Ophthalmic corticosteroids are used to prevent permanent damage to the eye, which may occur with certain eye problems. They also provide relief from inflammation, and other symptoms such as swelling, pain, redness, or irritation of the eyes. The rise in the prevalence of intraocular eye disorders such as diabetic retinopathy, dry eye syndrome and age-related macular degeneration (AMD) is one of the major factors that contributed to the ophthalmic corticosteroid market growth. It is expected to hold its position throughout forecast period owing to rising prevalence of eye diseases across the globe, especially in the elder population.
The COVID-19 outbreak is believed to have a major impact on the global ophthalmic corticosteroid Market. The COVID-19 pandemic has brought on many features, like declining business assurance, unpredictability about the future, huge brake in the supply chain, and others. Manufacturing industries are being shuttered around the world due to the global restrictions causing an unusual technology and business model transformation. Also, due to interference in the supply chain, there has been a significant shortage in the supply of ophthalmic corticosteroid across the globe.
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Ophthalmic corticosteroid market: Drivers and Restraints-
The rise in prevalence of glaucoma and occurrence of eye disease especially in the elder population is major factor fuels the growth of ophthalmic corticosteroid market. The rise in prevalence of diabetes mellitus may cause diabetic retinopathy, which is another factor responsible for the growth of ophthalmic corticosteroid market.
However, some factors can restrain the growth of the global ophthalmic corticosteroid market such as certain adverse effects associated with corticosteroids such as stinging, burning sensation, blurred vision, glaucoma, and cataracts.
Ophthalmic corticosteroid market Segmentation:
Based on the disease type, the global ophthalmic corticosteroid market can be segmented as:
- Allergic conjunctivitis
- Retinal disorder
- Inflammatory condition/post-operative inflammation
Based on the dosage form, the global ophthalmic corticosteroid market can be segmented as:
- Eye drops
Based on the distribution channels, the global ophthalmic corticosteroid market can be segmented as:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Ophthalmic corticosteroid market: Overview
Ophthalmic corticosteroid market segmented on the basis of disease conditions into allergic conjunctivitis, retinal disorder, inflammatory condition or post-operative inflammation, keratitis, glaucoma, uveitis and others. The retinal disorder segment is dominating the ophthalmic corticosteroid market due to the rise in prevalence of age-related macular degeneration in the year 2016. According to the American Academy of Ophthalmology chances of occurrence for age-related macular degeneration rises with age, which is expected to hold market for next few years. Liquid ophthalmic dosage forms such as Eye drops have the highest share in the ophthalmic corticosteroid market due to ease of application. Based on the distribution channel, the ophthalmic corticosteroid market is segmented into hospital pharmacies, retail pharmacies, online sales, research institutes, clinics and others. The hospital pharmacies are expected to be the dominating among all due to rise in prevalence of ophthalmic diseases and increasing population across the globe.
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Ophthalmic corticosteroid market: Region-wise Outlook
North America dominates share of the global ophthalmic corticosteroid market, due to surging in the prevalence of intraocular eye disorders like diabetic retinopathy, dry eye syndrome and age-related macular degeneration disease etc. North America is expected to expand promptly during the forecast period due to the rise in awareness about the prevention of eye diseases, speedily developing healthcare system, and an increase in acquiring the technology. Europe and Asia pacific also showed significant growth in the ophthalmic corticosteroid market due to the increase in the prevalence of viral and non-viral eye infections, and the availability of better ophthalmological treatment in this region.
Ophthalmic corticosteroid market: Key Market Players.
Key players involved in the global ophthalmic corticosteroid market are Alcon Eye Care, Regeneron Pharmaceuticals, Allergan, Inc. Alimera Sciences, Bayer AG, Bausch & Lomb Inc., Genentech, GlaxoSmithKline, Ophthalmics, Novartis AG, Pfizer, Opko Health, Inc., Otsuka Pharmaceutical Co., Ltd., Santen Inc, Inc. Valeant Pharmaceuticals International and Others.
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