At CAGR of 5.9% Global Ophthalmic Drugs Market Size & Share | 2022 - 2028 | Projected to Hit at USD 60.31 Billion: Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- As per Zion Market Research study, the global ophthalmic drugs market was valued at USD 38.13 billion in 2021 and is predicted to expand to USD 60.31 billion by 2028, with a CAGR of roughly 5.9%.
Key Industry Insights & Finding of the Ophthalmic Drugs Market Reports:
- As per the analysis shared by our research analyst, the Ophthalmic Drugs Market is expected to grow annually at a CAGR of around 5.9 % (2022-2028).
- Through the primary research, it was established that the Ophthalmic Drugs Market was valued approximately USD 38.13 Billion in 2021 and is projected to reach to roughly USD 60.31 Billion by 2028.
- North America is predicted to dominate the global ophthalmic drugs market during the forecast period, accounting for major revenue, owing to the high consumer awareness and availability of superior healthcare infrastructure and availability of superior healthcare infrastructure.
- Asia Pacific, the rising consumer awareness and increased prevalence of ocular diseases are projected to fuel market expansion.
- Obtaining and maintaining a therapeutic dose at the site of action for an extended period of time is one of the fundamental challenges of ocular medication.
Zion Market Research published the latest report titled as "Ophthalmic Drugs Market By Disease (Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, And Others), By Drug Class (Antiallergy, Anti-VEGF Agents, Anti-Inflammatory, Antiglaucoma, And Others), By Dosage Form (Gels, Eye Solutions, Capsules & Tablets, Eye Drops, And Ointments), By Route Of Administration (Topical, Local Ocular, And Systemic), By Product Type (Prescription Drugs And OTC Drugs), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Ophthalmic Drugs Market: Overview
There are many different types of eye disorders and diseases. Preventable blindness and visual impairment are caused by refractive errors, glaucoma, and cataracts. Some of the most prevalent causes of eye disorders are smoking, genetics, chemical irritants, vitamin inadequacy, allergies, and infection. Ophthalmic drugs are a diverse group of medications, each of which serves a distinct role in ophthalmic therapy or operation.
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Industry Dynamics:
Ophthalmic Drugs Market: Growth Drivers
- Growing prevalence of eye-related disorders is fueling the market growth.
The global need for ophthalmic drugs is growing as the frequency of eye diseases rises. Eye diseases have already surfaced as possible dangers to people's visual experience in many developed and developing countries. Diabetes treatment has been introduced as the prevalence of diabetes has increased in many nations as it leads to diabetic retinopathy. Because of the difficulties in detecting glaucoma early and the requirement for long-term treatment, glaucoma has been on the healthcare agenda for millennia. In 2021, according to the WHO, over 2.2 billion individuals have blindness or visual impairment, with at least 1 billion of those having a vision impairment that can be avoided. The 1 billion population consists of those with severe or limited vision impairment due to trachoma, diabetic retinopathy, corneal opacities, glaucoma, cataract, and unresolved refractive error, as well as those with imminent vision impairment due to unspecified presbyopia. The growing geriatric population is exacerbating the prevalence of ocular disorders, with uncorrected refractive errors and cataracts being the leading causes of visual impairment. The majority of persons with visual problems are above the age of 50. All such factors are fostering market growth.
Ophthalmic Drugs Market: Restraints
- Side effects associated with the ophthalmic drugs to restrain the market growth.
Ophthalmic medications have their own set of side effects. Some of the common side effects that have a tendency to have a severe expression include eye itching, red eyes, eye inflammation, and skin rash. Further, some drugs may also have infrequent side effects for the user which include eye irritation and blurred vision. Some of the patients also experience some rare side effects with the use of the ophthalmic drug that consists of increased intraocular pressure, inflammation of the cornea (keratitis), sensitivity to light & redness of the eye, conjunctival hemorrhage, and many more. All such side effects related to ophthalmic drugs may limit the growth of the market.
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Global Ophthalmic Drugs Market: Opportunities
- Increasing approvals of the therapeutics to boost the market growth during the forecast period.
