A number of factors such as rising prevalence of eye diseases, growing awareness, huge research funding in ophthalmology, unmet medical needs, rising competition among market players, improving regulatory framework, aging population, and increasing government assistance, are a few factors propelling the growth of the global ophthalmic drugs market.
Ophthalmic diseases are potential threats to the status of sight of the population. Various retinal diseases such as Wet AMD, Diabetic Macular Edema (DME), diabetic retinopathy, Retinal Vein Occlusion (RVO), and Myopic Choroidal Neovascularization (mCNV) are growing at an alarming rate worldwide.
It is noted that the rising prevalence of eye diseases is the key factor driving the ophthalmic drugs market. According to the 2017 statistics suggested by the World Health Organization (WHO), around 253 million people are living with vision impairment, out of which 36 million are blind and nearly 217 million have moderate to severe vision impairment. It is also reported that the chronic eye disease is the main cause of vision loss, globally. Globally, glaucoma is the second leading cause of blindness, according to the World Health Organization, and blindness due to glaucoma is six to eight times more common in African Americans than Caucasians.
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Various other factors such as growing awareness of eye diseases, huge research funding in ophthalmology, unmet medical needs, rising competition among market players, improving regulatory framework, aging population, and increasing government assistance are continuously contributing to the growth of the global ophthalmic drugs market.
Despite these drivers, there are some issues associated with the ophthalmic drugs market. The high cost associated with a diagnosis of eye diseases, side effects of available treatment options, lack of healthcare insurance, and poor healthcare system in low and middle-income countries may hamper the growth of the market to an extent.
It is estimated that the ophthalmic drugs market is expected to grow at a CAGR 6.0% during the forecast period of 2017–2023.
The global ophthalmic drugs market is segmented on the basis of indication, drug class, type of dosage, product, and distribution channel.
On the basis of indication, the market is classified as glaucoma, retinal disorders, inflammation/infection, dry eye, allergies, uveitis, and others.
On the basis of drug class, the market is classified as antiallergy, anti-VEGF agents, anti-inflammatory, antiglaucoma, and others. The anti-inflammatory segment is further segmented into nonsteroidal drugs and steroidal drugs.
On the basis of type of dosage, the market is classified as eye drops, eye solutions, ointments, capsules and tablets, and gels.
On the basis of the product, the market is classified as prescription drugs and OTC drugs.
On the basis of the distribution channel, the market is classified as hospital pharmacies, online pharmacies, drug stores, and others.
The Americas dominates the ophthalmic drugs market owing to the presence of patient population, rising prevalence of eye diseases, well-developed technology, high healthcare expenditure, and the presence of the leading players. According to the glaucoma research foundation, in the United States, more than 120,000 are blind because of glaucoma. This accounts for 9 to 12% of all cases of blindness. It is also reported that over 3 million Americans have glaucoma, but only a few of them know they have it. It is also reported that glaucoma accounts for more than 10 million visits to physicians each year. In November 2017, Bausch & Lomb, a U.S.-based company, received the FDA approval for Vyzulta (latanoprostene bunod ophthalmic solution). The drug is designed for the reduction of intraocular pressure in patients with glaucoma or ocular hypertension. In December 2017, Rhopressa (netarsudil ophthalmic solution) by Aerie Pharmaceuticals has also received FDA approval for the treatment of glaucoma or ocular hypertension.
Europe holds the second position in the ophthalmic drugs market. It is expected that the government support towards research and development expenditure, increasing competition among marketers, and amendments in reimbursement policies in healthcare are likely to drive the European market.
Asia Pacific is the fastest growing ophthalmic drugs market owing to a huge patient pool, increasing demand, and development of the healthcare technology.
The Middle East and Africa hold the lowest share of the global ophthalmic drugs market due to low development, lack of technical knowledge, and poor medical facilities.
Some of the key players in the global ophthalmic drugs market are Actavis Generics, Allergan Plc, Bausch & Lomb Inc., Genentech, Inc., Merck & Co., Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., Santen Pharmaceutical Co., Ltd., Shire Plc, Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Inc., and others.
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Detailed Table of Contents:
1 Report Prologue
2 Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
3 Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4 Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
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