Ophthalmic Drugs Market Growth Statistics, Future Insights, Sales Projection, COVID-19 Impact Analysis and Size Estimation By 2025
Ophthalmic Drugs Market Size, Growth and Share Analysis by Dosage Form (Eye Drops, Eye Ointments, Eye Solutions, Gels, Capsules & Tablets), Product Type (Prescription Drug and OTC Drug), Drug Class (Antibiotics, Anti-Inflammatory, Anti-Glaucoma), Indication and Region, Forecast to 2025
Pune, India – June 30, 2020 /MarketersMedia/ —
Global Ophthalmic Drugs Market size was valued USD 29.46 Billion in 2018, which is estimated to appreciate at 5.1% CAGR during the review period (2019 – 2025), says Market Research Future (MRFR). The global ophthalmic drugs market is growing at a rapid pace. Market growth majorly attributes to the rising prevalence of myriads of ophthalmic diseases. Over the past few years, occurrences of ophthalmic diseases, such as glaucoma, amblyopia, macular degeneration, and cataracts, are growing continually.
Simultaneously, eye disorders such as eyestrain and red eyes are too rising, creating considerable demand for effective treatments and therapeutics. Also, various corrective and surgeries to treat ophthalmic diseases create substantial market demand. Additionally, environmental changes, pollution, and the unhealthy lifestyle foster growth of the market increasing eye disorders.
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Similarly, advancements in medical science and technology, alongside the growing demand for therapeutic modalities that can offer favorable outcomes, further push the market growth. Factors such as the chronic diseases affecting the eyesight, such as cancer and diabetes, impact the growth of the market. Besides, government initiatives and ongoing product development and commercialization boost market growth.
On the other hand, increasing patent expiries and delayed regulatory approvals are the major factors estimated to hamper market growth. Nevertheless, rising product development efforts of industry players would support the growth of the market throughout the assessment period. Also, and the availability of various novel medicines is likely to fuel market growth.
Ophthalmic Drugs Market Segmentation
By Dosage Form, the ophthalmic drugs market is segmented into Eye Drops, Eye Ointments, Eye Solutions, Gels, Capsules & Tablets, and others.
By Product Type, the ophthalmic drugs market is segmented into Prescription Drugs, OTC Drugs, and others.
By Drug Class, the ophthalmic drugs market is segmented into Antibiotics, Nonsteroidal Drugs, Anti-Allergy, Anti-Inflammatory, Anti-Glaucoma, and others.
By Indication, the ophthalmic drugs market is segmented into Allergy, Glaucoma, Dry Eye, and others.
Ophthalmic Drugs Market Regional Analysis
North America accounts for a significant share in the global ophthalmic drugs market. The largest market share attributes to the growing prevalence of various eye diseases and disorders and the increasing number of geriatric individuals. Besides, the presence of major established players and advanced healthcare infrastructures in the region positively impact market growth. Moreover, the growing prevalence of retinal defects and growing investments in research and development drive the growth of the market.
The growing uptake of advanced manufacturing technology certainly supports market growth, bringing about favorable results. With its large numbers of research institutions, independent research institutes (IRIS), and universities, the US holds the largest share in the regional market. The North American ophthalmic drugs market is expected to retain its leading position in the global market throughout the forecasted period (2019-2025).
Europe stands second in the ophthalmic drugs market. The market is driven by increasing healthcare expenditures and the growing emphasis on the diagnosis & treatment of eye-related diseases and disorders. Moreover, substantial investments in medical and health research and development of the ophthalmic drugs market in the region foster market growth. Germany and the US are significant contributors to regional market growth. The European ophthalmic drugs market is predicted to grow at a substantial CAGR over the assessment period.
The ophthalmic drugs market is brisk in the Asia Pacific region. Factors such as the increasing patient pool of eye-related diseases and rapid development in healthcare reforms. Besides, rapid economic developments in the region propel the growth of the market. Additionally, the growing population in countries such as India and China push regional market growth. Furthermore, the huge demand for effective treatments and rising awareness for eye care in the region push the growth of the market.
Ophthalmic Drugs Market Competitive Landscape
Highly competitive, the global ophthalmic drugs market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers and acquisitions, collaborations, and product/ technology launch. Industry players acquire small yet promising companies from emerging markets to expand their global footprints. Also, they make substantial investments to drive clinical trials and the development of effective drugs.
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Ophthalmic Drugs Market Major Players:
Players active in the global ophthalmic drugs market are Allergan Plc, Novartis AG, F. Hoffmann-La Roche AG, Pfizer Inc., Bausch Health Companies Inc., Bayer AG, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Santen Pharmaceutical Co., Ltd., and Aerie Pharmaceuticals, Inc., among others.
Ophthalmic Drugs Industry/ Innovation /Related News:
Rexahn Pharmaceuticals, Inc. (the US), a clinical-stage biopharmaceutical company and Ocuphire Pharma, Inc., an ophthalmic biopharmaceutical company, announced their merger to create a Nasdaq-listed Biopharmaceutical Company Focused on Advancing Ocuphire’s later-stage clinical pipeline of ophthalmic drug candidates. Under this definitive merger agreement, Ocuphire will merge with a wholly-owned subsidiary of Rexahn in an all-stock transaction. Also, USD 21.15 Million Investment is committed by Institutional Healthcare and Accredited Investors.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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