The rise in the number of visually impaired population is increasing in tandem with the rise in geriatric population. Eye diseases such as Retinal Vein Occlusion (RVO), Wet AMD, Myopic Choroidal Neovascularization (mCNV), diabetic retinopathy, and others are on the rise which generates high demand for ophthalmic drugs. Moreover, a rise in the volume of cataract surgeries followed by a high incidence rate of glaucoma and dry eye are among major growth factors for the global ophthalmic drugs market.
The global ophthalmic drugs market is estimated to expand at a CAGR of 6% over the forecast period, predicts Market Research Future (MRFR) in a detailed study.
Cutting edge research and development activities by pharmaceutical companies to develop drugs which can cater to the huge unmet needs of the population have resulted in innovation in the ophthalmic drugs industry. In recent years, the market has witnessed a substantial rise in the number of US FDA approvals for novel drugs which have further accelerated market growth. Furthermore, a high number of new drugs are already in the pipeline which is expected to fuel the growth of the market over the forecast period.
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Sun Pharmaceutical Industries Limited, Santen Pharmaceutical Co., Ltd., Shire Plc, Bausch & Lomb Inc., Pfizer Inc., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Genentech, Inc., Valeant Pharmaceuticals International, Inc., Regeneron Pharmaceuticals, Inc., Allergan Plc, Actavis Generics, and others are the notable players in the global ophthalmic pharmaceutical market.
The global ophthalmic drugs market has been segmented based on indication, drug class, type of dosage, product, and distribution channel.
- By indication, the global ophthalmic drugs market has been segmented into glaucoma, retinal disorders, inflammation/infection, dry eye, allergies, uveitis, and others.
- By drug class, the global ophthalmic drugs market has been segmented into antiallergy, anti-inflammatory, anti-VEGF agents, antiglaucoma, and others. The anti-inflammatory segment has been further segmented into nonsteroidal drugs and steroidal drugs.
- By type of dosage, the global ophthalmic drugs market has been segmented into eye drops, eye solutions, ointments, capsules and tablets, and gels.
- By product, the global ophthalmic drugs market has been segmented into prescription drugs and OTC drugs.
- By distribution channel, the global ophthalmic drugs market has been segmented into hospital pharmacies, online pharmacies, drug stores, and others.
By region, the global ophthalmic drugs market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas is reigning the global ophthalmic drugs market on account of the high prevalence of eye diseases, high healthcare expenditure and the existence of key players in the region. Plus, the FDA is also approving many ophthalmic drugs in the region which has boosted the growth of the market.
Europe follows the Americas closely and accounts for the second most significant share of the market. R&D funding by the government, growing presence of key players in the region, and improving reimbursement scenario in the region supports the growth of the market.
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APAC is likely to emerge as the fastest growing market for ophthalmic drugs. massive patient pool, development of healthcare technology and expansion of the pharmaceutical industry in the region. Increasing healthcare expenditure and improving reimbursement policies are further favoring the growth of the market.
The MEA market is likely to exhibit sluggish growth due to low penetration of healthcare facilities and low healthcare expenditure.
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