According to a new report published by Coherent Market Insights, titled, Ophthalmic Drugs Market, By Indication ((Dry Eye, Glaucoma, Infection/Inflammation/Allergy, Retinal Disorders (Wet Age-related Macular Degeneration, Dry Age-related Macular Degeneration, Diabetic Retinopathy, and Others), and Others), By Type (Prescription Drugs and Over-the-counter Drugs), By Dosage Form (Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems, and Other Ophthalmic Drug Forms), By Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies, and Others), By Therapeutic Class (Anti-glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030, The global ophthalmic drugs market was valued at US$ 45.62 Bn in 2022 and is forecast to reach a value of US$ 70.76 Bn by 2030 at a CAGR of 5.64% between 2023 and 2030.
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Ophthalmic Drugs Overview
An ophthalmic drug is injected into the eye, most commonly as an eye drop formulation. Topical formulations are used to treat a variety of eye diseases. These conditions may include dry eye, glaucoma, bacterial eye damage, and bacterial infections. Glaucoma is the world’s second leading cause of blindness, according to WHO. Cefazolin, gentamicin, EDTA, bevacizumab, and other ophthalmology medications are on the market. Other factors expected to drive market growth in the coming years include improved healthcare infrastructure, supportive government initiatives to raise health awareness among people worldwide, and increased investment in the development of advanced drug types.
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.
Some of the companies that are profiled in this report are: Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others.
Segments Covered in the Report
- Global Ophthalmic Drugs Market, By Indication:
- Dry Eye
- Retinal Disorder
- Wet Age-related Macular Degeneration
- Dry Age-related Macular Degeneration
- Diabetic Retinopathy
- Global Ophthalmic Drugs Market, By Type:
- Prescription Drugs
- Over-the-counter Drugs
- Global Ophthalmic Drugs Market, By Dosage Form:
- Liquid Ophthalmic Drug Forms
- Solid Ophthalmic Drug Forms
- Semisolid Ophthalmic Drug Forms
- Multicompartment Drug Delivery Systems
- Other Ophthalmic Drug Forms
- Global Ophthalmic Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
- Global Ophthalmic Drugs Market, By Therapeutic Class:
- Global Ophthalmic Drugs Market, By Geography:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Market Drivers
Increased use of contact lenses – In recent times the use of contact lenses has increased in a significant manner as compared to the specs. The patients that make use of contact lenses suffer with the condition of dry ice due to which the demand for ophthalmic drugs has increased significantly.
Increased geriatric population – As the geriatric population across the world has increased tremendously the number of patients suffering from age-related disorders has also increased across the world. Preventive medicines and the medicines used for the treatment of various disorders have grown in recent years and the need for these drugs will continue to grow well during the forecast period.
Key Market Opportunities
Growing cases of distance-only or vision impairment – As the number of patients suffering from vision impairment has increased in recent years; the demand for ophthalmic drugs is also expected to grow. Prevention of such diseases is possible with the help of various medicines which shall prove to be a major opportunity for the growth of the market in the coming years. As the cases of diabetes have also increased especially in the geriatric population, the eye condition known as diabetic retinopathy will also lead to the sales of ophthalmic drugs in the coming years. Growing awareness regarding the availability of such drugs and the initiatives taken by the government for carrying out various campaigns that provide free eye checkups will also help in preventing such cases in the future.
Key Market Challenges
Strict regulations in various nations – This is one of the tough FDA laws that require the drugs to pass the efficiency and safety standards. This happens to be a restraining factor for the growth of the market in the long run. When it comes to developing nations the amount of money spent on these drugs reduces. The ophthalmic drug industry will be negatively affected as the economic condition of a few nations is not good.
Lack of awareness in some developing nations – Some developing countries are not aware of the preventative medications on the market that can stop future eye diseases. This will hamper the growth of the market.
𝐒𝐨𝐦𝐞 𝐏𝐨𝐢𝐧𝐭𝐬 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭:
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲: It includes five chapters, details on the study’s objectives, significant manufacturers covered, market segments, Ophthalmic Drugs market segments, and years taken into account.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞: The competition in the global Ophthalmic Drugs market is assessed here in terms of price, turnover, revenues, and market share held by the organization as well as market rate, competitive landscape, and most recent developments, transactions, growth, sales, and market positions of leading companies.
𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐬: On the basis of sales, primary products, gross profit margin, revenue, price, and growing production, the top players in the worldwide Ophthalmic Drugs market are analyzed.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐛𝐲 𝐑𝐞𝐠𝐢𝐨𝐧: The report covers gross margin, sales, income, supply, market share, CAGR, and market size by region. Among the regions and countries thoroughly examined in this study are North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬: It includes a comprehensive analysis of the contributions made by various end-user, application, and type segments to the Ophthalmic Drugs Market.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭: Production Side: The authors of this section of the report have concentrated on forecasting production and production value, forecasting key producers, and forecasting production and production value by type.
𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: The research study’s conclusion is presented in this section of the report, which is its final subsection.
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