The ophthalmic drugs market is estimated to grow at a CAGR of 5.55% to reach a market size of US$37.195 billion in 2027 from US$25.491 billion in 2020.
Increasing cases of serious eye diseases are pushing pharmaceutical companies to launch better and enhanced drugs to cater to the increasing demand among 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 suffer 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 is 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. This protein is responsible for promoting the growth of abnormal blood vessels under the macula (an area of the retina that aids in sharp and clear vision). So, when the fluid leaks out of these blood vessels and hinders vision, there is a requirement for 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 avoid the imposition of penalties
There are stringent measures regarding the packaging of ophthalmic products in terms of coloured caps and drug labelling. The yellow and blue-capped ophthalmic drugs are labelled as B blockers, and red-capped ophthalmic drugs are labelled as mydriatics and cycloplegics. There are also green-capped ophthalmic drugs that are to be labelled as miotics, orange capped are labelled as carbonic anhydrase inhibitors, brown capped are to be labelled as anti-infective agents, and the grey and pink capped products are to be labelled as non-steroidal anti-inflammatory drugs and steroids respectively.
The launch of better-equipped and new and enhanced varieties of ophthalmic drugs to cater to the increased 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 regions 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, research and development activities are being carried out to improve and enhance ophthalmic drugs and boost market growth.
OTC drugs are being made easily available by market players, which is going to contribute to the market share of OTCs over the forecast period
Some of the major market players are involved in providing 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 can provide temporary relief for occasional and frequent users alike.
Solution and suspension are 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 complications.
COVID-19 disrupted the supply chains and treatment protocols for medicines and medical devices around the world, which also had an effect on the market for ophthalmic treatments. It also affected the research and development of other therapies and drugs for illnesses other than COVID-19. In the research study "The Impact of Covid-19 in the Follow-Up of Glaucoma Patients in a Tertiary Center: A Comparison Between Pre-Pandemic and Pandemic Periods," published in November 2021, it was found that the total number of outpatient clinical visits, visual field exams, surgical procedures, and medications released decreased 92.52 percent, 93.84 percent, and 72.74 percent, respectively, between the pre-pandemic and pandemic periods. These findings imply that during the COVID-19 pandemic, there was a considerable decline in glaucoma diagnoses and treatments. However, the market under study is anticipated to return to its potential owing to continuous vaccination campaigns and a decline in COVID-19 cases.
|Market Size Value in 2020||US$25.491 billion|
|Market Size Value in 2027||US$37.195 billion|
|Growth Rate||CAGR of 5.55% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Indication, Product Type, Drug Form, Drug Class, Delivery Method, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Sun Pharmaceutical Industries, Inc., AbbVie, Otsuka Pharmaceutical Co., Ltd., Alcon Inc. (Ivantis), Mundipharma International, F. Hoffmann-La Roche Ltd, Novartis AG, Sentiss Pharma Pvt. Ltd., Santen Pharmaceutical Co., Ltd, Bausch & Lomb, Bayer AG, Aerie Pharmaceuticals, Inc, Pfizer Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the ophthalmic drugs market?
A1. The global ophthalmic drugs market is estimated to grow at a CAGR of 5.55% during the forecast period.
Q2. What factors are anticipated to drive the ophthalmic drugs market?
A2. 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.
Q3. What will be the ophthalmic drugs market size by 2027?
A3. The ophthalmic drugs market is estimated to reach a market size of US$37.195 billion by 2027.
Q4. What is the size of the global ophthalmic drugs market?
A4. Ophthalmic Drugs Market was valued at US$25.491 billion in 2020.
Q5. Which region holds the largest market share in the ophthalmic drugs market?
A5. The North American region is estimated to hold a considerable share of the ophthalmic drugs market owing to the fact that the pharmaceutical industry is flourishing, facilitated by the influx of investments.
Sun Pharmaceutical Industries, Inc.
Alcon Inc. (Ivantis)
F. Hoffmann-La Roche Ltd
Sentiss Pharma Pvt. Ltd.
Santen Pharmaceutical Co., Ltd
Bausch & Lomb
Aerie Pharmaceuticals, Inc
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