Ophthalmic drugs or ophthalmic medications are drops, intraocular disks, and ointments that are prescribed to patients with eye-related disorders. The last few years saw an impressive growth in the global ophthalmic drugs market. This is on account of high prevalence of eye disorders afflicting a growing number of diabetics, aging people, and those with macular degeneration. Reports suggest over 60 mn people suffer from glaucoma and this number would reach 80 mn by 2020. Such alarming numbers, coupled with rapid strides in technology, drug delivery methods, and rising awareness about lifestyle-related diseases, are driving the global ophthalmic drugs market.
The global ophthalmic drugs market is segmented on the basis of type into prescription drugs and over-the-counter drugs. On the basis of the type of treatments they offer, the market can be divided into dry eye drugs, retinal drugs, allergy or infective drugs, anti-inflammatory, and anti-glaucoma drugs. Amongst treatment drugs, the anti-glaucoma drugs segment is leading the global ophthalmic treatment drugs market. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. North America currently dominates the overall ophthalmic drugs market and is likely to retain its leading position, on account of initiatives being undertaken on a large scale to thwart blindness and other eye-related disorders, particularly in the aging population. The ophthalmic drugs market in Asia Pacific is also expected to register robust growth due to the high occurrence of ophthalmic disorders amongst geriatrics in the region. Further, economic development in the region on account will put more disposable income into the hands of the people, thereby enabling them to avail proper treatment.
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According to the research report, the global ophthalmic drugs market was valued at US$16 bn in 2012 and is estimated to reach a market value of US$21.6 bn by 2018, rising at a CAGR of 5.2% from 2013 to 2018. Ophthalmic drugs or ophthalmic medications refer to ointments, drops, or intraocular disks that are prescribed to patients with eye-related disorders. The remarkable growth of the global ophthalmic drugs market in the last few years is related to the high incidence of eye disorders due to the increasing number of diabetics, the growing pool of the aging population, and macular degeneration. The significant number of technological advancements in drug delivery techniques and increasing awareness about and prevalence of lifestyle-related diseases are also propelling the global ophthalmic drugs market.
The global ophthalmic drugs market is segmented on the basis of type, treatment drug, and geography. The types of drugs in this market are OTC drugs and prescription drugs. On the basis of treatment drug, this market is segmented into retinal drugs, dry eye drugs, anti-inflammatory or allergy or infective drugs, and anti-glaucoma drugs. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Amongst treatment drugs, the anti-glaucoma drugs segment is leading the global ophthalmic treatment drugs market, with a CAGR of 4.2% expected during the mentioned forecast period.
In terms of regions, North America dominates the overall ophthalmic drugs market and is likely to maintain its dominance due to the growing initiatives to prevent blindness and other disorders related to the eyes amongst the aging population. During the same forecast period of 2013-2018, the ophthalmic drugs market in Asia Pacific is also expected to witness strong growth due to the increasing ophthalmic disorders amongst geriatrics in the region. Countries such as China, India, and others in Southeast Asia are expected to be the largest consumers of these drugs, thereby propelling the ophthalmic drugs market in Asia Pacific.
Transparency Market Research has recently published a research report that details the trends and dynamics in the global ophthalmic drugs market. The research report, titled “Ophthalmic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2018,” has been compiled using primary and secondary research methodologies. Furthermore, researchers have also used SWOT analysis to highlight the strengths, weaknesses, opportunities, and threats of the major companies and the overall market. The report includes a study of the historical data and its correlation with the current market scenario to shed light on the trajectory of the global ophthalmic drugs market.
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Some of the key players in the global ophthalmic drugs market are Santen Pharmaceutical Co. Ltd., Merck & Co. Inc., Roche Holding AG, Pfizer Inc., Allergan Inc., and Novartis International AG. Presently, Novartis leads the global ophthalmic drugs market with a share of 24% in the overall market as of 2012. The research report provides a detailed analysis of the competitive landscape of the global ophthalmic drugs market and the regulatory framework influencing the overall market. Additionally, the report also explains the research and development activities, financial overview, investment outlook, and product portfolio of these top players.