Burlingame, June 15, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global Ophthalmic Drugs market is estimated to be valued at US$ 45.62 Billion in 2022 and is expected to exhibit a CAGR of 5.64% during the forecast period (2023-2030).
Analysts’ Views on Global Ophthalmic Drugs Market
Ophthalmology is a specialized field of medicine that focuses on the health of the eye. It includes the anatomy, physiology, and diseases that may affect the eye. Whereas, ophthalmic drugs are used for the treatment of various disorders associated with eyes, such as cataracts, glaucoma, infection, allergy, and inflammation, retinal disorders (wet age-related macular degeneration, dry age-related macular degeneration, and diabetic retinopathy), and other ophthalmic disorder. Ophthalmic drugs directly or indirectly, stimulate or inhibit a part of the autonomic nervous system connected to the intra-ocular muscles. Ophthalmic drug delivery is the most desirable routes of drug administration because of the easy preparation and application, accurate dosing, and high patient convenience and compliance. Thus, with the increasing prevalence of ophthalmic diseases, the demand for safe and effective ophthalmic drugs is also increasing rapidly, worldwide.
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Key Trends and Analysis of the Global Ophthalmic Drugs Market:
High demand for generics or rise in adoption of generics is one of the key trends expected to propel growth of the global ophthalmic drugs market. Generic drugs are considered to be safe, and there is an increasing demand for generic ophthalmic drugs worldwide due to the low cost of generics (as an alternative to branded drugs) and the large number of patents expired branded drugs. In June 2022, the U.S Food and Drug Administration (USFDA) approved Amring Pharmaceuticals Inc.’s generic Timolol Maleate Ophthalmic Solution for the treatment of elevated intraocular pressure in patients with ocular hypertension or open-angle glaucoma.
Rise in burden of ophthalmic disorders to augment market growth
According to the World Health Organization (WHO), more than 2.2 billion people worldwide have a near or distance vision impairment. In at least one billion, or almost half, of these cases, vision impairment could have been prevented or has yet to be addressed. This one billion people includes those with moderate or severe distance vision impairment or blindness due to cataract, unaddressed refractive error, glaucoma, age-related macular degeneration, diabetic retinopathy, and near vision impairment caused by unaddressed presbyopia.
Ophthalmic Drugs Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 48.19 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 5.64% | 2030 Value Projection: | US$ 70.76 Bn | |
| Geographies covered: | North America: U.S. and Canada Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Middle East and Africa: GCC Countries, Israel, Rest of Middle East, South Africa, North Africa, and Central Africa | |||
| Segments covered: | By Indication: Dry Eye, Glaucoma, Infection/Inflammation/Allergy, Retinal Disorders (Wet Age-related Macular Degeneration, Dry Age-related Macular Degeneration, Diabetic Retinopathy, and Others), and Others By Type: Prescription Drugs and Over-the-counter Drugs By Dosage Form: Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems, and Other Ophthalmic Drug Forms By Distribution Channel: Hospital Pharmacies, Drug Stores, Online Pharmacies, and Others By Therapeutic Class: Anti-glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others | |||
| Companies covered: | Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Increasing demand for ophthalmic drugs to boost market growth
With the rise in burden of ophthalmic disorders across the globe, the demand for safe and effective ophthalmic drugs is also increasing with a rapid pace. In October 2022, Santen announced that the Food and Drug Administration (FDA) has approved OMLONTI, a newest ophthalmic medication to treat open-angle glaucoma and ocular hypertension. A drug will help lower intraocular pressure (IOP) for patients with ocular hypertension and/or open-angle glaucoma, lowering IOP is the most effective means of avoiding damage to the optic nerve.
Global Ophthalmic Drugs Market – Restrain
Side effects of ophthalmic drugs to hinder market growth
Despite the successful results of treatment, ophthalmic drugs have some side effects. Side effects, such as contact dermatitis, redness in the eyes, skin rashes, and itching are expected to hamper the demand for ophthalmic drugs. Systemic reactions to topically applied ophthalmic drugs are shown to be rare and largely preventable, and thus, an increase in the risk of side effects associated with ophthalmic drugs hampers the market growth. Some of the side-effects can be serious, and thus, it is necessary to consult a doctor immediately if any of the following symptoms are experienced.
