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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
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
Questions Answered in the Pharma Ophthalmic Market Report
Key Market Segments
Key Market Players