Registering the revenue of more than US$36 Bn in 2020, global ophthalmic drugs market is all set for a healthy growth outlook through 2027 end. The study intends to reveal the most actionable insights into how the market growth will unfold over the said time span and what will define the competition in global space.
Modest Growth for Ophthalmic Drugs Market in the Offing as Eye Disorders Prevail
Surging cases of individuals suffering from different eye disorders remain instrumental in driving the need for advanced ophthalmic drugs, thereby fuelling the progress of ophthalmic drugs market. Rising prevalence of eye disorders such as glaucoma, age-related macular degeneration, dry eye syndrome, and inflammation have resulted in increasing burden particularly among low and middle income families worldwide. As per analysis of International Agency for the Prevention of Blindness (IAPB), one of the leading causes of blindness is age-related macular degeneration. The number of patients suffering from age-related macular degeneration is anticipated to grow significantly to go beyond 285 million by end of 2040 on the global front.
Similarly, according to WHO, around 2.2 billion individuals suffer from near or distance vision impairment globally. Off these, about 1 billion vision impairment cases go unattended but could be prevented. This reflects high burden of such disorders in the society and a higher treatment possibility. This factor is expected to drive the demand for advanced ophthalmic drugs worldwide, in turn contributing toward the growth of ophthalmic drugs market. Furthermore, in wake of this situation, companies are involved in collaborations, and partnerships to fulfil the increasing need for ophthalmic drugs. For instance, in 2022, an agreement to acquire EYSUVIS eye drops of Kala Pharmaceuticals Inc. was signed by Alcon. Such developments are expected to augur well for the ophthalmic drugs market.
Anti-glaucoma Drugs Observe Ascending Demand in Ophthalmic Drugs Market
Rising prevalence of glaucoma, particularly among the geriatric population has fuelled the adoption of anti-glaucoma ophthalmic drugs. According to analysis of BrightFocus Foundation, more than three million individuals aged 40 years and above in America suffer from open angle glaucoma. Moreover, in 2020, glaucoma affected more than 80 million people globally and the count is expected to cross 100 million by end of 2040. This factor is expected to trigger use of anti-glaucoma drugs, in turn contributing towards value growth of the ophthalmic drugs market.
Asia Pacific to Remain a Highly Attractive Region for Ophthalmic Drugs Market
Asia Pacific continues to remain a highly lucrative region for ophthalmic drugs market apropos to use of ophthalmic drugs. This is mainly owing to presence of a large customer pool backed by stable economic growth and GDP per capita. According to United Nations, in 2021, Asia Pacific gives shelters to about 60% of world population, equating to more than 4 billion individuals. Fast-developing economies such as China, and India, two of the most populated countries in Asia are home to several individuals suffering from eye disorders and their associated economic and social burdens. Prevalence of several eye disorders and vision impairment cases has triggered use of ophthalmic drugs in the region. For instance, according to the National Centre for Biotechnology Information, prevalence of primary open angle glaucoma (POAG) is significantly higher in Asia Pacific as compared to European regions, and other developed regions.
Furthermore, increasing rate of geriatric population in Asia Pacific is another aspect giving rise to health risks such as diabetes, and hypertension. These risks further result in increasing pool of patients suffering from eye disorders such as vision impairment, age-related macular degeneration, inflammation, and dry eye syndrome. According to UNPF (United Nations Population Fund), during the 2020-2050 timeline, count of individuals aged 60 years and above is expected to cross 1 billion in Asia Pacific. In this backdrop, age factor is expected to further increase the burden of eye disorders in Asia Pacific, in turn complementing growth of the ophthalmic drugs market in the region. Additionally, new drug development backed by research and development efforts of pharmaceutical companies is expected to boost the ophthalmic drugs market in Asia Pacific. For instance, in 2021, Arctic Vision’s IND (Investigational New Drug) application for phase 3 research of ARVN003 for treating presbyopia was approved by the Centre for Drug Evaluation and Research, and China National Medical Products Administration.
Ophthalmic Drugs Market: Competitive Landscape
Major players in the ophthalmic drugs market are involved mainly in new product launches in a bid to enhance their current portfolio and maintain their position in the market. For instance, in 2022, Sandoz introduced brimonidine tartrate/timolol maleate solution in the United States to reduce eye pressure in individuals suffering from ocular hypertension or high eye pressure. Similarly, in January 2022, new ophthalmic solution referred to as Cequa was launched by Sun Pharma for treating dry eye syndrome in Canada.
Few of the major players in ophthalmic drugs market include Abbvie Inc., Novartis AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Santen Pharmaceutical Co. Ltd., Regeneron Pharmaceuticals Inc., Sun Pharmaceuticals Industries Ltd., Bausch & Lomb Inc., Teva Pharmaceuticals, and Valeant Pharmaceuticals Inc.
The Global Ophthalmic Drugs Market Is Segmented As Below:
By Drug Class
By Dosage Form
By Distribution Channel
Key Elements Included In The Study: Global Ophthalmic Drugs Market
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