Ophthalmic drugs are medications that are applied topically on the eye to treat various eye disorders and diseases. Some key applications of ophthalmic drugs include treatment of glaucoma, dry eye, infections, inflammation, and retinal disorders. With rising prevalence of eye diseases and growing awareness about eye care, the demand for ophthalmic drugs is increasing consistently. The global Ophthalmic Drugs Market is estimated to be valued at US$ 55.52 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Ageing Population
The global aged population is increasing at an unprecedented rate, which is expected to significantly drive the demand for ophthalmic drugs during the forecast period. Ageing is one of the major risk factors for various eye diseases such as glaucoma, age-related macular degeneration, cataract, and diabetic retinopathy. As per estimates, the geriatric population aged 65 years or above is projected to reach over 1.5 billion worldwide by 2050. This burgeoning aged demographic will continue to provide lucrative growth opportunities for players in the ophthalmic drugs market. Moreover, continuous developments in drug delivery technologies and novel treatment options will further aid the market growth in the coming years.
Porter's Analysis for Ophthalmic Drugs Market
Threat of new entrants: Low, as high capital is required for R&D and clinical trials. Bargaining power of buyers: Moderate, as customers can easily switch to substitutes if dissatisfied. Bargaining power of suppliers: High, as key raw materials are imported which gives advantage to suppliers. Threat of new substitutes: Moderate, as new emerging therapies can substitute existing drugs. Competitive rivalry: High, as major companies compete on the basis of cost, innovation, and brand.
SWOT Analysis
Strengths: Growing aging population and rising prevalence of eye disorders drive market growth. Weaknesses: Stringent regulatory approvals and high costs involved in drug development are challenges. Opportunities: Emerging markets provide significant opportunities for growth in the forecast period. Threats: Patent expirations of blockbuster drugs and availability of generics pose threats.
Key Takeaways
The Global Ophthalmic Drugs Market Share is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis shows that North America currently dominates the market and is expected to continue its dominance in the coming years due to presence of major players and advanced healthcare infrastructure in the region. Key players operating in the ophthalmic drugs market are IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., and NetBase Quid.
Regional analysis: North America currently generates the highest revenue and accounts for majority share of the global ophthalmic drugs market. Factors such as high healthcare expenditure, presence of major player, and advanced medical facilities drive the growth of ophthalmic drugs market in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period, owing to rising geriatric population, increasing awareness about eye care, and growth of the healthcare sector.
For more details on the report, Read- https://www.trendingwebwire.com/ophthalmic-drugs-market-growth-demand-and-overview/
Transparency Market Research (TMR) has published a new report titled, ‘Ophthalmic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global Ophthalmic Drugs Market was valued at US$ 26,018.3 Mn in 2018 and is projected to expand at a CAGR of 4.1% from 2019 to 2027.Read Report Overview - https://www.transparencymarketresearch.com/ophthalmic-drugs-market.htmlOverviewOphthalmic Drugs are the anti-infectives drugs that contained in a product formulated especially to be instilled or applied in the eye or eyes.
Ophthalmic anti-infectives include eye drops, gels or ointments.
Highly structured health care industry and introduction of the Affordable Care Act in the U.S. are expected to drive the market in North America.Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast periodRequest Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1769Increasing incidence rates of eye related disorders to Drive MarketThere is an alarming rise in incidence of eye related diseases, especially in the developed countries, which is anticipated to drive the growth of the ophthalmic drugs market during 2017-2025According to the Prevent Blindness report, the number of people in the U.S., suffering from cataract is expected to increase from4 Mnin 2010, to 30.5 Mn by 2020, and people suffering from diabetic retinopathy in U.S. are projected to increase from 7.7 Mn in 2010 to 9.2 Mn in 2020The patients for open angle glaucoma and AMD in U.S., were 7 Mn and 2.1 Mn, respectively, which are projected to increase to3.3 Mn and 2.5 Mn, respectively, till 2020The increasing patient pool in developing countries as well as developed regions is estimated to propel healthcare spending for eye treatments in each region and drive the growth of the ophthalmic drugs market.Advanced retinal treatment approvals for unmet needs in eye disorders to drive the marketEye diseases such as chronic or recurrent uveitis, optic nerve, neurodegeneration retinitis pigmentosa, retinoblastoma, etc., lack an effective treatment option, and thus are categorized as unmet medical needs within the ophthalmologic diseases spaceSeveral new entrants are dedicated to provide specialized treatment methods for eye diseases:On May 18 2017,Spark Therapeutics, Inc. submitted the first and only Biological License Application to the U.S. FDA for the treatment of Leber’s congenital amaurosis by gene therapyOn March 25 2015, Regeneron Pharmaceuticals Inc., announced the approval of Eylea, the first VEGF inhibitor approved for dosing on a less than monthly basis for the treatment of diabetic macular edemaSevere inflammatory eye diseases, such as uveitis, lacked a solid treatment option earlier to the FDA approval of Humira for the indication of non-infectious intermediate, posterior, and panuveitis in adult patientsIn June 2016,the U.S. FDA approved the first and only biologic approved drug, Humira, for the treatment of uveitisSuch approvals for advanced treatment options for the treatment of unmet medical needs in the field of eye disorders are projected to boost the expansion of the global ophthalmic drugs marketRequest COVID Analysis on Ophthalmic Drugs Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1769Dry Eye Segment to Dominate MarketBased on Disease Indication, the global Ophthalmic Drugs Market has been divided into Dry Eye, Glaucoma, Infection/Inflammation, Retinal Disorders, Allergy, Uveitis, Others.
