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 5.64% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ophthalmic drugs are used for the treatment of various ophthalmic diseases and disorders related to eye such as glaucoma, cataract, macular degeneration, diabetic retinopathy, dry eye syndrome and others. Ophthalmic drugs provide safe and effective treatment for eye diseases and help in improving vision.
Market key trends:
The Ophthalmic Drugs Market growth can be attributed to the rising prevalence of eye disorders and surge in the number of patients adopting new treatment options. According to the Bright Focus Foundation, globally more than 1 billion people are impacted by vision impairment or blindness, out of which, over 82% of vision impairment can be attributed to refractive errors, cataracts, glaucoma, and age-related macular degeneration. Also, rising cases of diabetes globally are expected to boost the market growth as diabetes can damage the eyes and lead to various retinal disorders such as diabetic retinopathy.
SWOT Analysis
Strengths: Growing geriatric population prone to ocular diseases, rising prevalence of diabetic retinopathy and macular degeneration.
Weaknesses: High costs associated with drug development and clinical trials, stringent regulations.
Opportunities: Emerging economies provide high growth opportunities, increasing healthcare expenditure in developing nations.
Threats: Patent expiries of blockbuster drugs, pricing pressures due to payers.
Key Takeaways
The Global Ophthalmic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 5.64% over the forecast period, due to increasing prevalence of eye disorders including glaucoma, cataract, and diabetic retinopathy. The market size for 2023 is US$ 48.19 Bn.
The North America region currently dominates the ophthalmic drugs market owing to rapidly growing geriatric population in countries like US and presence of prominent players. However, Asia Pacific region is expected to be the fastest growing market due to increasing patient population, healthcare reforms, and improving healthcare infrastructure.
Key players operating in the ophthalmic drugs market include Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Major players are focusing on developing combination therapies and biosimilars to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it