Market Definition
The ophthalmic drugs market encompasses pharmaceutical products used to treat a range of eye conditions and diseases. These include prescription and over-the-counter medications aimed at managing eye disorders such as glaucoma, dry eye, infections, inflammation, and retinal diseases. Ophthalmic drugs are formulated as eye drops, ointments, and injectables to ensure targeted delivery to the eye.
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Market Outlook
The ophthalmic drugs market is poised for robust growth due to the rising incidence of eye-related disorders, an aging population, and increased exposure to digital screens. With the global population aging and conditions such as cataracts, glaucoma, and macular degeneration becoming more common, the demand for effective treatments is surging. Furthermore, the rise in screen time due to the increasing reliance on digital devices is driving the prevalence of dry eye syndrome and other ocular conditions, thereby contributing to the demand for ophthalmic drugs.
Glaucoma, one of the leading causes of blindness worldwide, is a key driver in this market. The need for innovative medications that can effectively manage intraocular pressure is propelling research and development in this segment. Additionally, age-related macular degeneration (AMD), a significant cause of vision loss in elderly populations, is spurring demand for novel therapeutic approaches. The increasing use of biologics and gene therapy for retinal disorders is further enhancing the scope of the ophthalmic drugs market.
Another key growth factor is the rise in diabetic retinopathy cases, driven by the global diabetes epidemic. This condition, which affects the blood vessels in the retina, requires timely medical intervention to prevent vision loss, thereby driving demand for retinal drugs. Moreover, the development of combination therapies that offer enhanced efficacy in treating chronic eye conditions is expected to fuel market expansion.
While the market holds promising growth prospects, it faces several challenges. High treatment costs, especially for advanced biologics and gene therapies, could limit access to care in low- and middle-income regions. Additionally, the stringent regulatory requirements for ophthalmic drugs, especially in the areas of safety and efficacy, can delay the approval of new treatments, thus restraining market growth.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Ophthalmic Drugs Market based on Product Type, Disease, Route of Administration, Dosage Form, Drug Class, and Region.
Global Ophthalmic Drugs Market by Product Type
On the basis of product type, the global ophthalmic drugs market is segmented into prescription drugs, over the counter drugs. Among these, the prescription drugs segment is going to dominate the market over the forecast period. A prescription drug also known as prescription medication, prescription medicine or prescription-only medication) is a pharmaceutical drug that is only permitted to be dispensed to those with a medical prescription. The increased prevalence of illnesses such as AMD and diabetic retinopathy accounts for the expansion of the prescription medications category. Furthermore, improved efficacy and safety are two factors that are likely to drive prescription segment demand. Lotemax gel/ointment, Zylet, Durezol, bepreve (bepotastine besylate ophthalmic solution), and prescription synthetic tears are among the medications available in this market. Bepreve is an antihistamine used for the treatment of allergic conjunctivitis. Some prescription medications contain moisturizing and lubricating agents that temporarily increase tear secretion. Prescription drugs are thought to be more effective than over-the-counter treatments in treating ocular problems.
Global Ophthalmic Drugs Market by Disease
Based on disease, the industry is categorized into Eye Allergy, Eye Infection, Glaucoma, Retinal disorders, Dry Eye, Other. The dry eye segment is anticipated to witness the fastest growth during the forecast period. The segment was valued at USD 5,371.7 million in 2022 and it is expected to grow further to USD 11,919.8 million by 2032, at a rate of 7.9% during the forecast period. The factor such as the growing demand for effective treatments, the rising prevalence of dry eye disease, the presence of a lucrative pipeline, and increasing awareness among the population about the condition. The COVID-19 outbreak had an adverse impact on the market in the early phase of the pandemic attributable to the reduced ophthalmology visits. However, as soon as the eye care practices began the market demonstrated a rebound. Moreover, the dry eye persisted in SARS-CoV-2 patients even after treatment of the disease, thus, increasing the target population for treatments. Moreover, during the pandemic sedentary activities and more use of screen has increased the occurrence of dry eye symptoms. Increasing R&D activities for treating the condition have developed a strong and promising pipeline.
Global Ophthalmic Drugs Market by Route of Administration
Based on route of administration, the industry is categorized into oral, topical, and systemic. The topical segment was valued at USD 20,712.8 million in 2022 and it is anticipated to grow further to USD 39,786.5 million by 2032, at a CAGR of 6.4% during the forecast period. The factors which are the driving the topical segment are the rising demand for topical medicines due to easy doses, patient compliance issues, and different strategic initiatives performed by market participants account for the expansion of the topical sector. Suspensions, remedies, and ointments are common topical medication dose forms. The cornea is the principal route of topical absorption that faces substantial anatomical challenges. The availability of various medications administered topically is thought to be the primary driver of this market. For example, Allergan, an AbbVie Inc. subsidiary, reported in October 2021 that the US FDA has authorized VUITY for the treatment of presbyopia. Vuity is the only FDA-approved eye drop for the treatment of a variety of eye disorders. The topical route segment is expected to yield the most income throughout the anticipated term. Existing formulas are being replaced as more novel products are introduced to the market, which will drive market growth in the coming years.
Global Ophthalmic Drugs Market by Dosage Form
Based on dosage form, the Ophthalmic Drugs market is divided into Gels, Eye Solutions & Suspensions, Capsules and Tablets, Eye Drops, and Ointments. The capsules and tablets segment was valued at USD 9,341.1 Million in 2022. The factor such as increasing health consciousness among the individuals coupled with advancements in manufacturing technology and the introduction of new materials. This will added more features to the traditional capsules such as controlled drug release, tamper-evident, and formulation choice of potent APIS due to reduced degradation in stomach pH, appealing aesthetics, and longer shelf life. In recent times, manufacturers are focusing on developing non-gelatin-based capsules using plant-based polymers. Starch, HPMC, and gums such as Pullulan. Increasing launch of tablet and capsule will fuel the segmental growth. For instance, In April 2022, Wellbeing Nutrition released “Melts Eye Care,” the world’s first all-natural eye vitamin.
Global Ophthalmic Drugs Market by Drug Class
Based on drug class, the Ophthalmic Drugs market is divided into Antiallergy, Anti-inflammatory, Anti-VEGF Agents, Anti-glaucoma, and Others. The Capsules and Tablets segment was valued at USD 9,341.1 Million in 2022. Factor such as increasing health consciousness among the individuals coupled with advancements in manufacturing technology and the introduction of new materials. This will added more features to the traditional capsules such as controlled drug release, tamper-evident, and formulation choice of potent APIS due to reduced degradation in stomach pH, appealing aesthetics, and longer shelf life. In recent times, manufacturers are focusing on developing non-gelatin-based capsules using plant-based polymers. Starch, HPMC, and gums such as Pullulan. Increasing launch of tablet and capsule will fuel the segmental growth. For instance, In April 2022, Wellbeing Nutrition released “Melts Eye Care,” the world’s first all-natural eye vitamin.
Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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