Covina, May 25, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of Ophthalmic Drugs Market accounted for US$ 33.81 billion in 2022 and is estimated to be US$ 78.4 billion by 2032 and is anticipated to register a CAGR of 8.3% over the forecast period”
What are the Recent News in Ophthalmic Drug Market?
- In June 2020, Senju Pharmaceutical Co. Ltd., and Otsuka Pharmaceutical launched new opthlamic solution for treating ocular hypertension and glaucoma. New launched “AILAMIDE” is the combination ophthalmic suspension whose generic name is Brimonidine tartrate/brinzolamide.
- In December 2022, Novartis sold new five ophthalmic drugs to Harrow an eye therapy company for one-time payment of $130 million with additional payment of $45 million. The sale product includes, inflammation eye drops Maxidex, bacterial conjunctivitis eyedrop Vigamox, and cataract surgery recovery eye drops Ilevro & Nevanac and injectable Triesence.
What is the Overview of Ophthalmic Drug Market?
Ophthalmic drugs is the administration of a drug to the eyes as an eye fixed drop formulation with anti-infectives that kills infectious agent and prevent it from spreading. Lotemax, Lucentis, Eylea, Azopt, Vigamox and Restasis are the major ophthalmic drugs in market.
Presence of major key players and launch of novel ophthalmic drugs has become the key factor in target market growth. Growing prevalence of eye-related diseases has further, boost the demand for market growth. Strategic partnerships and merger acquisition of companies to expand their business in market is expected to fruitful the demand for Ophthalmic Drugs market growth over the forecast period.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Accounted in 2022 | 33.81 billion |
| Estimated to be in 2032 | 78.4 billion |
| CAGR | 8.3% |
| Market representation | Revenue in USD Million & CAGR from 2022 to 2032 |
| Market Segmentation | By Disease Indication - Dry Eye, Glaucoma, Infection/Inflammation, Retinal Disorders (Wet Age-related Macular, Degeneration, Dry Age-related Macular Degeneration, Diabetic Retinopathy, and Others) By Therapeutic Class - Anti-inflammatory Drugs (Nonsteroidal Anti-inflammatory Drugs and Steroids), Anti-infective Drugs (Anti-fungal Drugs, Anti-bacterial Drugs, and Others), Anti-glaucoma Drugs (Alpha Agonist, Beta Blockers, Prostaglandin Analogs, Combined Medication, and Others), Anti-allergy Drugs, Anti-VEGF Agents, and Others By Distribution Channel - Hospital Pharmacies, Online Pharmacies, and Independent Pharmacies and Drug Stores |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Our Sample Report Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Request.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
- Includes Updated List of table & figures.
Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
What is Prophecy's Analyst View on Ophthalmic Drug Market?
Growing prevalence of eye related disorder has become major contribution of market growth. Growing geriatric population and rising eye disorders like degeneration, diabetic, retinopathy among ageing population has further, facilitated the demand for market growth. Technological innovation, huge investment in research & development activities to develop innovative drugs and emergence of gene & stem cell therapies in ophthalmology has provided lucrative opportunities in Ophthalmic Drugs market growth.
What are the major drivers and challenges in the Ophthalmic Drug Market?
Major Drivers:
- Increasing Prevalence of Eye Disorders: The rising prevalence of eye disorders such as cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy is driving the demand for ophthalmic drugs.
- Growing Aging Population: The aging population is more susceptible to eye diseases, leading to a higher demand for ophthalmic drugs as older individuals are at a higher risk of developing eye-related conditions.
- Technological Advancements: Advances in drug delivery systems, such as sustained-release implants and innovative formulations, enhance the efficacy and convenience of ophthalmic drugs, driving market growth.
- Increasing Awareness and Healthcare Expenditure: Greater awareness of eye health and increasing healthcare expenditure, particularly in developing countries, contribute to the growth of the ophthalmic drug market.
- Rise in Lifestyle-related Eye Conditions: Factors like prolonged screen time, pollution, and changing lifestyles have led to an increase in conditions like dry eye syndrome, driving the demand for corresponding medications.
Major Challenges:
- Stringent Regulatory Requirements: Developing and gaining regulatory approval for ophthalmic drugs involves rigorous testing and compliance with safety and efficacy standards, which can be time-consuming and costly.
- Generic Competition: The expiry of patents for branded ophthalmic drugs leads to increased competition from generic versions, affecting the market share and profitability of the original manufacturers.
- Adherence and Compliance: Ophthalmic drugs often require frequent administration, and patient adherence to treatment regimens can be challenging. Poor compliance can affect the efficacy of treatment and impact market growth.
- Side Effects and Safety Concerns: Some ophthalmic drugs may have side effects or safety concerns, which can affect patient acceptance and limit market growth.
- High Development Costs: Research and development costs for ophthalmic drugs, including clinical trials and specialized manufacturing processes, can be substantial, posing financial challenges for smaller companies.
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What are Covid-19 impact on Ophthalmic Drugs Market?
The COVID-19 pandemic had significant impacts on the Ophthalmic Drugs market. Disruptions in healthcare services, including the postponement of non-essential procedures and routine eye exams, led to a decrease in the demand for ophthalmic drugs. The global pharmaceutical supply chain faced challenges, resulting in potential shortages or delays in drug production and distribution. Reduced patient visits to healthcare facilities and the temporary halt or delay of clinical trials also affected the prescription and development of ophthalmic drugs. Overall, the pandemic created a challenging environment for the Ophthalmic Drugs market, necessitating adaptation and resilience within the industry.
What are the Key Benefits of Ophthalmic Drugs Market?
- Effective treatment of eye disorders.
- Improved patient convenience.
- Targeted drug delivery to affected eye tissues.
- Wide range of therapeutic options available.
- Ongoing research and development for innovation.
These benefits enhance eye health outcomes, provide convenience for patients, offer targeted treatment, and drive advancements in ophthalmic drug therapies.
Which companies are considered key players in the Ophthalmic Drugs Market?
- Santen Pharmaceutical Co., Ltd.
- Bausch & Lomb Inc.
- Valeant Pharmaceuticals International, Inc
- Shire Plc
- Alcon (Novartis AG)
- Genentech, Inc.
- Allergan, Plc
- Sun Pharmaceutical Industries Limited
- Actavis Generics
- Teva Pharmaceutical Industries Ltd.
- Regeneron Pharmaceuticals, Inc.
- Pfizer Inc.
Reasons for buying this report:
- Growing demand for effective ophthalmic drugs.
- Significant growth potential and market opportunities.
- Increasing elderly population and susceptibility to eye disorders.
- Advancements in technology and treatment options.
- Positive healthcare trends and rising healthcare expenditure.
- Presence of regulatory support and quality standards.
- Potential for global reach and market diversification.
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