaches for the treatment of ophthalmic disorders. According to the American Academy of Ophthalmology, 11 million people in the U.S. suffer from age-related macular degeneration (AMD), while approximately 10% of them are inflicted with wet AMD. Such trends in ophthalmic disorders across the globe contribute to the growth of the market.
The other key factors that boost the ophthalmic drug market size include high prevalence of glaucoma worldwide and rise in transition towards development of combination therapies for the treatment of glaucoma. In addition, the dynamics in the demographics across the globe contribute to the market growth. However, risk of side effects associated with ophthalmic drugs and the longer timelines required for novel ophthalmic drugs hamper this growth. Moreover, increase in investment by market players in emerging economies offers lucrative opportunities for ophthalmic drugs market expansion.
Global Ophthalmic Drugs Market Segmentation: By Indication
Indication Segment Review
The ophthalmic drugs market is segmented based on indication 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. Retinal disorders indication has registered significant growth rate, registering a CAGR of 5.8% from 2017 to 2023. The dry age-related macular degeneration segment accounts for the highest share among all the retinal disorders in 2016, and is expected to continue this trend throughout the forecast period.
Global Ophthalmic Drugs Market Segmentation: By Dosage Form
Dosage Form Segment Review
The ophthalmic drugs market analysis is segmented based on dosage form into liquid, solid, semisolid, multicompartment drug delivery systems, and other ophthalmic drug forms. Liquid ophthalmic drug form segment accounted for the highest revenue in 2016, and is projected to maintain the trend throughout the forecast period. However, multicompartment drug delivery systems registered the highest CAGR of 8.0%. This is attributed to increase in development of novel ocular drug delivery approaches including nanoparticles, noisome, and dendrimers.
Ophthalmic Drugs Market Segmentation: By Geography
The ophthalmic drugs market segmented based on geography is divided into North America, Europe, Asia-Pacific, and LAMEA. North America dominates the ophthalmic drugs market, accounting for 36% of the total market share in 2016, and is anticipated to lead throughout the forecast period. The report provides a comprehensive analysis of the key players operating in the global ophthalmic drugs market such as Santen Pharmaceutical Co., Ltd., Bausch & Lomb Inc. (Valeant Pharmaceuticals International, Inc.), Shire Plc, Alcon (Novartis), Genentech, Inc. Allergan, Plc, Sun Pharmaceutical Industries Limited, Actavis Generics (Teva Pharmaceutical Industries Ltd.), Regeneron Pharmaceuticals, Inc., and Pfizer Inc.
The other key players in the value chain include Abbott Medical Optics, Inc., Carl-Zeiss AG, Ellex Medical Lasers Ltd., Essilor International S.A., Hoya Corporation, Insight Vision Inc., Nidek Co.Ltd, Novagali Pharma S A, Topcon Corporation, and Ziemer Ophthalmic Systems AG.
Key Benefits for Stakeholders
- The study provides an in-depth analysis with the current trends and future estimations of the global ophthalmic drugs market to elucidate the imminent investment pockets.
- Comprehensive analysis of the factors that drive and restrict the market growth is provided.
- The quantitative analysis of the industry from 2016 to 2023 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of key segments of the industry is provided to understand the type of ophthalmic drugs used globally.
- Key players and their strategies are analyzed to understand the competitive outlook of the market.
Ophthalmic Drugs Market Key Segments:
- Dry Eye
- Retinal Disorders
- Wet Age-related Macular Degeneration
- Dry Age-related Macular Degeneration
- Diabetic Retinopathy
- Prescription Drugs
- Over-the-Counter Drugs
By Dosage Form
- Liquid Ophthalmic Drug Forms
- Solid Ophthalmic Drug Forms
- Semisolid Ophthalmic Drug Forms
- Multicompartment Drug Delivery Systems
- Other Ophthalmic Drug Forms
- Cell Therapy
- Gene Therapy
- Drug Delivery
- Small molecule
By Distribution Channel
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
By Therapeutic Class
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA