In recent times, there has been a rise in the accuracy in the diagnosis of retinal diseases due to the introduction of new technologies in ophthalmology. Consumers are highly inclined towards topical drugs as it reduces the risk of side effects. These factors have highly supported the global ophthalmic drugs market growth during the forecast period 2017 to 2025 states Transparency Market Research. Further, as chronic eye diseases are the main cause of vision loss there has been a subsequent rise in the demand for ophthalmic drugs.
Ophthalmic Drugs Market to Record the Valuation of US$34.3 bn in 2025
Players in the ophthalmic drugs market are engaged in drug development agreements to come up with enhanced biological agents that help in reducing the duration of treatment. This has resulted in the growth of the global ophthalmic drugs market from its historical valuation of US$24.4 bn in 2016 to reach US$34.3 bn in 2025.
The market’s growth can be majorly attributed to dry eye diseases as it is very common among the ageing population. It is an under-diagnosed clinical condition as its symptoms can be easily associated with ageing. The FDA has approved very few drugs for the treatment of these diseases which has opened up new opportunities of growth for the pharmaceutical industry. Oyster Point Pharma, Inc. has recently announced the enrollment of the first subject in the phase three clinical trial of OC-01 Nasal Spray, a drug for the treatment of DED.
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Furthermore, the high incidence of glaucoma due to rising cases of diabetes has spiked the global ophthalmic drugs market’s growth. It has led to a rise in research and development of combination therapies for glaucoma treatment. NICOX has successfully tested a new treatment that promises to reduce intraocular pressure in glaucoma.
North America to be at the Helm of the Ophthalmic Drugs Market
Geographically, North America dominates the global ophthalmic drugs market due to favorable Medicare policies in the U.S. and the availability of specialty drugs. Rising cases of age-related macular degeneration and glaucoma are the leading causes of the global ophthalmic drugs market’s growth in this region.
Asia Pacific follows North America to be a lucrative region for the global ophthalmic drugs market’s growth. India, Malaysia, and China are the highest contributors to the market’s growth in this region due to the presence of a large consumer base. Asia Pacific serves as a bedrock for numerous ophthalmic drug companies willing to leverage the potential of the untapped markets.
Rise in FDA Approvals to Accelerate Ophthalmic Drugs Market’s Growth
New ophthalmic drugs have witnessed an uptake in FDA approvals in the past couple of years. This is a result of increased venture capital investments helping small virtual companies and start-ups to bring their drugs to the market. Some of the recent ophthalmic drug approvals include Rhopressa and Vyzulta for open-angle glaucoma and ocular hypertension and Luxturna for retinal dystrophy.
Government initiatives and awareness campaigns have further supported the ophthalmic drugs market’s growth during the predefined period. For instance, Medicaid, a welfare program in the U.S. for low-income populations for the treatment of eye diseases. Similarly, in India, there is a scheme called the National Program for control of Blindness aimed at reducing the prevalence of blindness.
Furthermore, trade liberalization and the production of cost-effective drugs for the treatment of eye diseases has increased the revenue share of the global ophthalmic drugs market.