The global Ophthalmic Therapeutics/Drugs Market size is expected to value at USD 35.7 billion by 2025. The market is subject to witness a substantial growth due to the rising occurrence of eye diseases like presbyopia, macular degeneration, and retinal vascular disease, particularly in geriatric population. Increasing focus on research and development in ophthalmic therapeutics and drugs by private bodies due to rising occurrence of ocular disorders, are driving factors for growth of the market. Globally, the ophthalmic therapeutics/drugs industry is predicted to grow at CAGR of 5.1% in forecast period, providing numerous opportunity for market players to invest for research and development in the market.
Cataract is the one of the primary cause of blindness. Other types of disorders such as retinal vascular disease, glaucoma, and age-associated macular degeneration can also lead to blindness. Thus, rise in the number of initiatives and programs taken by governmental agencies in order to prevent and completely eliminate such disorders by facilitating essential treatment for patients, thus significantly contributing to the growth of ophthalmic drugs market in recent years. Furthermore, recent research & development activities in various regions across the globe are expected to escalate demand of the ophthalmic therapeutics industry. For example, Ocular Therapeutix i.e. OTX-TP, a drug product also known as travoprost insert, is still under development and is considered as vital to cure glaucoma and ocular hypertension.
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Increasing number of drugs including Azopt, Lumigan, Retaine MGD, and Vigamox, are anticipated to boost growth of the market during the forecast period. Additionally, rise in the number of drug manufactures due to increasing demand on global-scale is attributed to sustained market growth. The ocular diseases are majorly categorized into different types such as dry eyes, glaucoma, inflammation around retina, retinal disorders, and uveitis. The retinal disorder is one of the fastest growing segment in the ophthalmic therapeutics market with highest revenue generation in last couple of years. Increasing prevalence of the retinal disorders in credited to factors such as unavailability of specialized treatment and increasing occurrence of age-associated macular degeneration (AMD). The rental disorders are further divided into wet & dry age-associated macular degeneration, and retinal vascular disease. Rise in the incidence related to age-associated macular degeneration (AMD) in aged population is a major concern among healthcare professionals.
Antiglaucomas are one of the commonly utilized drugs available in the market. They are broadly categorized into two types such as topical drugs and systemic drops. Increasing popularity of antiglaucomas is directly credited adoption of novel therapies with unique mechanism of action. Furthermore, development of drugs such as timolol, metipranolol, epinephrine, dipivefrin, brimonidine, latanoprost, bimatoprost, pilocarpine, and carbachol to cure ocular disorders similar to glaucoma, are augmenting demand of ophthalmic therapeutics industry.
Application of the ophthalmic therapeutics and drug delivery methods varies in accordance with the nature and extent of the eye disease or disorder. Specialized ophthalmic therapeutics and drug delivery methods are required for diseases such as diabetic retinopathy and age-related macular degeneration (AMD), as they directly affect tissues at the back of the eye (BOTE).
The market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest technologies in medical sciences and existence well-established healthcare infrastructure. Asia-Pacific region is predicted to hold major market share in the ophthalmic therapeutics/drugs market with massive growth in forecast period. Countries such as India, China and Japan are leading market in Asia Pacific with recent improvements in healthcare infrastructure, rise in clinical needs, increase in personal expenditure, easy accessibility of effective medical treatments, and rise in healthcare consciousness among individuals.
The key players in the ophthalmic drugs industry are Novartis AG, Allergan Plc, Santen Pharmaceutical Corporations, Pfizer Incorporations, Merck & Company, Incorporations, and Genentech Incorporations.
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Drug Class Outlook (Revenue, USD Million; 2014 – 2025)
• Anti-Vascular Endothelial Growth Factor (Anti-VEGF) agents
• Nonsteroidal drugs
• Steroidal drugs
Disease Outlook (Revenue, USD Million; 2014 – 2025)
• Dry Eye
• Retinal Disorders
Dosage form Outlook (Revenue, USD Million; 2014 – 2025)
• Eye solutions
• Capsules & Tablets
• Eye drops
Product Outlook (Revenue, USD Million; 2014 – 2025)
• Prescription drugs
• OTC drugs
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/pharmaceuticals
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