Ophthalmic Drugs Market Scope
Ophthalmic Drugs Market insights report has estimated the industry size to be worth USD 33.09 billion in 2022. The worldwide demand for ophthalmic drugs is anticipated to expand at a compound annual growth rate (CAGR) of 6.32% between 2023 and 2032, from USD 35.18 billion in 2023 to USD 67.63 billion by 2032.
Drivers and Restrains Impacting Ophthalmic Drugs Market
Ophthalmic drugs are used in the treatment of eye infection and other types of eye conditions. The growing prevalence of ophthalmic diseases, such as; age-related macular degeneration (AMD), diabetic retinopathy, diabetic macular edema (DME), myopic choroidal neovascularization, and retinal vein occlusion (RVO), are potential threats to an individual’s sight.
Over-the-counter (OTC) anti-inflammatory eye drops offer quick relief from redness, irritation, and discomfort caused by various eye conditions like allergies and dryness. These readily available drops contain soothing ingredients that help reduce inflammation, providing a convenient and accessible solution for individuals seeking relief from minor eye discomfort without the need for a prescription.
The expansion of the global ophthalmic drugs market can be influenced by surge in investments in the development of novel drugs and escalation of funding for research on the formulation of ophthalmic drugs. In addition, the surging incidences and ongoing prevalence of eye-related disorders are other causes are expected to fuel the ophthalmic drugs market growth. The growing relationship among key companies can influence the ophthalmic drugs market and churn-up high revenue. For instance, Johnson & Johnson Surgical Vision, Inc. entered into a research collaboration with the Singapore Eye Research Institute (SERI) and National Eye Centre (SNEC) to tackle myopia. In addition, the Essilor signed a new research agreement Laas-CNRS laboratory for five years. Other major companies operating in the ophthalmic drugs market are involved in product launch, strategic acquisitions, collaborations to improve their global position.
Segment Study of Ophthalmic Drugs Market
The segment study of the global ophthalmic drugs market is based on dosage form, drug class, product type, and indication among others.
The dosage form-based segments of the global ophthalmic drugs market study are eye ointments, eye drops, capsules & tablets, and eye solutions, gels among others.
The drug class-based segments of the global ophthalmic drugs market are anti-inflammatory, antibiotics, and anti-glaucoma among others.
The product type-based segments of the global ophthalmic drugs market are over the counter (OTC) drug and prescription drug.
The indication-based segments of the global ophthalmic drugs market are allergy, dry eye, and glaucoma among others.
Regional Analysis of Ophthalmic Drugs Market
The ophthalmic drugs market is assessed by region for the Americas, Europe, the Middle East Asia & Africa, and Asia Pacific. The market of ophthalmic drugs in the Americas region is further studied for Latin America and North America, with North America the ophthalmic drugs market studied for the US and Canada. Europe ophthalmic drugs market study is analyzed for Eastern Europe and Western Europe. Western Europe is studied for France, Germany, Italy, the UK, Spain, and the rest of Western EU. The market study of ophthalmic drugs in the Asia Pacific region spans across India, Japan, South Korea, China, Australia, and the rest of the Asia Pacific region. In the Middle East Asia & Africa region, the ophthalmic drugs market in analyzed for the Middle East and Africa.
The Americas can dominate the global ophthalmic drugs market due to the exitance of a large patient population, growing prevalence of eye disorder, well-developed technology, the presence of the reputed players, and high healthcare expenditure. The increase in cases of glaucoma and surge in funding for research on non-invasive treatments in the United States can improve the impetus of the market. Bausch & Lomb, a U.S.-based eyecare solutions company, received the FDA approval for Vyzulta, designed to curb intraocular pressure in patients with ocular hypertension or glaucoma. Thus, the introduction of innovative solutions in the glaucoma management can support the US to spearhead ophthalmic drugs in North America.
In Europe, the ophthalmic drugs market is expected that thrive as the regional government can support research and development expenditure. The surging competition among marketers, and increasing amendments in reimbursement policies across the healthcare sector can drive EU ophthalmic drugs market. In Asia Pacific, the ophthalmic drugs market can rise at decent pace as a huge patient pool suffering from glaucoma in the region are looking for effective treatment. The upscaling demand for innovations and the need for effective healthcare technology in these regions can favor the ophthalmic drugs market. In the Middle East Asia and Africa, the ophthalmic drugs market can witness sluggish growth owing to lack of development in medical facilities.
Key Players of Ophthalmic Drugs Market
Novartis AG, Pfizer Inc., Allergan Plc, F. Bausch Health Companies Inc., Hoffmann-La Roche AG, Bayer AG, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Santen Pharmaceutical Co., Ltd., and Aerie Pharmaceuticals, Inc. are some top-notch companies that are listed by MRFR's ophthalmic drugs market outlook report.
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