The ophthalmic drugs market provides crucial treatments for a variety of eye diseases and conditions. Eye drops help reduce intraocular pressure in glaucoma patients, while anti-inflammatory drugs treat conditions like conjunctivitis. Eye allergy medications provide relief from itchy and watery eyes. Antibiotics protect against infections, and drugs for age-related macular degeneration can potentially save vision.
The Global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the ophthalmic drugs market is the rising prevalence of eye diseases. Age-related conditions like glaucoma and macular degeneration are becoming more common as populations in developed nations continue to age. According to the World Health Organization, the number of people with age-related macular degeneration is projected to increase to 288 million by 2040. Rising lifestyle diseases like diabetes are also contributing to a higher risk of eye problems. Diabetic retinopathy is a leading cause of blindness among the working-age population. Increased risk due to changing demographics and disease trends is expected to boost demand for innovative new drugs and therapies in the ophthalmic drugs market during the forecast period.
Segment Analysis
The Global Ophthalmic Drugs Market is dominated by the anti-glaucoma drugs segment. This segment holds around 30% of the overall market share due to the rising prevalence of glaucoma which is one of the major causes of blindness. Glaucoma if left untreated can cause total vision loss making anti-glaucoma drugs widely used for its treatment and management.
Key Takeaways
Global Ophthalmic Drugs Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market is projected to reach a value of US$ 72.58 Bn by 2030, expanding at a CAGR of 8.9% over the said period.
Regional analysis
North America dominated the global market in 2023 with over 35% market share. The increasing prevalence of eye diseases along with developed healthcare infrastructure and availability of advanced treatment options in the region are some of the key factors driving the North American market. Asia Pacific is expected to witness the fastest growth over the forecast period supported by growing geriatric population, increasing awareness about eye care, and improvements in healthcare facilities in emerging countries such as China and India.
Key players
Key players operating in the ophthalmic drugs market are IBM, Cisco, Check Point, Trellix, Trend Micro, NortonLifeLock, Rapid7, Micro Focus, Microsoft, Amazon Web Services, Oracle, Fortinet, Palo Alto Networks, Accenture, CyberArk, SentinelOne, Qualys, F-Secure, F5, DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Forcepoint, Sophos, RSA Security, Proofpoint, Juniper Networks, Splunk, SonicWall, Algosec, Zscaler, Cynet, and Nozomi Networks.
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Transparency Market Research (TMR) has published a new report titled, ‘Ophthalmic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global Ophthalmic Drugs Market was valued at US$ 26,018.3 Mn in 2018 and is projected to expand at a CAGR of 4.1% from 2019 to 2027.Read Report Overview - https://www.transparencymarketresearch.com/ophthalmic-drugs-market.htmlOverviewOphthalmic Drugs are the anti-infectives drugs that contained in a product formulated especially to be instilled or applied in the eye or eyes.
Ophthalmic anti-infectives include eye drops, gels or ointments.
Highly structured health care industry and introduction of the Affordable Care Act in the U.S. are expected to drive the market in North America.Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast periodRequest Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1769Increasing incidence rates of eye related disorders to Drive MarketThere is an alarming rise in incidence of eye related diseases, especially in the developed countries, which is anticipated to drive the growth of the ophthalmic drugs market during 2017-2025According to the Prevent Blindness report, the number of people in the U.S., suffering from cataract is expected to increase from4 Mnin 2010, to 30.5 Mn by 2020, and people suffering from diabetic retinopathy in U.S. are projected to increase from 7.7 Mn in 2010 to 9.2 Mn in 2020The patients for open angle glaucoma and AMD in U.S., were 7 Mn and 2.1 Mn, respectively, which are projected to increase to3.3 Mn and 2.5 Mn, respectively, till 2020The increasing patient pool in developing countries as well as developed regions is estimated to propel healthcare spending for eye treatments in each region and drive the growth of the ophthalmic drugs market.Advanced retinal treatment approvals for unmet needs in eye disorders to drive the marketEye diseases such as chronic or recurrent uveitis, optic nerve, neurodegeneration retinitis pigmentosa, retinoblastoma, etc., lack an effective treatment option, and thus are categorized as unmet medical needs within the ophthalmologic diseases spaceSeveral new entrants are dedicated to provide specialized treatment methods for eye diseases:On May 18 2017,Spark Therapeutics, Inc. submitted the first and only Biological License Application to the U.S. FDA for the treatment of Leber’s congenital amaurosis by gene therapyOn March 25 2015, Regeneron Pharmaceuticals Inc., announced the approval of Eylea, the first VEGF inhibitor approved for dosing on a less than monthly basis for the treatment of diabetic macular edemaSevere inflammatory eye diseases, such as uveitis, lacked a solid treatment option earlier to the FDA approval of Humira for the indication of non-infectious intermediate, posterior, and panuveitis in adult patientsIn June 2016,the U.S. FDA approved the first and only biologic approved drug, Humira, for the treatment of uveitisSuch approvals for advanced treatment options for the treatment of unmet medical needs in the field of eye disorders are projected to boost the expansion of the global ophthalmic drugs marketRequest COVID Analysis on Ophthalmic Drugs Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1769Dry Eye Segment to Dominate MarketBased on Disease Indication, the global Ophthalmic Drugs Market has been divided into Dry Eye, Glaucoma, Infection/Inflammation, Retinal Disorders, Allergy, Uveitis, Others.
The Retinal Disorders segment has been bifurcated into Wet AMD, Dry AMD, Diabetic Retinopathy, Others.
The market is witnessing significant transformations due to changing Medicare policies in the U.S., pricing of branded specialty drugs, and the rising patient pool.The increasing patient number along with rising health initiatives for treatment awareness are projected to drive the demand for ophthalmic drugs in this region.The Ophthalmic Drugs Market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
The global ophthalmic drugs market is witnessing rapid increase over the past few years, mainly due to the rising prevalence of eye-related diseases & disorders.
Recent advances in medical technologies such as AMPPLIFY technology that demonstrates higher delivery of a drug into ocular tissues are escalating the market on the global platform.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/5753An eminent research firm Market Research Future (MRFR) states that the global ophthalmic drugs market size had reached USD 29.46 BN in 2018, and the market valuation would further appreciate at around 5.1% CAGR during the forecast period (2019 to 2025).
Substantial R investments into drug discoveries are another major tailwind pushing the market growth excellently, bringing about novel medicines to treat various ophthalmic diseases.
Furthermore, recent development & commercialization of several drugs boost the market growth.Global Ophthalmic Drugs Market – SegmentsThe report has been segmented into five major dynamics.By Dosage Form : Eye Drops, Ointments, Solutions, Gels, Capsules & Tablets, and others.By Product Type : Prescription Drug and OTC Drug.By Drug Class : Antibiotics, Anti-Inflammatory, Anti-Glaucoma, and others.By Indication : Glaucoma, Retinal Disorder, Dry Eye, Eye Allergy, and others.By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.Global Ophthalmic Drugs Market – Regional AnalysisNorth America leads the global ophthalmic drugs heading with the presence of the many major players and a large patient population suffering from eye diseases.
Moreover, the availability of well-developed technology and high healthcare expenditures, alongside the rising prevalence of eye diseases in the region, drives the market growth significantly.Also, the growing demand for eye care led by the increasing numbers of patients suffering from chronic diseases such as diabetes, neurovascular, and different eye disorders impacts market growth positively.
Additionally, augmenting demand for the minimally invasive & technologically advanced treatments, alongside the governmental support for R funding are expected to drive the regional market growth, commutatively.Europe's ophthalmic drugs market is proliferating rapidly.