Global Ophthalmic Drugs Market – Opportunities
Growing geriatric (aging) population across the world is expected to offer significant growth opportunities for players in the global ophthalmic drugs market.
According to the Centers for Disease Control and Prevention (CDC), AMD (age-related macular degeneration) is a major cause of blindness worldwide and is the leading cause of vision loss and blindness for Americans aged 65 years and older. According to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the United States; around 16.9% of the US population, and the total number of adults aged 65 and older is expected to rise to around 85.7 million by 2050, roughly 22% of the overall U.S. population.
Global Ophthalmic Drugs Market - Key Developments
In May 2022, Chugai Pharmaceutical Co., Ltd. launched anti VEGF/anti Ang-2 bispecific antibody Vabysmo Intravitreal Injection 120 mg/mL for the treatment of AMD associated with subfoveal choroidal neovascularization and diabetic macular edema. It is approved by the Ministry of Health, Labour and Welfare (MHLW), Japan on March 28, 2022.
In April 2022, Sandoz launched generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution, an AB-rated generic equivalent to AbbVie’s COMBIGAN, to lower the eye pressure in patients with ocular hypertension (high eye pressure) in the United States.
In January 2022, Sun Pharma Canada Inc. launched Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator, to treat dry eye disease in Canada.
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Key Market Takeaways:
Global ophthalmic drugs market is expected to exhibit a CAGR of 5.64% during the forecast period. The ophthalmic drugs market is growing rapidly in response to the increasing need for safe and effective ophthalmic drugs. Ophthalmic drugs are used to treat of various ophthalmic disorders, such as cataracts, glaucoma, retinal disorders (wet age-related macular degeneration, dry age-related macular degeneration, and diabetic retinopathy), allergy and inflammation, and other ophthalmic disorders.
On the basis of Indication, Glaucoma Segment is expected to dominate the market during the forecast period and this is attributed to the increasing prevalence of glaucoma. Glaucoma is the 2nd leading cause of blindness worldwide. As per the World Health Organization (WHO), over 4.5 million people across the globe are blind due to glaucoma, and about 10% of the population suffering from blindness caused by glaucoma.
On the basis of Type, Prescription Drugs Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for safe/effective ophthalmic drugs around the world. Individuals worldwide prefer prescription drugs over over-the-counter (OTC) drugs for the safe/effective ophthalmic treatment.
On the basis Dosage Form, Liquid Ophthalmic Drug Forms Segment is expected to dominate the market during the forecast period and this is attributed to the increase in demand for liquid ophthalmic drugs, such as eye drops, micro-emulsions, ophthalmic solution, and others, across the world, most typically as an eye drop formulation.
On the basis Distribution Channel, Hospital Pharmacies Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of chronic eye disease and increase in the sales of prescription ophthalmic drugs.
On the basis Therapeutic Class, Anti-Glaucoma Segment is expected to dominate the market during the forecast period and this is attributed to the increasing prevalence of glaucoma. Anti-glaucoma drugs are used to prevent or alleviate glaucoma, the disease in which the optic nerve is damaged, resulting in progressive, irreversible loss of vision.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in burden of ophthalmic disorders and increasing demand for safe and effective ophthalmic drugs in the region.
Key players operating in the global ophthalmic drugs market include Alcon, Inc., Novartis AG, Abbvie Inc. (Allergan Plc), Bausch & Lomb Incorporated, Pfizer Inc., F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others.
Detailed Segmentation:
Global Ophthalmic Drugs Market, By Indication:
- Dry Eye
- Glaucoma
- Infection/Inflammation/Allergy
- Retinal Disorder
- Wet Age-related Macular Degeneration
- Dry Age-related Macular Degeneration
- Diabetic Retinopathy
- Others
- Others
Global Ophthalmic Drugs Market, By Type:
- Prescription Drugs
- Over-the-counter Drugs
Global Ophthalmic Drugs Market, By Dosage Form:
- Liquid Ophthalmic Drug Forms
- Solid Ophthalmic Drug Forms
- Semisolid Ophthalmic Drug Forms
- Multicompartment Drug Delivery Systems
- Other Ophthalmic Drug Forms
Global Ophthalmic Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
- Others
Global Ophthalmic Drugs Market, By Therapeutic Class:
- Anti-glaucoma
- Anti-infection
- Anti-inflammation
- Anti-allergy
- Others
Global Ophthalmic Drugs Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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