13 September 2022
Visiongain has published a new report entitled Ophthalmic Drugs Market Report 2023-2033: Forecasts by Type (Prescription Drugs, OTC), by Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies), by Indication (Retinal Disorders, Infection/Inflammation/Allergy, Dry Eye, Glaucoma), by Route of Administration (Topical, Parenteral) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
Ophthalmic drugs market was valued at US$29.07 billion in 2022 and is projected to grow at a CAGR of 6.39% during the forecast period 2023-2033.
Increasing Prevalence of Diabetes
According to the information provided by International Diabetes Federation, 537 million people (20–79 years old) globally have diabetes. There will be over 640 million diabetic patients worldwide by 2030, and over 780 million by 2045. Adults with diabetes make up 3 of 4 inhabitants of low and mid-income nations. Nearly one in two (240 million) persons with diabetes do not have a diagnosis. 6.7 million people died from diabetes. Diabetes accounted for 9% of all adult healthcare costs, or at least US$ 966 billion. However, the market will be significantly constrained by a dearth of competent labour and a high rate of target drug molecule failure. However, the expiration of branded drug patents, and disruption in the ophthalmology drug supply chain as a result of the effects of COVID-19 are some factors that could limit the growth of the market for ophthalmic drugs in the future.
How has COVID-19 had a significant positive impact on the ophthalmic drugs market?
The COVID-19 outbreak has highlighted the need for health care system change so that patients in rural areas can easily receive medical care. Future health care planners should take into account the decentralisation of the health system to the level of primary care and the use of tele-ophthalmology. The coronavirus illness outbreak has created solid potential for the growth of the ophthalmic medication market. Numerous reports of eye redness and irritation in COVID-19 patients raise the possibility that conjunctivitis is an ocular symptom of a novel coronavirus infection. The government has also placed a strong emphasis on drug discovery and development as a result, which has a positive impact on the market for ophthalmic medications. Many enterprises have raised their R&D spending.
How will this Report Benefit you?
Visiongain’s 234-page report provides 104 tables and 169 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the ophthalmic drugs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for ophthalmic drugs. Get financial analysis of the overall market and different segments including services type, distribution channel, indications, and route of administration, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing ophthalmic drugs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Frequency and Occurrence of Eye-related Conditions
Glaucoma prevalence is rapidly rising, which is predicted to raise global demand for innovative medications. For instance, the BrightFocus Foundation reported in June 2021 that open-angle glaucoma, the most common type, affects 2.7 billion adults in the United States who are 40 years of age or older. Glaucoma affected more than 80 billion people globally in 2020, and that number is expected to increase to more than 111 billion by 2040. Increased incidences of eye associated issues cause an excessive call for drugs and opens up new monetary possibilities for corporations that offer ophthalmic drugs.
Presence of Strong Emerging Pipeline Drugs
Pharmaceutical companies are engaging in strategic measures, including as partnerships, acquisitions, and collaborations, to increase the number of clinical-stage prospects in their product pipeline. Avizorex Pharma, S.L., a Spanish ophthalmic pharmaceutical company engaged in the development of treatments for dry eye illness, was acquired by Aerie Pharmaceuticals, Inc. in November 2019. The Phase III trial of ARVN003 (pilocarpine microdose ophthalmic solution) for the treatment of presbyopia was approved by the Center for Drug Evaluation, China National Medical Products Administration, in September 2021. (CDE, NMPA).
Where are the Market Opportunities?
Rise in Geriatric Population
According to the report published in “The Lancet” named “Ageing and vision loss: looking to the future” in 2021 states that vision impairment has become a prominent public health concern as the world's population ages. One billion people worldwide in 2020 have presbyopia or impaired distance vision. This number is projected to rise significantly by 2050. In later life (>60 years), it is more common for conditions including cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and presbyopia to cause vision impairment. As a result, the market for ophthalmic drugs will experience significant growth over the forecast period.
The major players operating in the ophthalmic drugs market are AbbVie Inc., Bayer AG, Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co., Ltd., and Teva Pharmaceutical Industries Ltd. among other prominent players. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In September 2021, AbbVie & REGENXBIO Inc. collaborated to develop & commercialize RGX-314. RGX-314 is a promising gene therapy for the treatment wet age-related macular degeneration, diabetic retinopathy & other chronic retinal disorders.
• In June 2022, Santen Pharmaceutical Co., Ltd. received approval for manufacturing and commercialization of DIQUAS LX ophthalmic Solution 3% in Japan.
Notes for Editors
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