The global ophthalmic disease therapeutics market will witness a steady growth due to the rise of ophthalmic diseases. According to a report published by Fortune Business Insights, titled “Ophthalmic Disease Therapeutics Market: Global Market Analysis, Insights, and Forecast, 2019-2026,” the market was valued at US$ 29,504.8 Mn in 2018. Fortune Business Insights predicts that the global market will exhibit a CAGR of 6.1% and reach US$ 47,831.3 Mn by the end of 2026.
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Some of the leading companies that are operating in the global ophthalmic disease therapeutics market are
- Hoffmann-La Roche AG
- Regeneron Pharmaceuticals
- Santen Pharmaceutical
- Bausch & Lomb
The National Eye Institute has found that the rising population spends almost US$ 139 billion annually for vision disorders, and vision loss in the U.S. There has been an increasing number of cases of blindness around the world, which is the key factor aiding growth of the global ophthalmic disease therapeutics market.
Several renowned pharmaceutical companies are increasingly investing in the research and development (R&D) of therapies in order to treat retinal disorders. Retinal disorders are expected to witness advanced therapies that are yet to be approved in the near future. The report provides an in-depth analysis of various factors contributing to the growth of the global ophthalmic disease therapeutics market.
Anti-inflammatory Drugs to Lead the Global Ophthalmic Disease Therapeutics Market
The global ophthalmic disease therapeutics market consists of numerous drug classes. These are: anti-inflammatory, anti-glaucoma, anti-VEGF, anti-infectives, and others. Among these drug classes, anti-inflammatory drugs were leading the global ophthalmic disease therapeutics market in 2018 with an impressive market share of 25.5%. It is projected to remain dominant throughout the forecast period. Fortune Business Insights predicts that several other factors such as improved reimbursement policies for eye care, and corticosteroids in ocular diseases are likely to boost the segment’s market during 2019-2026.
Moreover, there is another drug class in the global ophthalmic disease therapeutics market called as the anti-VEGF. The usage of anti-VEGF prevents the growth of vascular permeability factor. It is projected that this particular segment will witness a high CAGR between 2019 and 2026. For improvement of anti-VEGF activities, clinical trials are being conducted regularly on novel molecules. This has resulted in an increasing number of clinical trials which is likely to boost the anti-VEGF segment during the forecast period.
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Asia Pacific to Witness Growth of the Global Ophthalmic Disease Therapeutics Market
The launch of potent ophthalmic therapeutics in the U.S. for the betterments of ophthalmology outcomes is boosting the ophthalmic disease therapeutics market in North America. In addition to this, the increasing incidence of retinal diseases in the region is also driving the market. In 2018, the North America market was valued at US$ 12,037.9 Mn, and the region was at the forefront of the global ophthalmic disease therapeutics market.
Europe is predicted to trail the North America market, and is expected to be the second-most leading region in the global market as per revenue. Meanwhile, Asia Pacific is constantly improving when it comes to the distribution network of companies in the region. Hence, the region is expected to offer attractive growth opportunities to the ophthalmic disease therapeutics market. Moreover, governments in this region are completely focusing on the diagnosis and prevention of blindness. This will also support the growth of the global ophthalmic disease therapeutics market with a significant CAGR by the end of 2026.
Hoffmann-La Roche AG and Regeneron Pharmaceuticals Inc. to Lead the Market
The global ophthalmic disease therapeutics market is fragmented due to the entry of various small and mid-scale regional players. In May 2019, FDA approved Regeneron Pharmaceuticals Inc’s Eyelea injection for all stages of diabetic retinopathy as it is the major cause of vision loss in patients with diabetes. On the other hand, Lucentis by F. Hoffmann-La Roche AG is one of the most prominent therapies used for ophthalmic diseases namely macular edema, retinal vein occlusion and macular degeneration. These two products had generated a revenue of over US$ 5.0 Bn in 2018.
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