The global ophthalmic drugs market size was estimated at USD 39.28 billion in 2022 and is projected to hit around USD 65.53 billion by 2032, growing at a CAGR of 5.3% during the forecast period from 2023 to 2032.
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Different types of formulations which are used for treating diseases like glaucoma, cataract, color blindness, or macular degeneration are known as ophthalmic drugs. Constant research and development in this field and the increase in the number of investments made for these activities will lead to the growth of the ophthalmic drugs market in the coming years. The genetic population is an Omega factor that will help in the growth of this market during the forecast period. For preventing different types of diseases in the eye the use of ophthalmic drugs in the preventive form will also lead to the growth of the market during the forecast period. Many initiatives are taken by various governments for the manufacturing and development of these drugs to reduce the cases of eye disorders. There are a few side effects that are associated with the use of these drugs and this will hamper the growth of the market in the long run. Increased cases of the disorders of the eyesight in smaller children will also lead to the growth of the market during the forecast period. Constant exposure to smartphones and other devices of the smaller age group will drive market growth in the coming years.
The need for ophthalmic medication has increased in recent years in most nations across the world. Initiatives taken by the government for creating awareness regarding health care will lead to the introduction of preventive medicines for eye disorders. Most of the companies in the market are concentrating on providing ophthalmic pharmaceutical combinations for various diseases. As there has been a growth in geriatric people across the globe, the demand for these products is expected to grow in the long run. Cases of age-related macular degeneration are common and the need for various drugs for treating these disorders will also increase in the coming years. The use of these drugs for treating retinal diseases will help in generating a good amount of revenue in the coming years. There will be various medications for the treatment and prevention of glaucoma which will also lead to the growth of the market in the coming years. The use of ophthalmic drugs in the North American region is rising as the initiatives taken by the government for creating awareness regarding the use of these products have increased. Dry eye conjunctivitis is a disease that can be easily treated with ophthalmic drugs. Cases like diabetic retinopathy and macular degeneration which are age-related can be treated in the most effective manner with the help of these ophthalmic drugs. The cases of the impairment of vision have also increased lately which will stimulate the market of ophthalmic drugs to a great extent in the near future.
Report Scope of the Ophthalmic Drugs Market
|Market Size in 2023||USD 41.17 Billion|
|Market Size by 2032||USD 65.53 Billion|
|Growth Rate from 2023 to 2032||CAGR of 5.3%|
|Forecast Period||2023 to 2032|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
Based on the kind of illness, the retinal disorder sector will have a bigger market share in the upcoming years; this segment formerly dominated the market with a share of around 34% in terms of revenue. The use of the appellant drugs for the disorders of the retina will prove to drive market growth in the coming years, especially after the outbreak of the COVID-19 pandemic. The cases of various disorders of the retina increased after the pandemic and the sales of the drugs also increased significantly.
Drug Class Insights
On the basis of the drug class, the anti-vascular endothelial growth factor segment will have a larger market share as it has dominated the market in the past with the largest amount of revenue generated which was about 32%. Clinical studies conducted by various companies for the development of anti-inflammatory drugs for curing diseases will also help in the growth of the market during the forecast period.
On the basis of the doses, the eyedrop segment has dominated the market in the past and it generated a revenue of about 35% across the globe. There is an increase in the sales of eye drops in various nations as preventive medicine as well as the treatment for a few disorders. The availability of advanced technology in the drug delivery system of ophthalmic drugs will also lead to the growth of the market in the coming years. Constant research and development in the field have provided nanomicellar technique which helps in increasing the efficiency of the drugs.
On the basis of the administration of the drugs, the topical route is expected to have the largest market share. This segment has generated revenue of about 63% in the past period as many new products are launched in the market that helps in replacing the existing formulations and will help in accelerating the growth of the market in the coming years. Constant research and development have provided products in the market which are in the form of topical applications for various diseases of the eye.
Based on the type of the product the prescription drugs will have a larger market share as it has dominated the market in the past with a share of about 60% in terms of revenue. The market is expected to grow well as these drugs provide better efficiency and safety to patients. Prescribed medicines help in treating various disorders in the most efficient manner. The over-the-counter segment is also expected to show significant growth in the coming years as a large number of ophthalmic drugs are available for patients that can be easily administered. The over the counter drugs play a significant role in treating conditions such as eye infections and allergies.
On the basis of geography, the North American region accounted largest market share of around 40% in 2022. Many market players are present in the North American region and the growing awareness about the availability of ophthalmic drugs will increase the sales of these drugs. The healthcare infrastructure available in this region is excellent and consumer awareness is also high. These two factors will play an instrumental role in the growth of the market during the forecast period. As the cases of ophthalmic diseases have increased significantly in the Asia Pacific region, the demand for the drugs is also expected to grow. Consumer awareness has also increased and they shall help in driving the market growth during the forecast period. Strategic initiatives taken by the companies for the commercialization of a few treatments will drive market growth.
Ophthalmic Drugs Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
Key Market Developments
Akorn Operating company was acquired by Thea Pharma in the year 2022 for its seven ophthalmic products that are branded. This acquisition will help the organization in increasing its foothold and satisfy the need of the patients by providing the developed products in the United States.
Key Market Players
Segments Covered in the Report
By Drug Class
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