The ophthalmic drugs market size was USD 34,086.0 million in 2022 and is anticipated to reach USD 68,574.4 million in 2032, growing at a rate of 6.9% from 2023 to 2032. The ophthalmic drugs are formulations designed for treating eye diseases such as cataracts, glaucoma, color blindness, diabetic macular edema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD).
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Market Trends and Drivers
Rise in Prevalence of Eye Disorders
In industrialized nations, the aging population increases life expectancy, and unfavorable changes in lifestyle, such as bad eating habits and reduced exercise, are anticipated to lead to a rise in the prevalence of illnesses that might impair eyesight in the future. The most frequent causes of visual impairment include hereditary retinal illnesses affecting young people, glaucoma, cataracts, and age-related macular degeneration, primarily among older folks. For instance, in October 2022, as per World Health Organization (WHO) facts on ‘Blindness and Vision Impairment,’ The yearly cost of productivity losses related to eye impairment is projected to be USD 411 billion, placing a tremendous financial burden on the whole world. However, vision loss may afflict people of all ages. The majority of persons with visual impairment and blindness are over the age of 50. A near- or distance vision impairment affects at least 2.2 billion individuals worldwide. Hence aforementioned factors will boost the market growth.
Major Players in the Ophthalmic Drugs Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global ophthalmic drugs market includes players such as Recipharm AB (Sweden), Sterling Pharmaceutical Services LLC (US), Somerset Pharma, LLC (US), Alcon Inc. (US), Novartis AG (Switzerland), Bayer AG (Germany), Nicox SA (France), Coherus BioSciences, Inc. (US), Sun Pharmaceutical Industries, Inc. (India), Krishlar Pharmaceuticals (India), Teva Pharmaceutical Industries Ltd. (Israel), and others.
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COVID-19 Impact:
In the pre-COVID-19 pandemic scenario, as the world’s population ages and the prevalence of ophthalmic disorders rises, pharmaceutical and biotech companies’ attention is increasingly focused on developing novel methods for the development of ophthalmic drugs, which is fueling the expansion of the world market for ophthalmic drugs. Additionally, it has been determined that age-related macular degeneration (AMD), particularly, and the rising incidence of glaucoma are the main factors influencing the anticipated expansion. As a result, the market for ophthalmic drugs performed well before the COVID-19 pandemic.
The COVID-19 pandemic affected the worldwide supply chain for pharmaceuticals and medical goods, which impacted the market for ophthalmic drugs and the research and development of therapies and medications for illnesses other than COVID-19. For instance, according to an article published by the Public Library of Science in March 2022, titled “COVID-19 pandemic decreased the ophthalmic outpatient numbers and altered the diagnosis distribution in a community hospital in Taiwan: An observational study”, it has been observed that the number of ophthalmic outpatients during the COVID-19 pandemic reduced by 46.9%.
However, the demand for ophthalmic drugs is up and is anticipated to grow during the forecast period from 2023 to 2032 due to the ease of lockdown restrictions, an upturn in resources, a supply chain, the administration of the vaccine to the public, the incorporation of telemedicine and e-commerce, and the rising number of ophthalmic disease diagnoses through telehealth. The demand for ophthalmic drugs is anticipated to rise in 2023 due to the restarted treatment and diagnosis services and an increase in hospital visits. The market under study is anticipated to reach its full potential eventually. Moreover, the ophthalmic drugs market would benefit from the rising public spending on healthcare globally in 2023.
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Global Ophthalmic Drugs Market Segmentation
By Product Type
- Prescription Drugs
- OTC Drugs
By Disease
- Dry Eye
- Eye Allergy
- Glaucoma
- Eye Infection
- Retinal Disorders
- Uveitis & Others
By Route of Administration
- Topical
- Local Ocular
- Systemic
By Dosage Form
- Gels
- Eye Solutions & Suspensions
- Capsules and Tablets
- Eye Drops
- Ointments
By Drug Class
- Antiallergy
- Anti-inflammatory
- Anti-VEGF Agents
- Anti-glaucoma
- Others
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