Different suspensions are available in the market to treat eye infections and related symptoms. These together are referred to as ophthalmic suspensions. Generally, these suspensions are used in combination of antibiotics and a corticosteroid which ensures effective treatment. Bacterial eye infections such as conjunctivitis can be effectively treated by the ophthalmic suspensions. Rising prevalence of eye diseases is one of the major driver for the growth of the market, during the forecast period. Moreover, growing geriatric population susceptible to various eye disorders, and rising number of reported cases of bacterial infections in children boosts the market. According to the World Health Organization in 2014, glaucoma is one of the second major causes of blindness in the world. It was also estimated that the global prevalence of the same will increase, fuelling the market growth. However, side-effects associated by the application of ophthalmic suspension is estimated to restrain the market growth during the projected period.
Novartis AG (Alcon), ALLERGAN, Pfizer Inc., Merck & Co., Inc., Bausch & Lomb Incorporated, Falcon Group, Valeant, Bayer AG, and Genentech, Inc. are some of the prominent players at the forefront of competition in the Global Ophthalmic Suspension Market and are profiled in MRFR Analysis.
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The global ophthalmic suspension market is growing with the sound pace. According to a recent study report published by the Market Research Future, the global ophthalmic suspension market is booming and expected to gain prominence over the forecast period growing. The market is forecasted to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Global Ophthalmic Suspension Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global ophthalmic suspension market appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Pfizer Inc. is one of the major players of the global ophthalmic suspension market and is headquartered in the U.S. In 2015, the company’s total revenue was about USD 48,851 million and it reached USD 52,824 million in 2016. Such a significant increase in the global sales, enabled the company to invest a huge percentage of their sales into the research and development. In 2016, the company spent 14.9% of its total revenue into the R&D enabling it to improve its product portfolio and launch new product, strengthening its position in the market.
In November 2016, Novartis acquired Selexys Pharmaceuticals Corporation, a company specializing in development of therapeutics in certain hematologic and inflammatory disorders.
In June 2016, Merck, known as MSD outside the United States and Canada, and Afferent Pharmaceuticals announced that the two companies signed an agreement under which Merck acquired the privately held company. Afferent Pharmaceuticals is a leader in the development of therapeutic candidates targeting the P2X3 receptor for the treatment of common, poorly-managed, neurogenic conditions.
In February 2015, Valeant Pharmaceuticals International, Inc. and Salix Pharmaceuticals, Ltd. entered into a definitive agreement under which Valeant acquired all of the outstanding common stock of Salix for USD 158.00 per share in cash. The transaction was approved by the Boards of Directors of both companies.
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The Americas holds the largest market share. Increasing prevalence of eye related diseases, growing geriatric population, and rising demand for new ophthalmic suspension are major reasons for market growth within the region. Followed by the similar trends, Europe is estimated to be the second largest market. Increasing awareness regarding eye related diseases, growing technological advancements and rising investment in healthcare domain by government facilitates the market growth within the region. Asia Pacific, is the fastest growing region in the market. On the other hand, the Middle East & Africa holds the least market share, mainly due to the presence of global players within the African region. Poor availability of medical facilities, and low per capita healthcare expenditure are estimated to be major restrains for the market.
Europe is the second largest ophthalmic suspension market across the globe owing to increasing awareness regarding eye related diseases, growing technological advancements in healthcare domain and increasing investment in healthcare domain by government.
In Asia Pacific, increasing government support for research & development in healthcare domain, growing number of ophthalmic clinics, and increasing prevalence of eye related diseases drives the growth of the market in this region.
The Middle East & Africa is expected to show a least market share due to less availability of medical facilities, and less development in healthcare domain.
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The report on the global ophthalmic suspension market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight to the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions
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