Ophthalmic Drugs Market by Disease (Dry Eye, Allergies, Glaucoma, Retinal Disorders, and Others), Drug Class (Anti-glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others), Product Type (OTC Drug and Prescription Drug), Dosage Form (Gels/Ointments, Injectables, Capsules & Tablets, and Eye Drops), and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026849 | Pages: 100 | Industry: Pharmaceuticals | Date: Oct 2022 | Type: Global

The market crossed the US$ 41.61 billion mark in 2022 and is expected to hit US$ 66.35 billion by 2030, recording a CAGR of 6.0% during the forecast period. 

The ophthalmic drugs market has been significantly growing with the high prevalence of eye diseases

Rise in prevalence of eye disease such as glaucoma, cataract and macular degeneration, increasing geriatric population, and increase in investment in R&D activities by various healthcare companies are some of the major factors driving the market's growth. Globally there has been a presence of various eye diseases such as cataract, glaucoma, and refractive errors. According to the World Health Organizations (WHO), at least 2.2 billion people have a near or distance vision impairment and around 1 billion people includes those with moderate or severe distance vision impairment or blindness. Thus, the high prevalence of eye diseases and impairment indicates the surge in demand for ophthalmic drugs such as eye drops and solutions, complementing the ophthalmic drugs market's growth during the forecast period.

The retinal disorders segment under the disease segment is expected to pace with reduced reaction time and rapid outcomes. Further, another segment, such as anti-inflammatory drug class, is expected to gain traction during the forecasted year.

Within the report, the ophthalmic drugs market is segmented into disease, drug class, product type, dosage form, and geography. By disease, the market is further segmented anti-glaucoma, anti-infection, anti-inflammation, anti-allergy, and others. Based on drug class, the market is segmented into anti-glaucoma, anti-infection, anti-inflammation, anti-allergy, and others. By product type, the market is bifurcated into OTC drug and prescription drug. Based on dosage form the market is segmented into gels/ointments, injectables, capsules & tablets, and eye drops. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Asia-Pacific Region Empowered the Growth of Futuristic Innovations

Asia-Pacific is expected to witness the fastest growth in the ophthalmic drugs market owing to the factors such as the increasing geriatric population, rising prevalence of eye-related disorders, and the presence of key players in the region. Furthermore, various countries in Asia Pacific are expected to have high geriatric population which will propel the use of ophthalmic drugs due to the age-related eye diseases. For instance, according to European Parliament, Japan has the world's highest average age (48 years) and is the world's most aging country. As per the Japanese government statistics released in September 2020, more than one in four people in Japan are 65 years of age or older, accounting for 28.7% of the population, or 36.17 million (equivalent to the Polish population). This makes Japan an overwhelmingly large country comprising a growing geriatric population. Thus, the Asia Pacific region holds the high growth opportunity for the market.

Increasing geriatric population is one of the major factors accelerating the market growth.

Increasing geriatric population is driving the growth of ophthalmic drugs market due to the increasing age-related eye diseases. According to the U.S. Department of Health & Human Services, the leading causes of blindness and low vision in the United States are primarily age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. Furthermore, according to the World Health Organization (WHO), the global population of people aged 60 years and older is constantly increasing, and it will double to around 2.1 billion from 1 billion in 2020. Also, the same age group is expected to be approximately 1.4 billion by 2030. Likewise, the number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Thus, the rising geriatric population is creating a demand for ophthalmic drugs owing to incidences of eye diseases among older people, bolstering market growth.

 

Recent strategic developments in ophthalmic drugs market

The ophthalmic drugs market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2022, Novartis announced that the European Commission (EC) has approved Beovu (brolucizumab) 6 mg for the treatment of visual impairment due to diabetic macular edema (DME). This approval in DME represents the second indication for Beovu granted by the EC, which was first approved for the treatment of wet age-related macular degeneration in 2020. The EC decision applies to all 27 European Union (EU) member states as well as Iceland, Norway and Liechtenstein.
  • In October 2021, Allergan, an AbbVie company, announced the U.S. Food and Drug Administration (FDA) approval of VUITY (pilocarpine HCl ophthalmic solution) 1.25% for the treatment of presbyopia, commonly known as age-related blurry near vision, in adults.
  • In June 2020, Senju Pharmaceutical Co., Ltd. and Otsuka Pharmaceutical Co., Ltd. announce that a new combination ophthalmic solution for the treatment of glaucoma and ocular hypertension, AILAMIDE Combination Ophthalmic Suspension has been launched in Japan.

 

The ophthalmic drugs market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Aerie Pharmaceuticals, Inc.; AbbVie Inc.; Bausch Health Companies Inc.; Santen Pharmaceutical Co., Ltd.; Regeneron Pharmaceuticals, Inc.; Otsuka Pharmaceutical Co., Ltd.; Novartis AG; Bayer AG; F. Hoffmann-La Roche Ltd; and Pfizer Inc. are among the prominent players operating in the ophthalmic drugs market.

Target audience for the report:

  • APIs providers
  • Contract Research Organization
  • Drug Suppliers
  • Eyewear Manufacturers
  • Government Agencies
  • Pharmaceutical Companies
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Disease:
    • Dry Eye
    • Allergies
    • Glaucoma
    • Retinal Disorders
    • Others

 

  • Drug Class
    • Anti-glaucoma
    • Anti-infection
    • Anti-inflammation
    • Anti-allergy
    • Others

 

  • Product Type:
    • OTC Drug
    • Prescription Drug

 

  • Dosage Form:
    • Gels/Ointments
    • Injectables
    • Eye Solutions
    • Capsules & Tablets
    • Eye Drops

 

  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa

 

  • Companies profiled
    • Aerie Pharmaceuticals, Inc.
    • AbbVie Inc.
    • Bausch Health Companies Inc.
    • Santen Pharmaceutical Co., Ltd.
    • Regeneron Pharmaceuticals, Inc.
    • Otsuka Pharmaceutical Co., Ltd.
    • Novartis AG
    • Bayer AG
    • F. Hoffmann-La Roche Ltd
    • Pfizer Inc.

The List of Companies
- Aerie Pharmaceuticals, Inc.
- AbbVie Inc.
- Bausch Health Companies Inc.
- Santen Pharmaceutical Co., Ltd.
- Regeneron Pharmaceuticals, Inc.
- Otsuka Pharmaceutical Co., Ltd.
- Novartis AG
- Bayer AG
- F. Hoffmann-La Roche Ltd
- Pfizer Inc.

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