According to a new report published by Allied Market Research, titled, “Ophthalmic Drugs Market by Indication, Type, Distribution Channel, Dosage Form, Technology, and Therapeutic Class: Global Opportunity Analysis and Industry Forecast, 2017-2023”, the global ophthalmic drugs market was valued at $29,613 million in 2016, and is projected to reach $42,663 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The retinal disorders segment accounted for 26.6% of the global ophthalmic drugs market in 2016.
The report provides a comprehensive analysis of the key players operating in the global market such as Santen Pharmaceutical Co., Ltd., Bausch & Lomb Inc. (Valeant Pharmaceuticals International, Inc.), Shire Plc, Alcon (Novartis), Genentech, Inc. Allergan, Plc, Sun Pharmaceutical Industries Limited, Actavis Generics (Teva Pharmaceutical Industries Ltd.), Regeneron Pharmaceuticals, Inc., and Pfizer Inc.
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The other key factors that boost the ophthalmic drug market size include high prevalence of glaucoma worldwide and rise in transition towards development of combination therapies for the treatment of glaucoma. In addition, the dynamics in the demographics across the globe contribute to the market growth. However, risk of side effects associated with ophthalmic drugs and the longer timelines required for novel ophthalmic drugs hamper this growth. Moreover, increase in investment by market players in emerging economies offers lucrative opportunities for market growth in near future.
Indication Segment Review
The ophthalmic drugs industry is segmented based on indication into dry eye, glaucoma, infection/inflammation/allergy, retinal disorders, and others. The retinal disorders segment is further classified into wet age-related macular degeneration, dry age-related macular degeneration, diabetic retinopathy, and others. Retinal disorders indication has registered significant growth rate, registering a CAGR of 5.8% from 2017 to 2023. The dry age-related macular degeneration segment accounts for the highest share among all the retinal disorders in 2016, and is expected to continue this trend throughout the forecast period.
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Conversely, surge in investment by manufacturers in the emerging economies and rise in initiatives to reduce the burden of glaucoma globally are anticipated to offer lucrative opportunities for market expansion. The multicompartment drug delivery systems is expected to witness a CAGR of 8.0% from 2017 to 2023, as these systems are ideal to sustain and deliver therapeutics to the target tissues and cells. The anti-inflammatory segment accounted for 28% of ophthalmic drugs market share in 2016, and is projected to continue its dominance throughout the forecast period.
Among distribution channel, hospital pharmacies generated the highest revenue in 2016, accounting for 31% of the total ophthalmic drugs market share, and are anticipated to continue this trend throughout the forecast period. Moreover, online pharmacies segment is expected to witness a high growth rate of 5.8%, owing to increase in trend of online ordering and easy availability of drugs.
Key Findings of the Ophthalmic Drugs Market:
- The liquid ophthalmic drug forms generated the highest revenue in 2016, and are anticipated to continue the same trend, registering a CAGR of 4.1% from 2017 to 2023.
- The cell therapy technologies registered significant growth rate and is expected to register a CAGR of 6.5%.
- North America dominated the market, accounting for maximum share of 36% of the total market in 2016 and is expected to witness a CAGR of 4.4%.
- The online pharmacies segment is witnessing the highest CAGR of 5.8% among the end users.
- Anti-inflammatory drugs accounted for two-sevenths share of the global ophthalmic drugs market in 2016.
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