Ottawa, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global ophthalmic drugs market was valued at USD 39.28 billion in 2022. The North American region has dominated the market with revenue share 40% in the 2022, but it can also be witnessed that the Asia Pacific region will show a significant growth in the coming years. There are many reasons that will lead to the growth of this region during the forecast period. Geriatric population in the Asia Pacific region is increasing. Different types of eye related disorders are also growing in this region. Many key market players are in the Asia Pacific region due to which the market is expected to grow well. The number of I disorders in the Asia Pacific region are extremely high and the need for the ophthalmic drugs is expected to increase with an increase in the general awareness regarding the conditions of the eye.
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Diabetes and hypertension are yet other factors that will lead to the growth of the market in the Asia Pacific region in the coming years. As many populations in this region suffers with these diseases it poses a risk for the eyes. All these factors will have a positive impact on the growth of the market during the forecast period. In the coming years the elderly population in this region is expected to multiply due to which the need for the ophthalmic drugs will grow.
Constant research and development in the field of ophthalmic drugs will lead to an introduction of new products in the market at these new products or the innovative products launched in the market will create mold demand for these drugs in the coming years. many initiatives are taken by the government of the North American region for increasing the awareness regarding the prevention and treatment of I disorders. It also helps in creating an awareness regarding the efficiency of the drugs which are available in various forms for the treatment of various disorders. All of these initiatives will boost the market growth a great extent.
Report Insights
- Based on disease, the retinal disorder sector has held revenue share of around 34% in 2022.
- Based on dosage, the eyedrop segment has generated revenue share of about 35% in 2022.
- Based on administration, the topical route segment generated revenue share of around 63% in 2022.
- Based on product, prescription drugs segment has generated revenue share of around 60% in 2022.
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Scope of the report
| Coverage | Details |
| Market Size in 2030 | USD 58,710 Million |
| CAGR | 5.3% from 2023 to 2032 |
| North America Market Share | 40% in 2022 |
| Europe Market Share | 19% in 2022 |
| APAC Market Share | 21% in 2022 |
| Key Players | Johnson & Johnson services, Bausch Health, Santen pharmaceutical company limited, Novartis AG, Pfizer Inc. and others |
Market Dynamics
Drivers
As the cases of the disorders related to the eye are increasing and the prevailing conditions will lead to the demand for ophthalmic drugs as well as the ophthalmic devices in the coming years period macular degeneration of the eyes which is age-related has also grown significantly across various regions of the globe be it the developed nations or the developing nations. Constant exposure to screen and bright devices has created more demand for ophthalmic drugs in the form of eye drops. The increased use of advanced technology for launching new products in the market will also create a greater demand for these products as it helps in increasing the efficiency of the product to a great extent. Growing need for the surgeries related to the eyesight will also help in increasing the sales of the ophthalmic drugs to a great extent during the forecast period.
Restraints
The unavailability of health insurance in a few nations across the world especially the developing nations will prove to be a major restraint in the growth of the market. Another reason that will hamper the growth of the market to a great extent is lack of awareness about the various disorders suffered by the people which are related to the eyes. When it comes to the rural population the awareness about such eye related disorders is extremely less which leads to an increase in the number of cataract cases. Lack of awareness about eye disorders hampers the health of the person degenerates the eye conditions to a great extent.
Opportunities
As the cases of the vision impairment have increased in the recent years the demand for the drugs used in these cases will increase during the forecast period. There has been an increase in the vision impairments of the near and distance type which can be easily prevented with the help of the ophthalmic drugs due to which the need for these drugs will increase in the coming years and provide good opportunities for the growth of this market in the long run. As the cases of diabetes have also increased across the world and the geriatric population is also increasing the need for the ophthalmic drugs will increase during the forecast. Major opportunities will be provided for the growth of this market in the developing regions across the world due to the favorable policies adopted by the government of these regions.
Challenges
One of the challenges faced by the ophthalmic drugs industry is that the developing nations across the world have not understood the importance of healthy or vision. As there has been a lack in the awareness about the availability of the ophthalmic drugs the market will suffer tremendously. There are many side effects and risks that are associated with the use of these drugs, and this is yet another challenge that will hamper the growth of the market during the forecast period.
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- Ophthalmic Packaging Market - The global ophthalmic packaging market was valued at USD 6.31 billion in 2022 and poised to reach around USD 20.16 billion by 2032 with a CAGR of 12.32% from 2023 to 2032.
Report highlights
- Based on the diseases the retinal disorder segment is expected to have the largest market share in the coming years due to which the demand for ophthalmic drugs will increase. After the outbreak of the COVID-19 pandemic there was an increase in the cases of conjunctivitis and other diseases of the eyes.
- The topical administration of the ophthalmic drugs is the most preferred route of administration, and this will help in generating maximum revenue in the due course. As new products are launched in the market the existing formulations are replaced and this will help in generating good amount of revenue.
- Eye drops are consumed on a large scale across most of the nations as a preventive and therapeutic medicine. The effectiveness or the efficiency of the prescribed drugs is maximum due to which this segment will grow significantly in the coming years.
Recent developments
- A treatment for ocular hypertension and glaucoma was launched by Santen pharmaceutical in the year 2021.
Market Segmentation
By Disease
- Eye Allergy
- Eye Infection
- Glaucoma
- Retinal Disorders
- Dry Eye
- Others
By Drug Class
- Anti-Allergy
- Anti-Inflammatory
- Antiglaucoma
- Anti-VEGF Agents
By Dosage
- Eye Solutions
- Gels
- Capsules
- Eye Drops
- Ointments
By Administration
- Systematic
- Topical
- Local Ocular
By Product
- Prescription Drugs
- Over-the-Counter-Drugs
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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