Ophthalmic drugs are the drugs that are used for the treatment of eye diseases and disorders. The ophthalmic drugs market is growing due to increase in prevalence of eye disorders and the use of combination therapies.
Ophthalmic Drugs Market is set to grow at a remarkable pace in the coming years. Combination therapies have various advantages over traditional medication such as improved patient compliance and efficacy. The drivers that support the growth of ophthalmic drug market are aging population, changing lifestyle, technological changes, and increase in healthcare spending. Lack of awareness among people regarding eye diseases and disorders, absence of health insurance in developing countries are some of the challenges faced by the ophthalmic drugs market.
Key players in the market focus on product launch, research & new product development, and mergers & acquisition. Product launch, with new combination therapies is the most important strategy adopted by major players in market. Novartis (ALCON), Allergan, Santen, Pfizer, Merck and Roche are the major players in the global ophthalmic drugs market. ALCON launched ILEVRO Suspension used to reduce pain and inflammation resulting from cataract surgery.
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High Level Analysis
Porter’s five forces model reveals that bargaining power of supplier is less due to low switching cost and bargaining power of buyers is high due to availability of substitute products. Threat of substitute is high due to similarity in therapeutic functioning. Business strategies adopted by key players are analyzed. SWOT analysis helps in understanding the internal and external factors required for strategic business planning.
The Ophthalmic drugs market is segmented based on Targeted drugs, Types and geography.
MARKET BY TARGETED DRUGS
- Dry eye Drugs
- Retinal Drugs
- Anti-inflammatory/Allergy/Infective Drugs
- Anti-Glaucoma Drugs
MARKET BY TYPE
- Prescription Drugs
- OTC Drugs
MARKET BY GEOGRAPHY
- North America
- Asia Pacific