The ophthalmic drugs market comprises pharmaceutical products used to treat eye-related diseases and disorders such as glaucoma, dry eye, infection/inflammation, allergy, uveitis, retinal disorders and others. Some common ophthalmic drugs include antibiotic drops, anti-inflammatory drops, anti-glaucoma drugs and artificial tears. The rising prevalence of eye disorders due to the growing geriatric population and increasing cases of lifestyle diseases has boosted the demand for ophthalmic drugs. The growing awareness about availability of treatments for eye conditions is also driving more patients to seek medication.
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.
The increasing prevalence of eye diseases is expected to flourish the ophthalmic drugs market during the forecast period. According to the Bright Focus Foundation, over 2.7 million Americans suffer from glaucoma and this number is expected to reach 4.3 million by 2030. A significant rise has been witnessed in the cases of diabetic retinopathy, age-related macular degeneration and cataract globally. The growing geriatric population and increasing incidence of diabetes, which are major risk factors for ophthalmic diseases, are further expected to drive the demand for ophthalmic drugs for treatment and management of eye disorders. Furthermore, the introduction of new drugs, effective formulations and drug delivery methods by major players is fueling the market growth.
The global ophthalmic drugs market is segmented on the basis of product, therapeutic application and distribution channel. Based on product, the market is segmented into OTC drugs and prescription drugs. Prescription drugs dominate the market and are expected to witness high growth during the forecast period. This is primarily due to the increasing utilization of prescription drugs used as eye drops or ointments for treating ophthalmic ailments.
Political: With increasing healthcare expenditure by various governments globally, the adoption and awareness of ophthalmic drugs is expected to grow significantly during the forecast period.
Economic: Rising disposable incomes has led to increased spending on ophthalmic care. This is a key factor driving growth of the ophthalmic drugs market.
Social: Growing geriatric population worldwide prone to eye diseases and disorders will create significant demand for ophthalmic drugs over the next decade.
Technological: Advances in drug delivery systems help improve patient compliance and deliver drugs effectively to the target sites, thereby boosting market revenues.
The global Ophthalmic Drugs Market Demand is expected to witness high growth during the forecast period due to the rising prevalence of various ophthalmic disorders worldwide.
Regional analysis: North America dominates the global market and is expected to maintain its leading position during the forecast period driven by high healthcare spending and presence of major players. Asia Pacific is anticipated to witness fastest growth attributed to growing aging population, rising awareness about eye care, and increasing healthcare expenditure.
Key players: Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc. These companies have strong brand recognition and are investing in expanding their product portfolios through acquisitions and organic growth strategies to strengthen market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it