Growing use of novel therapeutics in the field of ophthalmology, coupled with higher numbers of eye ailments, are major drivers for the ophthalmic drugs industry. Further, faster approvals for new offerings and growing patient awareness treatment options will contribute to market developments.
The global ophthalmic drugs market is anticipated to show a moderate growth rate of 6.6% CAGR between the forecasting years from 2023 to 2033. The coronavirus pandemic is likely to have a detrimental impact on the ophthalmic drugs market. Government guidelines postponing elective ophthalmic procedures and consultations are hurting demand for ophthalmic drugs. In addition, fears over covid-19 transmission through ocular secretions is also hampering short term prospects.
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Ophthalmic Drugs Market- Key Takeaways
- OTC drug variants are witnessing strong growth owing to the expiration of patents, and popularity of generic options.
- Ophthalmic drugs for retinal disorders are gaining ground, supported by industry collaborations and associated academic research.
- North America holds a major share of the ophthalmic drugs market, owing to favorable government policies and faster access to new technologies for eyecare infrastructure.
Ophthalmic Drugs Market- Driving Factors
- Rising incidences of eye conditions such as diabetic retinopathy, macular degeneration, and presbyopia contribute to demand for ophthalmic drugs.
- Rapid tech advancements in drug delivery systems account greater adoption of ophthalmic drug offerings.
Top ophthalmic drug manufacturers are focusing on supply chain management, collaborations with other companies, and enhancing quality control to gain a competitive edge in the market. Leading companies are improving product standards of new ophthalmic drugs and innovating their development formula following safety regulations to lower the environmental impact.
Major players are investing heavily in extensive R&D initiatives to increase their market share. Product portfolio expansion and mergers and acquisitions are two important techniques used by key participants.
For instance :
- Santen Pharmaceutical Co. and Singapore Eye Research Institute announced a strategic collaboration to develop new technologies for unmet medical needs in key ophthalmic drug domains. The company manufactures prescription drugs for corneal, retinal, and glaucoma diseases, which include Diquas, Tapros, Alesion, and Eylea. Novartis AG, another player, integrates new products into its existing pipeline of drugs. It specializes in innovative medicines and includes ophthalmic drug products such as Lucentis and Travoprost.
- In 2022, Novartis acquired Kedalion Therapeutics and its ground-breaking ocular delivery system, which can improve the patient experience.
- Nicox S.A.
- Novartis AG
- Regeneron Pharmaceuticals Inc.
- Santen Pharmaceutical Co., Ltd.
- Bayer AG
- By Therapeutic Class :
- Anti-inflammatory Drugs
- Anti-infective Drugs
- Anti-fungal Drugs
- Anti-bacterial Drugs
- Anti-glaucoma Drugs
- Alpha Agonist
- Beta Blockers
- Prostaglandin Analogs
- Combined Medication
- Anti-allergy Drugs
- Anti-VEGF Drugs
- Anti-inflammatory Drugs
- By Product :
- Prescription Drugs
- OTC Drugs
- By Disease Indication :
- Dry Eye
- Retinal Disorders
- Wet AMD
- Dry AMD
- Diabetic Retinopathy
- By Distribution Channel :
- Hospital Pharmacies
- Online Pharmacies
- Independent Pharmacies & Drug Stores
- By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The global ophthalmic drugs report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
- What are the strategies adopted by top players to retain their stronghold in the market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the market?
- What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?
About the Report
This study offers readers a comprehensive market forecast of the ophthalmic drugs market. Global, regional and country-level analysis of the top industry trends impacting the ophthalmic drugs market is covered in this FACT.MR study. The report offers insights on the ophthalmic drugs market on the basis of disease indication (dry eye, glaucoma, infection, retinal disorders, allergy, uveitis, and others), therapeutic class (anti-inflammatory drugs, anti-infective drugs, anti-glaucoma drugs, anti-allergy drugs, anti-VEGF drugs, and others) product type (prescription drugs and OTC drugs) and distribution channel (hospital pharmacies, online pharmacies, and independent pharmacies), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).