The global ophthalmic drugs contract manufacturing market is seeing tremendous growth owing to rising demand for eye care products. Ophthalmic drugs play a crucial role in treating various eye diseases and disorders such as glaucoma, cataract, retinal disorders and allergies by introducing drugs into the ocular tissues. Manufacturers focus on developing innovative therapeutic formulations for better treatment outcomes. The drug delivery technologies help reduce dosing frequency and improve patient compliance.
The Global Ophthalmic Drugs Contract Manufacturing Market is estimated to be valued at US$ 1.6 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031.
Key manufacturers outsource various production activities to contract manufacturers for cost savings and focusing on core competencies. The contract manufacturers provide expertise across different stages of drug development including product design and development, clinical trial material manufacturing, commercial manufacturing, packaging and regulatory filing services. They ensure manufacturing flexibility and reliable supplies as per changing market needs. The ophthalmic drugs market faces high entry barriers and capital investment requirements for facilities and equipment. Contract manufacturing offers viable options to emerging drug developers and smaller companies.
Key Takeaways
Key players operating in the ophthalmic drugs contract manufacturing are Catalent, Recipharm, Akorn, Pillar5 Pharma, Sterling Pharmaceutical Services. Catalent is a global leader with facilities across US, UK and India. Recipharm provides end-to-end capabilities from clinical stage to commercial supply.
The demand for ophthalmic drugs is growing steadily due to aging population and increasing incidence of eye diseases worldwide. Contract manufacturers are ramping up production capacities to meet this demand. For example, Akorn invested $30 million to expand its ophthalmology capabilities.
Geographic expansion allows contract service providers to tap emerging markets. Recipharm established new ophthalmic drugs facility in France to strengthen presence in Europe. Catalent expanded its oral and ophthalmic manufacturing site in Winchester, Kentucky to support global customers.
Market key trends
The growing preference for personalized medicines is one of the key trends in ophthalmic drugs market. Contract manufacturers are increasingly offering specialized capabilities like alternative drug delivery technologies, specialized packaging and controlled substance handling to enable precision eye care therapies. For instance, custom hydrogel contact lenses allow targeted and sustained drug delivery based on individual patient needs and disease severity. This enhances treatment effectiveness with minimum side effects.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D, manufacturing facilities, regulatory approvals and distribution networks pose barriers.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power due to their volume.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and contract manufacturing organizations have moderate bargaining power.
Threat of new substitutes: Threat from new substitutes is moderate as drug development is a complex process and requires specialized manufacturing capabilities.
Competitive rivalry: Intense competition exists among CMOs due to their capabilities to handle complex product portfolios and regulatory demands.
Geographical Regions
North America currently accounts for the largest share of the ophthalmic drugs contract manufacturing market due to established pharmaceutical industry, growing generic market and rising prevalence of eye diseases.
Asia Pacific is expected to witness the highest growth during the forecast period attributed to expanding pharmaceutical industry, low manufacturing costs and rising medical tourism in countries such as India and China. In addition, growing geriatric population and increasing incidence of diabetes in Asia Pacific economies are expected to propel the demand for ophthalmic drugs.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it