by The Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 5.64% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The ophthalmic drugs market involves wide range of drugs that are used to treat eye diseases and disorders. Main types of ophthalmic drugs are anti-glaucoma drugs, dry eye medication, and other anti-infective/anti-inflammatory drugs. Glaucoma drugs such as prostaglandin analogs, beta blockers, alpha agonists dominate the market. These drugs are available in various forms including eye drops, ointments, gels and solutions.
Market Dynamics:
Rising prevalence of eye diseases such as glaucoma, age-related macular degeneration, diabetic retinopathy and other vision impairment conditions is a key growth driver for this market. According to World Health Organization (WHO) data, at least 2.2 billion people have a vision impairment or blindness globally and glaucoma is among the leading causes of blindness. Furthermore, growing geriatric population who are more prone to develop eye diseases further propels the market growth. However, stringent regulations for drug approval and high costs associated with new drug development poses challenge for market players.
Segment Analysis
The global ophthalmic drugs market is dominated by the prescription drug segment. This segment accounted for over 60% share of the total market in 2023 owing to the increasing prevalence of eye disorders like glaucoma, diabetic retinopathy, age-related macular degeneration, and others which require prescription drugs for treatment. The dominant drugs under this segment include anti-glaucoma drugs, anti-inflammatory drugs, anti-infective drugs, and dry eye drugs.
PEST Analysis
Political: Governments across countries are undertaking various initiatives to increase awareness about eye diseases and their treatment. For example, the Indian government has launched various National Program for Control of Blindness to promote eye care.
Economic: Rising healthcare spending globally along with growing disposable incomes is driving the demand for advanced ophthalmic drugs. However, pricing pressures and patent expiries of blockbuster drugs pose challenges.
Social: Changing lifestyles and increased screen time is leading to a rise in eye problems. Also, the growing geriatric population prone to age-related eye diseases is augmenting the market growth.
Technological: Companies are investing extensively in R&D to develop new drug delivery mechanisms like biosimilars, sustained release formulations, and smart drug delivery systems to improve treatment outcomes.
Key Takeaways
The Global Ophthalmic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 5.64% over the forecast period, due to increasing prevalence of eye diseases and vision impairment issues. The market size for 2023 is US$ 48.19 Bn.
In terms of regions, North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to the rising geriatric population, growing incidence of lifestyle-related eye disorders, and availability of advanced healthcare infrastructure in the region.
Europe accounted for the second largest share of the ophthalmic drugs market in 2023.
Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Major players are focusing on R&D activities to develop innovative products as well as adopting collaboration and acquisition strategies to strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
