Ophthalmic Drugs Market Highlights:
Due to the rising incidences of eye diseases, the demand for effective treatment methodologies has been significantly increasing. Over the years, various new and existing players have been seen coming up with effective drugs in the market. There has been a massive demand noticed among the consumers for ophthalmic drugs.
The global Ophthalmic Drugs Market is projected to grow at a compound annual pace of 6% during the forecast period of 2017 to 2023.
Various key factors like growing awareness about the drugs, rising prevalence of eye-based diseases, unmet medical needs, huge research funding in ophthalmology, improving regulatory framework, rising competition among the players in the market, increasing support and assistance from the government, and an aging population are some of the primal growth factors driving the global market. However, the high cost of diagnosing eye diseases, lack of healthcare insurance, and possible side effects can be some of the biggest constraints of the global market.
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Competitive Landscape:
The global ophthalmic drugs market hosts a number of key and emerging players. These players are trying to make a market in the market with their consistent efforts and strategic planning. The leading players are willing to edge past their immediate competition to lead the ophthalmic drugs market. Whereas, the new entrants and potential players in the market are putting-in efforts to cement their name as one of the key players.
Some of the key players identified in the market are as follows: Santen Pharmaceutical Co., Ltd., Bausch & Lomb Inc., Regeneron Pharmaceuticals, Inc., Actavis Generics, Teva Pharmaceutical Industries Ltd., Genentech, Inc., Merck & Co., Sun Pharmaceutical Industries Limited, Allergan Plc, Inc., Valeant Pharmaceuticals International, Inc., Pfizer Inc., Shire Plc, and others.
June 2019, Sun Pharma, one of the largest drug manufacturers in India, mentioned that it has agreed upon an exclusive deal with a subsidiary company of China Medical System Holdings (CMS) for thhe development as well as the commercialization of specialty medications Cyclosporine eye drops and other drugs.
Regional Analysis:
The global ophthalmic drugs market covers the following regional territories: Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas hold the dominant share in the global ophthalmic drugs market. The regional market is expected to lead the standings in the forthcoming years as well. The presence of a huge patient population, established and developed technologies, high expenditure associated with healthcare, rising prevalence of eye diseases, and the presence of various leading market players are some of the key drivers of growth for the region.
Europe holds the second largest position in the global ophthalmic drugs market. The market is expected to garner considerable support the government in terms of research and development expenditure, amendments in reimbursement policies in the healthcare domain, and surging competition among marketers. All these and more are anticipated to drive the growth of the global ophthalmic drugs market over the forecast period.
Asia Pacific is the fastest growing region in the ophthalmic drugs market. The regional market is growing at a rapid pace dude the presence of a huge patient pool, development in healthcare technology, and increasing demand for the drugs.
The Middle East & Africa region holds the lowest share percentage in the global ophthalmic drugs market. This is due to the lack of technical knowledge and expertise, low level of development, and poor medical facilities herein.
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Ophthalmic Drugs Market Segmentation:
The global ophthalmic drugs market has been segmented in terms of drug class, distribution channel, type of dosage, indication, and product.
- By indication, the market narrows down into uveitis, glaucoma, retinal disorders, dry eye, allergies, inflammation/infection, and others.
- By drug class, the market segments into anti-VEGF agents, antiallergy, anti-inflammatory, antiglaucoma, and others. The anti-inflammatory class is branched down further into steroidal drugs and nonsteroidal drugs.
- By dosage, the market breaks down into ointments, eye drops, capsules and tablets, eye solutions, and gels.
- By product, the market includes OTC drugs and prescription drugs.
- By distribution channel, the market comprises drug stores, hospital pharmacies, online pharmacies, and others.
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