The Retinal Disorders segment has been bifurcated into Wet AMD, Dry AMD, Diabetic Retinopathy, Others.
The market is witnessing significant transformations due to changing Medicare policies in the U.S., pricing of branded specialty drugs, and the rising patient pool.The increasing patient number along with rising health initiatives for treatment awareness are projected to drive the demand for ophthalmic drugs in this region.The Ophthalmic Drugs Market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
The global ophthalmic drugs market is witnessing rapid increase over the past few years, mainly due to the rising prevalence of eye-related diseases & disorders.
Recent advances in medical technologies such as AMPPLIFY technology that demonstrates higher delivery of a drug into ocular tissues are escalating the market on the global platform.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/5753An eminent research firm Market Research Future (MRFR) states that the global ophthalmic drugs market size had reached USD 29.46 BN in 2018, and the market valuation would further appreciate at around 5.1% CAGR during the forecast period (2019 to 2025).
Substantial R investments into drug discoveries are another major tailwind pushing the market growth excellently, bringing about novel medicines to treat various ophthalmic diseases.
Furthermore, recent development & commercialization of several drugs boost the market growth.Global Ophthalmic Drugs Market – SegmentsThe report has been segmented into five major dynamics.By Dosage Form : Eye Drops, Ointments, Solutions, Gels, Capsules & Tablets, and others.By Product Type : Prescription Drug and OTC Drug.By Drug Class : Antibiotics, Anti-Inflammatory, Anti-Glaucoma, and others.By Indication : Glaucoma, Retinal Disorder, Dry Eye, Eye Allergy, and others.By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.Global Ophthalmic Drugs Market – Regional AnalysisNorth America leads the global ophthalmic drugs heading with the presence of the many major players and a large patient population suffering from eye diseases.
Moreover, the availability of well-developed technology and high healthcare expenditures, alongside the rising prevalence of eye diseases in the region, drives the market growth significantly.Also, the growing demand for eye care led by the increasing numbers of patients suffering from chronic diseases such as diabetes, neurovascular, and different eye disorders impacts market growth positively.
Additionally, augmenting demand for the minimally invasive & technologically advanced treatments, alongside the governmental support for R funding are expected to drive the regional market growth, commutatively.Europe's ophthalmic drugs market is proliferating rapidly.
The global ophthalmic drugs market size is expected to reach USD 45.8 billion by 2027, registering a CAGR of 5.0%, according to a new report published by Radiant Insights, Inc. Advancements in drug delivery systems are anticipated to drive the overall growth.
In December 2017, Spark Therapeutics received Food and Drug Administration (FDA) approval for the first gene therapy drug in the ophthalmic market-Luxturna (voretigene neparvovec-rzyl).
Download Free Sample Report @ https://www.radiantinsights.com/research/ophthalmic--drugs-market/request-sample Increasing number of strategic mergers, acquisitions, and collaborations make the market for ophthalmic drugs a highly competitive space.
Premium services and high-volume ancillary value-added businesses deliver supplementary benefits to customers and attract investments in the market.
For instance, in July 2019, Bausch & Lomb Incorporated announced launch of Ocuvite, an eye vitamin supplement to strengthen the macula for the U.S. market.
Due to increasing awareness of ophthalmic disorders and surge in the demand of these products, ophthalmic drug manufacturers are expanding their presence in the emerging economies by supporting various awareness campaigns in different regions.
The global ophthalmic drugs market size is expected to reach USD 45.8 billion by 2027, registering a CAGR of 5.0%, according to a new report published by Radiant Insights, Inc. Advancements in drug delivery systems are anticipated to drive the overall growth.
In December 2017, Spark Therapeutics received Food and Drug Administration (FDA) approval for the first gene therapy drug in the ophthalmic market-Luxturna (voretigene neparvovec-rzyl).
Download Free Sample Report @ https://www.radiantinsights.com/research/ophthalmic--drugs-market/request-sample Increasing number of strategic mergers, acquisitions, and collaborations make the market for ophthalmic drugs a highly competitive space.
Premium services and high-volume ancillary value-added businesses deliver supplementary benefits to customers and attract investments in the market.
For instance, in July 2019, Bausch & Lomb Incorporated announced launch of Ocuvite, an eye vitamin supplement to strengthen the macula for the U.S. market.
Due to increasing awareness of ophthalmic disorders and surge in the demand of these products, ophthalmic drug manufacturers are expanding their presence in the emerging economies by supporting various awareness campaigns in different regions.
