Global Ophthalmic Drugs Market Size is Estimated to Reach USD 62.55 billion by 2030, Growing at a CAGR of 7.4%: Straits Research

The market has been driven by the increasing prevalence of retinal illnesses worldwide and the demand for effective and economical treatment options. For instance, according to the National Eye Institute, there will be around 10 and 14 million cases of diabetic retinopathy in America by the years 2030 and 2050, respectively.

New York, United States, Feb. 21, 2024 (GLOBE NEWSWIRE) — Anti-infectives in a product designed specifically to be injected into or applied to the eye or eyes are known as ophthalmic anti-infectives. An example of an anti-infective for the eyes is eyedrops, gels, and ointments. Anti-infective medications either eliminate or stop the spread of an infectious pathogen. The demand is likely to increase due to increased research and development activities to create and release novel ophthalmic drugs and various strategic initiatives that the key players anticipate.

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Robust Developmental Pipeline Drives the Global Market

According to Straits Research, “The Ophthalmic Drugs Market size was valued at USD 32.9 billion in 2021. It is projected to reach USD 62.55 billion by 2030, growing at a CAGR of 7.4% during the forecast period (2022-2030).” The global market for ophthalmic medicines is expected to expand successfully as more and more industry players place an increasing emphasis on R&D to develop cutting-edge therapies. Market players are extensively spending R&D to treat eye disorders with novel drugs and grow their market share. Many people strive to develop novel therapies because it is well known that current treatments for many illnesses, including dry eye and glaucoma, only provide temporary symptomatic alleviation.

Advancements in Drug Delivery Creates Tremendous Opportunities

The product’s multiyear drug delivery system gives it a significant edge over competitors. Developing gene therapies as effective drug delivery is one of the major factors driving this industry. Gene therapy enables the modification of patient cells to produce particular therapeutic entities using viral or non-viral vectors in both in vitro and in vivo settings. Gene therapy can identify and treat retinoblastoma, neurovascular retinal abnormalities, and inherited ophthalmic illnesses like retinitis pigmentosa. More study is still needed to advance and expand the application of gene therapy for ocular illnesses, which is expected to create opportunities for market growth over the forecast period.

Regional Analysis

North America ophthalmic drugs market shareholder is expected to grow at a CAGR of 6.7% during the forecast period. The prevalence of eye diseases is rising, and people are becoming more aware of eye diseases. Additionally, it is predicted that more big companies will invest in R&D, supporting regional growth. There are also notable participants like Bausch & Lomb, Pfizer Inc., and Alcon investing in the market. For instance, MAXITROL and IOPIDINE 1% are currently being sold commercially in the United States, according to a June 2022 statement by Harrow Health Inc.

Asia-Pacific is expected to grow at a CAGR of 5.65% over the forecast period. The Asia-Pacific region has grown due to a large patient pool, a high incidence of sickness, and the development of regional enterprises. Despite having the lowest treatment rate, the Asia-Pacific area has the most patients. Additionally, it is projected that several industry participants’ strategic moves will encourage regional growth. For instance, AILAMIDE, a combination ophthalmic solution for the treatment of glaucoma and ocular hypertension, will be available in June 2020, according to a release from Otsuka Pharmaceutical Co., Ltd. and Senju Pharmaceutical Co., Ltd.

Key Highlights

  • Based on drug class, the global ophthalmic drugs market is bifurcated into anti-allergy, anti-VEGF agents, anti-inflammatory, anti-glaucoma, and others. The anti-VEGF segment is the highest contributor to the market and is expected to grow at a CAGR of 6.2% during the forecast period.
  • Based on disease, the global ophthalmic drugs market is bifurcated into dry eye, allergies, glaucoma, infection, retinal disorders, uveitis, and others. The retinal disorders segment owns the highest market share and is expected to grow at a CAGR of 6.2% during the forecast period.
  • Based on the route of administration, the global ophthalmic drugs market is bifurcated into topical, local ocular, and systemic. The topical segment is the highest contributor to the market and is expected to grow at a CAGR of 6.4% during the forecast period.
  • Based on dosage form, the global ophthalmic drugs market is bifurcated into gels, eye solutions and suspensions, capsules and tablets, eye drops, and ointments. The eye drops segment owns the highest market share and is expected to grow at a CAGR of 6.31% during the forecast period.
  • Based on product type, the global ophthalmic drugs market is bifurcated into prescription and OTC. The prescription segment is the highest contributor to the market and is expected to grow at a CAGR of 6.2% during the forecast period.
  • North America is the most significant global ophthalmic drugs market shareholder and is expected to grow at a CAGR of 6.7% during the forecast period.

Competitive Players

The global ophthalmic drugs market’s major key players are Alcon, Novartis Ag, Johnson & Johnson Services, Inc., Bausch Health, Merck & Co., Inc., Regeneron Pharmaceuticals, Inc., Coherus Biosciences, Inc., Allergan, Bayer Ag, and Pfizer Inc.

Market News

  • In May 2022, Alcon, the global leader in eye care dedicated to helping people see brilliantly, announced it had signed an agreement to acquire EYSUVIS® (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals, Inc.
  • In June 2022,Novartis acquired Kedalion Therapeutics and its innovative ocular delivery platform that could transform the patient experience.

Global Ophthalmic Drugs Market: Segmentation

By Drug Class

  • Anti-Allergy
  • Anti-VEGF agents
  • Anti-inflammatory
  • Anti-glaucoma
  • Others

By Disease

  • Dry Eye
  • Allergies
  • Glaucoma
  • Infection
  • Retinal Disorders
  • Uveitis
  • Others

By Route of Administration

  • Topical
  • Local Ocular
  • Systemic

By Dosage Form

  • Gels
  • Eye Solutions and Suspensions
  • Capsules and Tablets
  • Eye drops
  • Ointments

By Product Type

  • Prescription
  • OTC

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/ophthalmic-drugs-market/segmentation

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