The number of innovative treatments approved by the FDA is increasing. As a result, there is a huge requirement for advanced ophthalmology drugs. The most recent ophthalmic medication trend is to achieve enough drug concentrations at the targeted area of the eye while eliminating adverse effects. The global ophthalmic drugs market is expected to benefit from the growing investment by the market players for pipeline expansion, as well as increased approvals for the introduction of therapeutic drugs thereby driving the growth of the market during the forecast period.
Global Ophthalmic Drugs Market: Challenges
- Issues related to ocular drug delivery to act as a challenge for market growth.
One of the most attractive and difficult issues faced by pharmaceutical researchers is ocular drug delivery. Obtaining and maintaining a therapeutic dose at the site of action for an extended period of time is one of the fundamental challenges of ocular medication. The barriers that protect the eye make ocular medication distribution difficult. The active pharmacological substance's bioavailability is sometimes the most difficult barrier to overcome. Traditional ocular dose forms, such as eye drops, are no longer effective in the fight against ocular diseases. In addition to this, to maintain an effective medication level, the drug product must be administered on a regular basis. This, however, can result in toxicity & overdose which are two issues that need to be addressed, patient compliance suffers as a result of the added inconvenience, dealing with a high-priced active pharmaceutical ingredient, may lead to the high cost of the drug. All these factors may act as major challenges for market growth.
Global Ophthalmic Drugs Market: Segmentation
- The global ophthalmic drug market is categorized based on disease, drug class, dosage form, route of administration, product type, and region.
By disease, the market is classified into retinal disorders, eye infection, glaucoma, eye allergy, dry eye, and others. Based on the drug class, the market is bifurcated into antiglaucoma, anti-inflammatory, anti-VEGF agents, antiallergy, and others. The dosage form segment comprises ointments, eye drops, capsules & tablets, eye solutions, and gels. The route of administration segment is split into systemic, local ocular, and topical. By product type, the market is classified into OTC drugs and prescription drugs.
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List of Key Players of Ophthalmic Drugs Market:
- NOVARTIS AG
- F. HOFFMANN-LA ROCHE LTD
- BAUSCH & LOMB INCORPORATED
- Alcon Inc.
- ABBVIE Inc.
- TEVA PHARMACEUTICAL INDUSTRIES LTD.
- SUN PHARMACEUTICAL INDUSTRIES LIMITED
- SANTEN PHARMACEUTICAL CO.LTD
- REGENERON PHARMACEUTICALS INC.
- PFIZER INC.
Key questions answered in this report:
- What are the growth rate forecast and market size for Ophthalmic Drugs Market?
- What are the key driving factors propelling the Ophthalmic Drugs Market forward?
- What are the most important companies in the Ophthalmic Drugs Market Industry?
- What segments does the Ophthalmic Drugs Market cover?
- How can I receive a free copy of the Ophthalmic Drugs Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- North America to rule the market during the forecast period.
North America is predicted to dominate the global ophthalmic drugs market during the forecast period, accounting for major revenue, owing to the high consumer awareness and availability of superior healthcare infrastructure and availability of superior healthcare infrastructure. Furthermore, the presence of prominent competitors in this region, such as Alcon and Pfizer, Inc., is projected to boost the market growth. Over the projection period, Asia Pacific is expected to be the fastest-growing region in the market. In Asia Pacific, the rising consumer awareness and increased prevalence of ocular diseases are projected to fuel market expansion. Local businesses are launching strategic endeavors to develop and market innovative patient care solutions. As a result, market growth is likely to accelerate.
Global Ophthalmic Drugs Market is segmented as follows:
Ophthalmic Drugs Market: By Disease Outlook (2022-2028)
- Dry Eye
- Eye Allergy
- Glaucoma
- Eye Infection
- Retinal Disorders
- Others
Ophthalmic Drugs Market: By Drug Class Outlook (2022-2028)
- Antiallergy
- Anti-VEGF Agents
- Anti-inflammatory
- Antiglaucoma
- Others
Ophthalmic Drugs Market: By Dosage Form Outlook (2022-2028)
- Gels
- Eye Solutions
- Capsules & Tablets
- Eye Drops
- Ointments
Ophthalmic Drugs Market: By Route of Administration Outlook (2022-2028)
- Topical
- Local Ocular
- Systemic
Ophthalmic Drugs Market: By Product Type Outlook (2022-2028)
- Prescription Drugs
- OTC Drugs
Ophthalmic Drugs Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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