The Ophthalmic Drugs Market includes prescription and over-the-counter medicines used to treat eye diseases and disorders. Some common types of ophthalmic drugs are eye drops, ointments, gels, and solutions. These medications are used to treat diseases like glaucoma, infection, dry eyes, allergies, retinal disorders, and other conditions. Ophthalmic medications provide relief from symptoms, slow the progression of diseases, and treat infections and inflammation. The global prevalence of eye diseases like glaucoma, age-related macular degeneration, and diabetic retinopathy is increasing rapidly due to aging population and lifestyle changes. This is driving the need for effective ophthalmic treatments. Topical ophthalmic drugs offer convenience of use compared to invasive surgeries and have minimal side effects.
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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Ophthalmic Drugs Market is the rise of biologics. Biologics such as antibodies, proteins, and other macromolecules have revolutionized the treatment of back-of-the-eye diseases. For example, Eylea and Lucentis are biologic anti-VEGF drugs that are very effective in treating wet age-related macular degeneration and diabetic macular edema. Their selective targeting of vascular endothelial growth factor (VEGF) helps stop disease progression with fewer side effects than conventional therapies. Many companies are conducting clinical trials of novel biologics with improved efficacies and dosing profiles. Another trend is the shift towards gene therapies using gene supplementation/editing to treat inherited retinal dystrophies. Viral vectors are being utilized to deliver corrective genetic material directly into retinal cells. If proven successful, gene therapies can potentially provide life-long cure for certain genetic conditions with just one or few doses.
Porter’s Analysis
Threat of new entrants: The ophthalmic drugs market requires high capital investments for R&D and clinical trials, acting as a barrier for new companies. Bargaining power of buyers: The buyers in this market include hospitals, pharmacies and patients. Their bargaining power is moderate as there are many established manufacturers.
Bargaining power of suppliers: The key raw material suppliers for this market are API suppliers. Their bargaining power is moderate as manufacturers can choose from various suppliers.
Threat of new substitutes: Due to limited substitutes and opportunities, threat from new substitutes is low for ophthalmic drugs.
Competitive rivalry: The market is dominated by large pharmaceutical companies investing in new drug developments. Competition is high based on product differentiation and pricing.
Key Takeaways
Global Ophthalmic Drugs Market Demand is expected to witness high growth over the forecast period. 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 8.9% over the forecast period 2023 to 2030.
North America currently dominates the market attributed to developed healthcare infrastructure and availability of advanced technologies. The rising prevalence of eye diseases in the aging population and growing number of cataract surgeries being performed in countries like the US and Canada are also augmenting market growth. Europe is the second largest market for ophthalmic drugs owing to increasing government support for research. Countries like Germany, UK and France are major markets due to presence of leading pharmaceutical companies. The Asia Pacific region is expected to exhibit fastest growth owing to growing medical needs of large geriatric population in China and India.
Key players: Key players operating in the ophthalmic drugs market are IBM, Cisco, Check Point, Trellix, Trend Micro, NortonLifeLock, Rapid7, Micro Focus, Microsoft, Amazon Web Services, Oracle, Fortinet, Palo Alto Networks, Accenture, CyberArk, SentinelOne, Qualys, F-Secure, F5, DataVisor, RevBits and WiJungle. Major players are focusing on new product launches, collaborations and geographic expansions to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it