PUBLISHER: The Business Research Company | PRODUCT CODE: 1414460
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414460
“Ophthalmic Drugs Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ophthalmic drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ophthalmic drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ophthalmic drugs market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ophthalmic drugs comprise pharmaceuticals used to treat various eye-related conditions and vision impairments. These medications are often employed in addressing eye infections.
Two primary categories of ophthalmic drugs exist prescription drugs and over-the-counter (OTC) drugs. Prescription ophthalmic drugs necessitate a licensed doctor's or medical practitioner's prescription for acquisition. They encompass classes such as anti-allergy, anti-inflammatory, anti-glaucoma, and others, catering to conditions such as dry eye, eye allergies, glaucoma, eye infections, retinal disorders, uveitis, among others. These drugs are available in diverse dosage forms, including liquid, solid, semisolid, and multicompartment drug delivery systems. Distribution channels for these medications span hospital pharmacies, drugstores, and online pharmacies.
The ophthalmic drugs market research report is one of a series of new reports from The Business Research Company that provides ophthalmic drugs market statistics, including ophthalmic drugs industry global market size, regional shares, competitors with an ophthalmic drugs market share, detailed ophthalmic drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the ophthalmic drugs industry. The ophthalmic drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ophthalmic drugs market size has grown strongly in recent years. It will grow from $36.77 billion in 2023 to $39.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to several factors, including a rise in the incidence of eye disorders, significant investments in research and development within the field of eye care, shifts in lifestyles impacting eye health, a global increase in cases of diabetes (which often correlates with eye-related complications), and various government initiatives aimed at promoting and enhancing vision care.
The ophthalmic drugs market size is expected to see strong growth in the next few years. It will grow to $53.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Anticipated growth in the forecasted period is expected to stem from biopharmaceutical advancements, a rising prevalence of myopia, the expanding elderly population, personalized medicine strategies, and supportive regulatory frameworks targeting rare diseases. Significant trends projected for this period encompass the development of biologics and gene therapies, an increased emphasis on therapeutics for dry eye conditions, advancements in treating glaucoma, the emergence of combination therapies, and a concentrated focus on addressing age-related macular degeneration (AMD).
The prevalence of ophthalmic disorders is expected to drive significant growth within the ophthalmic drug market. These disorders encompass various ailments affecting the eye, leading to vision impairment and other eye-related issues. Ophthalmic drugs, formulated to address such conditions, witness heightened demand as these disorders become more prevalent. As reported by the University College London in 2020, an estimated 596 million individuals globally suffered from untreated "distance vision impairment," including conditions such as cataracts, glaucoma, or eye problems associated with diabetes. Projections suggest a substantial surge to 895 million individuals by 2050, with 61 million facing blindness. This rise in ophthalmic disorders fuels the expansion of the ophthalmic drug market.
The upsurge in healthcare spending is anticipated to bolster the growth of the ophthalmic drugs market. Healthcare expenditure, comprising expenses related to medical care, including medications for eye-related conditions, significantly influences the growth of the ophthalmic drugs sector within the overall healthcare budget. Notably, the Canadian Institute for Health Information forecasted a 0.8% increase in total health spending in Canada from $328 billion in 2021 to $331 billion in 2022. This escalation in healthcare expenditure underscores the growth trajectory within the ophthalmic drugs market.
Product innovation stands as a prominent trend shaping the ophthalmic drug market. Leading companies in this sector concentrate on novel solutions to fortify their market positions. An example is Sun Pharmaceutical Canada Inc.'s launch of CEQUA (cyclosporine ophthalmic solution 0.09% w/v) in January 2022. CEQUA utilizes nanomicellar (NCELL) technology, enhancing drug delivery to ocular tissues by improving cyclosporine's bioavailability and stability, primarily targeting dry eye disease.
Companies focus on developing preservative-free drugs, such as preservative-free latanoprost, offering efficacious treatment options. Thea Pharma introduced Iyuzeh (latanoprost ophthalmic solution) 0.005% in September 2023, the first preservative-free latanoprost approved by the FDA for primary open-angle glaucoma (POAG) and ocular hypertension (OHT) in the US. This launch responds to the needs of over 60 million global individuals affected by glaucoma, presenting an effective and preservative-free treatment option within the ophthalmic drugs market.
In November 2022, Alcon Inc., a Switzerland-based leader in eye care, completed the acquisition of Aerie Pharmaceuticals, Inc., a US-based research and development company specializing in ophthalmic disease treatments. The undisclosed deal granted Alcon access to Aerie's existing commercial drug Rhopressa and the developmental drug Rocklatan. This strategic move expands Alcon's pharmaceutical portfolio while leveraging Aerie's research and development capabilities. Alcon aims to harness Aerie's pipeline of ophthalmic drugs, potentially transitioning them into commercially viable treatments. Aerie Pharmaceuticals focuses on innovating drugs for various eye conditions, including dry eye and glaucoma, aligning with Alcon's commitment to advancing eye care solutions.
Major companies operating in the ophthalmic drugs market report are AbbVie Inc., Alcon Inc., Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Nicox S.A., Coherus Biosciences Inc., Johnson & Johnson, Otsuka Pharmaceutical Co. Ltd., Viatris Inc., Mitotech SA, Akorn Incorporated, F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Bayer AG, Senju Pharmaceutical Co. Ltd., Aerie Pharmaceuticals Inc., Kala Pharmaceuticals Inc., Aurobindo Pharma Ltd., Eyevance Pharmaceuticals, Acucela Inc., Dompe Farmaceutici S.p.A., Xbrane Biopharma AB, Laboratoires Thea
North America was the largest region in the ophthalmic drugs market in 2023. The regions covered in the ophthalmic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the ophthalmic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The ophthalmic drugs market consists of ophthalmic sales of anti-angiogenic drugs, anti-vascular endothelial growth factor drugs, anti-uveitis drugs, and prostaglandin analogs. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.