Ophthalmic drug is a pharmaceutical formulation, which is intended for the use of eye. Ophthalmic drugs are administered through eye cavity to treat bacterial infection of eye, eye injury, glaucoma, cataract, and dry eyes. Anti-angiogenic ophthalmic agents, anti-inflammatory ophthalmic agents, ophthalmic anti-infectives, ophthalmic anti-histamines, and decongestants are most commonly used ophthalmic drugs.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the pharma ophthalmic market.
Top Impacting Factors
- Surge in cases of patient base suffering from chronic eye diseases, increase in geriatric population, rise in demand for minimally invasive procedure, and availability of advanced treatment procedures such as ophthalmic medication are the key factors that drive the growth of pharma ophthalmic market.
- In addition, the effectiveness and advantages related to the ophthalmic medication, easy to apply the medication, and developing technologies such as eye drop suspensions & increased potency of ophthalmic drugs are some factors boost the market growth for pharma ophthalmic market.
- However, side effects related to ophthalmic drugs hinder the market growth.
- Contrarily, suitable compatibility of ophthalmic drugs in all ages and support from government for regulatory approvals are expected to offer lucrative opportunities for the expansion of the market. .
Key Market Trend
New Development and Product Launches to Flourish the Market
In January 2020, Horizon Therapeutics' Tepezza (teprotumumab-trbw) infusion was approved by the FDA for the treatment of Thyroid Eye Disease (TED). TED can bring about vision misfortune and is related with a few other incapacitating side effects. Tepezza infusion is used as a human monoclonal counter acting agent and inhibitor of factor receptor.
In 2019, Sun Pharma launched Cequa cyclosporine ophthalmic solution. This formulation is in the form of eye drops and has the ability to increase amount of tears, which is used in treatment of chronic dry eyes.
Surge in Usage of Ophthalmic Products in Eye Disease Treatment
Increase in cases of eye diseases and disorders and rise in demand for minimally invasive procedure drive the growth of pharma ophthalmic market. As per the data of World Health Organization (WHO) in 2018, Glaucoma is the second leading reason for causing the blindness. In India, around 12 million people are affected by glaucoma. In addition, surge in healthcare expenditure, increase in availability of skilled professionals, collaborations & partnerships between key players to facilitate drug development, increase in R&D to improve quality of ophthalmic drugs, and launches of novel developed ophthalmic products such as eye drop suspension in market are some factors that augment the market growth of the pharma ophthalmic market.
Key Benefits of the Report
- This study presents the analytical depiction of pharma ophthalmic market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Pharma Ophthalmic Market Report
- Which are the leading players active in the pharma ophthalmic market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "pharma ophthalmic"?
- What is "pharma ophthalmic" market prediction in the future?
- Who are the leading global players in the "pharma ophthalmic" market?
- What are the current trends and predicted trends?
- What are the key benefits of the "pharma ophthalmic" market report?
Pharma Ophthalmic Market Report Highlights
By Product Type
By Distribution Channel
Key Market Players
Teva Pharmaceutical Industries ltd, Bausch and Lomb Incorporated, Alcon inc., Roche, Pfizer inc., Sun Pharmaceutical Industries Ltd., Allergan, Valeant, Regeneron, Novartis