by The global ophthalmic drugs market encompasses eye drops, gels, eye ointments, eye solutions, eye suspensions, eye inserts/gels and eye lubricants. These drugs are used for treating various eye disorders such as glaucoma, eye cancer, dry eyes, conjunctivitis and other conditions. Ophthalmic drugs have offered new therapeutic solutions for patients suffering from eye disorders. For instance, anti-VEGF drugs are highly effective for treating age-related macular degeneration and diabetic retinopathy. The increasing geriatric population suffering from chronic vision problems is a key driver fueling the growth of this market.
The global ophthalmic drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing geriatric population suffering from age-related macular degeneration and other eye disorders is one of the major drivers of this market. As per estimates, by 2030 there will be around 1.5 billion people aged 65 years and above globally. Older people tend to suffer more from chronic eye conditions like cataracts, diabetic retinopathy and dry eyes. This rising pool of geriatric population base is expected to drive significant demand for ophthalmic drugs over the forecast period. Another key growth driver is the rapid adoption of anti-VEGF drugs for treating wet age-related macular degeneration and diabetic retinopathy. These drugs have shown excellent results in halting or reversing vision loss from these disorders. The increasing success and popularity of anti-VEGF drugs is poised to propel the overall ophthalmic drugs market in the coming years.
Segment Analysis
The global ophthalmic drugs market can be segmented based on therapeutic application into anti-inflammatory drugs, anti-glaucoma drugs, anti-infective drugs and anti-allergic drugs. The anti-glaucoma drugs segment dominates the market currently since glaucoma is one of the leading causes of blindness globally and requires lifelong treatment. This segment is expected to continue its dominance over the forecast period due to rising incidence of glaucoma driven by increasing elderly population.
PEST Analysis
Political: Governments across major markets are focusing on expanding healthcare coverage which is positively impacting the market. However, stringent regulations for new drug approval are a challenge for industry players.
Economic: Rising household incomes and increasing healthcare spending is driving demand. However, price controls imposed by certain countries impact revenue streams for companies.
Social: Growing awareness about eye conditions and their treatment is benefiting the market. However, social stigma around certain diseases impacts timely diagnoses and treatment seeking.
Technological: Advancements in drug delivery mechanisms, use of biologics and techniques for early detection of eye diseases offer opportunities for market growth.
Key Takeaways
Global Ophthalmic Drugs Market Demand is expected to witness high growth over the forecast period supported by rising prevalence of eye diseases globally, increasing healthcare spending and research into advanced treatment options. The global ophthalmic drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030.
Regional analysis indicates North America will continue dominating due to presence of major players and higher healthcare expenditure. Europe is also a significant market supported by government initiatives. Asia Pacific is expected to witness fastest growth led by China and India due to large patient pool and improving access to eye care.
Key players operating in the ophthalmic drugs market are Novartis AG (Switzerland), Allergan (Ireland), Santen Pharmaceutical (Japan), Bausch Health Companies (Canada), Sun Pharmaceutical Industries (India), Akorn (US), and Teva Pharmaceutical (Israel). Novartis, Allergan and Santen hold leading market shares owing to their extensive product portfolios and global sales network. The market witnesses intense competition with players focusing on developing innovative drug formulations and delivery mechanisms to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
