by Ophthalmic drugs are pharmaceutical products used for the treatment of eye disorders and diseases. Commonly treated conditions include glaucoma, cataracts, infections, refractive errors and retinal diseases. Ophthalmic medications are available in various forms like eye drops, ointments, gels and solutions applied directly to the eyes. They provide effective treatment, easy administration and localized drug delivery for fast relief from ocular diseases.
The global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The aging population growth is a major driver propelling the Ophthalmic Drugs Market growth. According to World Health Organization (WHO), the global geriatric population, aged 65 years and above, is projected to reach 1.5 billion by 2050 from 703 million in 2019. Age is the most significant risk factor for common eye problems like cataracts and glaucoma. With rising life expectancy worldwide, the elderly population vulnerable to ocular diseases is growing rapidly leading to increased demand for ophthalmic medications. Hence, the market is expected to gain significant traction over the forecast period.
SWOT Analysis
Strength: A growing aging population is increasing the demand for eye care treatments and drugs. Advances in drug delivery methods and treatment options are also aiding market growth.
Weakness: Stringent regulations for drug approval. High R&D costs associated with new drug development.
Opportunity: Untapped growth opportunities in emerging markets offer high potential for market expansion. Rising incidence of eye diseases and disorders presents an opportunity for manufacturers.
Threats: Patent expirations of blockbuster drugs pose pricing pressures. Increasing availability of generic drugs is also a threat.
Key Takeaways
The global Ophthalmic Drugs Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 48.19 Bn and is forecasted to grow at a CAGR of 5.6% during the forecast period. Regional analysis
North America currently dominates the global ophthalmic drugs market. Higher healthcare expenditures and presence of major players in the US and Canada contribute to market growth in the region. Asia Pacific is expected to be the fastest growing market due to rising disposable incomes, increasing awareness regarding eye care and growing geriatric population.
Key players
Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. These key players are engaged in new product launches, collaborations and mergers to gain market share. For instance, in 2021, Bausch & Lomb announced the launch of its first generic drug VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024% indicated for reducing intraocular pressure in patients with open-angle glaucoma or ocular hypertension.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
