Wilmington, Delaware, United States, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of the ophthalmic drugs market stood at US$ 26.46 Bn. Analysis of ophthalmic drugs expects the market to rise at 6.83% CAGR during the forecast period, from 2022 to 2031. It is predicted that by 2031, the ophthalmic drugs market is anticipated to touch valuation of US$ 50.2 Bn. The global market for ophthalmic drugs is anticipated to be driven by a greater understanding of the treatment and diagnosis of eye problems during the forecast timeline. Major companies are placing a high emphasis on R&D activities to reduce treatment duration as the market is undergoing dynamics that have never before been seen. Recent innovations, such as introduction of AILAMIDE Combination Ophthalmic Suspension are expected to advance ophthalmic suspension market in the years to come.
Leading market players are concentrating on producing biological small-molecule compounds for specialized combination therapy to fill customer needs including hereditary retinal disorders. As a result, the global market for ophthalmic drugs is anticipated to grow throughout the forecast years due to increasing treatment penetration and compliance.
The market is being driven by the rising frequency of eye illnesses including dry eye and glaucoma disease. Near or farsightedness affects at least 2.2 billion people globally, based on the 2021 WHO's Blindness and Visual Impairment Facts. The global ophthalmic drugs market is expected to grow due to an increase in the occurrence of eye disorders.
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Key Findings of Market Report
- Patients with eye problems all over the world are demonstrating indications of increased awareness and thorough information. Campaigns are being started by a number of businesses and groups to raise awareness of eye illnesses. The global ophthalmic drugs market is predicted to observe growth due to rise in health education activities regarding eye disorders to encourage early treatment and avoid vision problems.
- Depending on disease indication, by 2031, the category of retinal disorders is expected to account for 35% of the global market, dominating the market. The segment is anticipated to account for considerable ophthalmic drugs market share. Rising incidence of macular degeneration, number of elderly people and the market for prospective medications to treat diabetic retinopathy are expected to contribute to the segment's development.
- Based on therapeutic class, the category of anti-VEGF agents is anticipated to develop at the fastest rate over the coming years. The category is an important segment of the ophthalmic drugs market classification. The segment is likely to be driven by the advent of anti-VEGF drugs that are injected intravitreally and inhibit the advancement of neovascular age-related macular degeneration.
Global Ophthalmic Drugs Market: Growth Drivers
- The OTC drugs category is expected to account for a sizeable portion of the market throughout the forecast timeline, depending on the product type. The segment's expansion can be attributed to the growing popularity of outpatient healthcare settings and accessibility of affordable medications. Besides, substantial market penetration of OTC medications across all distribution channels is likely to further boost the global market in the years to come.
- In 2021, North America led the global market for ophthalmic drugs. Due to increasing understanding of eye problems and existence of a sound healthcare infrastructure, the global market is predicted to develop at the highest CAGR during the forecast timeframe.
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Global Ophthalmic Drugs Market: Key Players
Some of the key market players are
- Valeant Pharmaceuticals International, Inc.
- Santen Pharmaceutical Co., Ltd.
- Aerie Pharmaceuticals, Inc.
- Novartis AG
- Allergan plc.
- Regeneron Pharmaceuticals, Inc.
Global Ophthalmic Drugs Market: Segmentation
Therapeutic Class
- Anti-inflammatory Drugs
- Anti-infective Drugs
- Anti-glaucoma Drugs
- Anti-allergy Drugs
- Anti-VEGF Agents
- Others
Product Type
- Prescription Drugs
- OTC Drugs
Disease Indication
- Dry Eye
- Glaucoma
- Infection/Inflammation
- Retinal Disorders
- Allergy
- Uveitis
- Others
Distribution Channel
- Hospital Pharmacies
- Online Pharmacies
- Independent Pharmacies & Drug Stores
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