Pune India, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the ophthalmic drugs market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the ophthalmic drugs market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the drug class, disease, dosage forms mode of application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global ophthalmic drugs market are Novartis AG, Biomedica, Akorn, Inc., C2 PHARMA, Bausch & Lomb, AdvaCare Pharma, Iskon Remedies, Kraeber GmbH, Berry Global Inc., HANSHIN GROUP, Bormioli Pharma, Nolato AB, Gerresheimer AG, WG Pro-Manufacturing Inc., Aptar Group Inc., Adelphi Healthcare Packaging, Amcor Plc., among others. To achieve a substantial market share in the worldwide ophthalmic drugs market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Ophthalmic drugs are drugs for the eyes, these are generally available in the form of eye drops. Globally, the ophthalmic drugs market is fragmented, with a large number of large-scale vendors dominating the market. Key players are investing heavily in comprehensive R&D activities to increase their market share. There are some factors which are hampering the market growth such as a lack of awareness and rising cataract cases. Many developed nations have a blindness prevalence of less than 0.5 %, and occasionally much lower, while many developing nations have a blindness prevalence of 1 to 2 %. As many as six times as many people suffer from poor vision, which can severely hamper market growth. Moreover, advanced technology is expected to boost market growth by improving physicochemical stability and bioavailability. Increasing healthcare awareness about preventing eye problems and government initiatives to study and develop new ophthalmic drug formulations are contributing to the growth of ophthalmic medications. By type of indication, the segment for retinal disease dominated the global ophthalmic drugs market in 2016. This trend is expected to continue over the forecast period due to the ageing population, the prevalence of macular degeneration, and the surge in sales of ophthalmic drugs to treat retinal diseases.
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Scope of Ophthalmic Drugs Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Drug Class, Disease, Dosage form, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Novartis AG, Biomedica, Akorn, Inc., C2 PHARMA, Bausch & Lomb, AdvaCare Pharma, Iskon Remedies, Kraeber GmbH, Berry Global Inc., HANSHIN GROUP, Bormioli Pharma, Nolato AB, Gerresheimer AG, WG Pro-Manufacturing Inc., Aptar Group Inc., Adelphi Healthcare Packaging, Amcor Plc., among others. |
Segmentation Analysis
Anti-VEGF agents are expected to be the fastest-growing segment in 2022.
The drug class segment is anti-inflammatory, anti-glaucoma, anti-VEGF agents, antiallergy, and others. The anti-VEGF agent segment is expected to witness the highest growth rate during the forecast period. With the increasing occurrence of pest resistance and the resurgence of crops, sustainable solutions such as bioinsecticides are becoming increasingly popular. A significant number of insect pests destroy plants’ growth and damage crops after harvest or while in storage, resulting in crop losses. Therefore, bioinsecticides are in huge demand and hence propelling the market growth.
Retinol disorders are expected to be the fastest-growing segment in 2022.
The disease segment is glaucoma, eye allergy, eye infection, uveitis, dry eye, retinal disorders, and others. The retinol disorders segment is expected to witness the highest growth rate during the forecast period. According to amplified eye care, there will be over 11 million AMD cases by the year 2050, with 22 million expected by the year 2050. Additionally, cutting-edge pipeline pharmaceuticals and an increase in sales of ophthalmic medications are forecast to support segment demand in the future.
Eye drops are expected to be the fastest-growing segment in 2022.
The dosage forms segment is eye solutions & suspensions, eye drops, gels, capsules and tablets, and ointments. The eye drops segment is expected to witness the highest growth rate during the forecast period. Several factors influence the growth of the eye drop market, including the expansion of OTC availability of eye drops, patient compliance issues, and the prevalence of eye illnesses. In addition, new product introductions with altered formulations are predicted to meet market demands. Alcon, for instance, released Systane Complete in January 2022, a preservative-free eye drop.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the ophthalmic drugs market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Regional growth is attributed to an increase in eye diseases, as well as an increase in awareness of eye diseases. Additionally, the presence of leading players such as Alcon, Pfizer Inc, and Bausch and Lomb is expected to fuel regional growth, as well as increasing research and development by leading players.
Country Analysis
- Germany
Germany's ophthalmic drugs market size was valued at USD 0.25 billion in 2022 and is expected to reach USD 0.60 billion by 2030, at a CAGR of 6.6% from 2023 to 2030.
A number of significant competitors, the rising prevalence of eye infections, technical improvements, and increased R&D in the country all contribute to the expansion of the ophthalmic eye drop market.
- China
China’s ophthalmic drugs market size was valued at USD 0.46 billion in 2022 and is expected to reach USD 0.92 billion by 2030, at a CAGR of 6.9% from 2023 to 2030.
Market growth in the country is boosted by the launch of new products and medicines and by businesses investing more in research and development.
- India
India's ophthalmic drugs market size was valued at USD 0.39 billion in 2022 and is expected to reach USD 0.98 billion by 2030, at a CAGR of 6.3% from 2023 to 2030.
As a result of increased awareness of eye disorders, the region's strong healthcare infrastructure, and a number of important companies, including Pfizer and Alcon.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising cases of eye infection, propelling the growth of the market across the countries.
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