According to a new report published by Allied Market Research, titled, “Ophthalmic Drugs Market by Indication (Dry Eye, Glaucoma, Infection/Inflammation/Allergy, Retinal Disorders, and Others), Type (Prescription Drugs and Over-the-counter-Drugs), Dosage Form (Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semi-Solid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems, and Other Ophthalmic Drug Forms), Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies and Others), and Therapeutic Class (Anti-Glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027″. According to the analyst of AMR, the global ophthalmic drugs market was valued at $ 36,488.48 million in 2019, and is projected to reach $58,134.92 million by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
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Ophthalmic Drugs Market Overview-
Increase in focus towards developing combination therapies for treatment of ophthalmic disorders, prevalence of these disorders, and surge in geriatric population are projected to drive the ophthalmic drugs market growth. In addition, continuous change in demographics worldwide supplements this growth. However, longer timelines required for the approval of novel ophthalmic drugs and side effects associated with the same limit market expansion.
The development of effective ophthalmic is crucial is the current scenario, owing to increase in incidence of ophthalmic disorders such as glaucoma, cataract, and other common eye infections. Ophthalmic drugs are administered in different dosage forms depending upon the indication. Market players focus on innovation of novel approaches for the development of ophthalmic drugs over the years, including small molecule, biologics, and recombinant technologies, thereby driving the growth of ophthalmic drugs market.
Ophthalmic Drugs Market Segmentation:
On the basis of indication, The retinal disorders segment dominated the market in 2019, due to rise in prevalence or macular degeneration, increasing in number of geriatric population and increase in health education initiatives taken by government about eye diseases to seek early treatment and prevent visual impairment occurring due to retinal disorders.
On the basis of distribution channel, the market is classified into hospital pharmacies, drug stores, online pharmacies, and others. The hospital pharmacies segment led the market in 2019, and is expected to continue this trend throughout the forecast period, due to increase in prevalence of chronic eye ailments such as glaucoma, cataract, and retinal disorders.
By application, the market is studies across anti-glaucoma, anti-infection, anti-inflammation, anti-allergy and others. The anti-inflammatory is expected to exhibit the highest growth throughout the forecast period, owing to rise in prevalence of allergic conjunctivitis and hypersensitivity reactions.
Asia-Pacific is expected to witness highest growth rate for ophthalmic drugs throughout the forecast period, and is expected to continue this trend, owing to high population density, increase in geriatric population, and rise in incidence of congenital glaucoma and cataract in India and China.
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Ophthalmic Drugs Market: By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Ophthalmic Drugs Market Report:
What is the Ophthalmic Drugs market size and growth?
What are the prominent and latest trends impacting the market?
Which is the largest regional market for Ophthalmic Drugs?
Key market players discussed in the report include AbbVie Inc. (Allergen plc.), Alcon Inc., Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd (Genentech, Inc.), Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. (Actavis Generics).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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