The formulations known as "ophthalmic therapeutics drugs " are those that are intended to treat eye conditions such as age-related macular degeneration, cytomegalovirus (CMV) retinitis, cataract, glaucoma, color blindness, and diabetic macular edema (DME).
The factors driving overall market expansion include the increased demand for ophthalmic therapeutic drugs and the growing awareness of ocular illnesses. Pre-series A funding totaling USD 3.25 million was provided to Re-Vana Therapeutics in June 2020 by Qubis, ExSight Ventures, LLC, Clarendon Fund Managers, Visionary Ventures, and Tech start Ventures LLP. Such investments are anticipated to accelerate the development of EyeLief and OcuLief, two biodegradable technologies from Re-Vana Therapeutics that can be applied to the administration of small molecules and biologics.
According to the World Health Organization's October 2022 report, at least 2.2 billion people worldwide suffer from near- or distance vision impairment. At least one billion of these cases close to half involved vision loss that was either preventable or untreated. Long manufacturing and formulation processes for ophthalmic pharmaceuticals as well as negative effects connected to ophthalmic therapeutic drugs.
According to the Clinical Ophthalmology Journal of November 2021, the COVID-19 pandemic had a negative effect on the industry because there was a 92.52% decline in clinical visits, a 93.84% decline in visual examinations, a 72.74% decline in surgical procedures, and a 19.63% decline in medication sales. In addition, clinic visits for patients with glaucoma and other ocular problems automatically decreased, due to lockdown restrictions implemented by governments around the world. The sector, however, witnessed a boom as a result of the COVID-19 vaccine's increased accessibility, which helped stop the disease's global spread. In addition, increase in the prevalence of eye conditions such as glaucoma, age-related macular degeneration, cataracts, dry eye, diabetic retinopathy, and others is projected to raise demand for ophthalmic medications.
According to the BrightFocus Foundation, more than 3 million Americans were known to be impacted by glaucoma as of 2021, with over 2.7 million individuals suffering from open-angle glaucoma, the most common. In addition, 3.3 million Americans have blindness and low eyesight. Age, family history, a thin cornea, and high eye pressure are some of the main risk factors for glaucoma and blindness. As a result, there is a large demographic base for ophthalmic medications, assuring their profitable growth. These factors are anticipated to boost the ophthalmic therapeutic drugs market growth in the coming years.
In addition, businesses' increased emphasis on R&D initiatives and expanding adoption of various business strategies, including mergers and acquisitions, collaborations, and partnerships, are anticipated to boost expansion in the market under study. For instance, Alcon and Kala Pharmaceuticals, Inc. struck a contract in May 2022 for Alcon to purchase EYSUVIS (loteprednol etabonate solution) prescription eye drops. With this acquisition, Alcon will be able to better serve the substantial and rapidly expanding dry eye market.
New product launches to flourish the marketIn April 2022, The first and only FDA-approved eye drop for the treatment of presbyopia (age-related blurry near vision) in adults, VUITYTM (pilocarpine HCl ophthalmic solution) 1.25%, and DURYSTA (bimatoprost intracameral implant), a first-of-its-kind biodegradable implant to lower eye pressure for glaucoma patients, will both be presented by Allergan, an AbbVi. An innovative nitric oxide (NO)-donating bimatoprost eye drop called NCX 470, currently in Phase 3 development to lower intraocular pressure (IOP) in people with open-angle glaucoma or ocular hypertension, was announced by Nicox SA, a global ophthalmology company. In 2022, Kedalion Therapeutics was purchased by Novartis Pharmaceuticals Corporation for its ground-breaking AcuStream technology. Novartis was able to expand its line of ophthalmic products thanks to this acquisition.
Segment Overview: By Drug Class: Anti-inflammatory drugs are expected to expand at a stable rate due to rising ocular conjunctivitis incidence and new product approvals. For instance, the U.S. FDA authorized the first generic version of Restasis single-use vials in February 2022 to treat inflammation brought on by sicca keratoconjunctivitis. Steroids and non-steroids are the fundamental categories into which anti-inflammatory medications fall. Xibrom, Voltaren, Pollensa, Ocufen, Nevanac, Ilevro, and Bromsite are some anti-inflammatory medications sold in the U.S..
