The ophthalmic drugs market is projected to grow at a CAGR of 6.32% to reach US$47.428 billion by 2025, from US$32.267 billion in 2019.
Increasing cases of serious eye diseases are pushing the pharmaceutical companies to launch better and enhanced drugs to cater to the increasing demand among the patients for better and more effective treatment.
According to the World Health Organisation (WHO) Statistics presented in the Blindness and Vision Impairment 2019, about 2.2 billion people are suffering from vision impairment or blindness. Out of the 2.2 billion, at least 1 billion people suffer from a vision impairment that could be prevented or are not addressed. The majority of the people are over the age of 50 years. Moreover, there is a rise in the prevalence of eye diseases such as Wet AMD, which is a chronic disease that is caused due to the excess of VEGF, a protein that is responsible for promoting the growth of abnormal blood vessels under the macula (which is an area of the retina that aids in the sharp and clear vision). So, when the fluid leaks out of these blood vessels and hinders the vision, then there is a requirement of drugs that inhibit the VEGF and suppress the growth of abnormal blood vessels. In addition, the rise in diseases such as glaucoma in the rising geriatric population is also a factor that is leading to increased demand for ophthalmic products and augmenting the market growth.
The presence of stringent packaging restrictions, which the market players have to strictly and must adhere to, in order to avoid the imposition of penalties
There are stringent measures with regards to the packaging of the ophthalmic products in terms of colored caps and drug labeling. The yellow and blue-capped ophthalmic drugs are to be labeled as B blockers, red-capped ophthalmic drugs are to be labeled as Mydriatics and cycloplegics. There are also green-capped ophthalmic drugs that are to be labeled as Miotics, orange capped are labeled as Carbonic anhydraseinhibitors, brown capped are to be labeled as Anti-infective agents and the gray and pink capped products are to be labeled as Non-Steroidal Anti-Inflammatory Drugs and Steroids respectively.
Major Market Developments
The launch of better-equipped and new and enhanced varieties of ophthalmic drugs in order to cater to the increases cases of serious diseases and rare diseases by existing and new players in different markets is expected to propel the growth of this market in the forecast period.
Some of the examples of the product offerings are as follows:
The North American and European region to hold a considerable share over the forecast period
The North American region is estimated to hold a considerable share over the forecast period, which is attributable to the fact that the pharmaceutical industry is flourishing facilitated by the influx of investments. Moreover, with research and development activities are being carried out to improve and enhance the ophthalmic drugs and provide a boost to the market growth.
OTC drugs are being made easily available by market players, which is going to contribute to the market share of OTC’s over the forecast period
Some of the major market players are involved in the provision of ophthalmic drugs that can be purchased over the counter. Bausch & Lomb and Sentiss provide a range of products such as drops and ointments for eye problems, that is able to provide temporary relief for occasional and frequent users alike.
Solution and suspension is expected to hold a significant share and show considerable growth over the forecast period.
Solution and Suspension ophthalmic products are most commonly used in eye care, as they do not hamper the vision, can be instilled easily and are less likely to cause any complications.