By Disease: The retinal disorders segment dominated the market due to the rise in incidence of diabetic retinopathy and macular degeneration. For instance, in 2022, over 11 million people were predicted to have been suffering from some Age-Related Macular Degeneration (AMD), and it is anticipated to reach 22 million by 2050, according to amplified eye care. In addition, the availability of innovative pharmaceuticals in the pipeline and the increase in sales of ophthalmic drugs are anticipated to enhance segment demand. The market is expanding due to increased financing for developing treatments in the sector. For instance, in September 2022, Trinity Researchers was awarded USD 3.14 million in funding to collaborate with businesses like Eli Lilly and Roche to find a treatment for the disease.
By Dosage: Eyelids or the edge of the eye are immediately treated with ophthalmic gels. Gels are viscous liquids that are used to treat uveitis, chronic inflammation, and cataracts. Hydrophilic and stimuli-responsive polymer-based aqueous gel formulations continue to be the main investment draws in this industry. Pharmaceutical medications can be included in gels to provide the desired therapeutic impact and bioactivity at certain ocular locations. The increased introduction of over-the-counter products is creating intense competitive rivalry in the market.
By Administration: With the aid of the local ophthalmic delivery route, the blood-retinal barrier can be directly penetrated, enabling the accomplishment of the highest peak drug concentration. The blood-retinal barrier can be directly penetrated through the delivery route, enabling the accomplishment of the highest peak drug concentration. The posterior segment tissues of the eye, such as the cone-containing fovea or macula, have the highest intraocular bioavailability. Chugai Pharmaceutical Co., Ltd. introduced Vabysmo injectables to treat AMD in May 2022. However, as it is the most invasive route of delivery and includes permeation of drugs in the eye, it carries some of the same hazards as injections.
By Product Type: The OTC medicine category is anticipated to expand at a stable rate due to easier patient access, developments in online pharmacies, and an increase in OTC eye drop product introductions. For instance, Théa Pharma Inc. announced the commercial launch of the iVIZIA range of over-the-counter eye care products in the U.S. in April 2022. Commercially, they are available in a number of dosage forms, including gels, capsules, emulsions, ointments, and ocular drops. Some of the OTC medications that are most frequently prescribed include Alaway (Bausch & Lomb, Inc.), Otrivine-Antistin (Novartis Consumer Health), Brolene (Sanofi), Zaditor (Alcon, Inc.), Eye Ointment (Sigma Pharmaceuticals), Golden Eye Ointment (Sigma Pharmaceuticals), GelTears (Bausch & Lomb), and Viscotears (Alcon, Inc.).
By Region: North America held the highest market share in the
ophthalmic therapeutic drugs market. This is majorly owing to an increase in the prevalence of eye disorders and surge in knowledge of eye ailments. Furthermore, research and development by significant companies is anticipated to help regional prosperity. In addition, there are significant competitors such as Bausch & Lomb, Pfizer Inc., and Alcon. The Prescription Drug User Fee Act's new FDA recommendations offer a formal framework for comparing the benefits and drawbacks of various ophthalmic drugs in clinical research.
Competitive AnalysisCompetitive analysis and profiles of the major ophthalmic therapeutic drugs players, such as Alcon, Pfizer Inc., Novartis AG, Bausch Health Companies Inc., Merck & Co., Inc., Regeneron Pharmaceuticals Inc., AbbVie Inc, Bayer AG, Nicox, Genentech, Inc. are provided in this report. For instance, Alcon and Kala Pharmaceuticals, Inc. struck a contract in May 2022 for Alcon to purchase EYSUVIS (loteprednol etabonate solution) prescription eye drops. With this acquisition, Alcon will be able to better serve the substantial and rapidly expanding dry eye related issues. Likewise, Kedalion Therapeutics was acquired by Novartis Pharmaceuticals Corporation in June 2022 for its ground-breaking AcuStream technology.
Key Market Segments
- By Drug Class
- Antiallergy
- Anti-inflammatory
- Anti-VEGF Agents
- Anti-glaucoma
- Others
- By Disease
- Dry Eye
- Eye Allergy
- Glaucoma
- Eye Infection
- Retinal Disorders
- Uveitis
- Others
- By Dosage
- Gels
- Eye Solutions & Suspensions
- Capsules and Tablets
- Eye Drops
- Ointments
- By Administration
- Topical
- Local Ocular
- Systemic
- By Product Type
- Prescription Drugs
- OTC Drugs
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Genentech, Inc.
- Bayer AG
- Alcon
- Novartis AG
- Pfizer Inc.
- Merck & Co., Inc.
- Bausch Health Companies Inc.
- NicOx
- Allergan plc
- Regeneron Pharmaceuticals Inc.