Ophthalmic Drugs Market

Ophthalmic Drugs Market

Ophthalmic Drugs Market to Reach US$ 68.574.4 mn by 2032, driven by include increasing incidences and prevalence of eye-related disorders, rising research and development about the development of novel drugs, and increasing focus on developing combination therapies: Global Insight Services

New York, May 2023: According to a new research study by Global Insight Services (GIS), the global Ophthalmic Drugs Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 68.574.4 mn by 2032.

The ophthalmic drugs are the formulations that are designed for the treatment of eye diseases such as cataract, glaucoma, color blindness, diabetic macular edema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD).

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Ophthalmic Drugs Market: Key Trends and Drivers

Rise in Prevalence of Eye Disorders

In industrialized nations, the aging population increases life expectancy, and unfavorable changes in lifestyle, such as bad eating habits and reduced exercise, are anticipated to lead to a rise in the prevalence of illnesses that might impair eyesight in the future. The most frequent causes of visual impairment include hereditary retinal illnesses affecting young people, glaucoma, cataracts, and age-related macular degeneration, primarily among older folks. For instance, in October 2022, as per World Health Organization (WHO) facts on ‘Blindness and Vision Impairment,’ The yearly cost of productivity losses related to eye impairment is projected to be USD 411 billion, placing a tremendous financial burden on the whole world. However, vision loss may afflict people of all ages. The majority of persons with visual impairment and blindness are over the age of 50. A near- or distance vision impairment affects at least 2.2 billion individuals worldwide. Hence aforementioned factors will boost the market growth.

Ophthalmic Drugs Market: Restraints & Challenges

Challenges Associated with Formulation of Ophthalmic Drugs

One of the most difficult areas of the pharmaceutical industry, drug delivery to the human eye, is quickly expanding. It is challenging for medications to work at the site of action and endure over time due to the unique structure and physiology of the eye. Creating a therapeutic system that can deliver an ideal concentration of medication to the target region with high therapeutic efficacy is a challenge in ocular drug delivery systems. Due to the cornea’s architecture, physiology, and barrier properties, medicines are absorbed quickly; therefore, eye drop-inducing is necessary to maintain the therapeutic level in tear film or at specific spots. Consequences of utilizing medication solutions often include the potential for toxicity at the ocular surface and cellular damage.

Due to precorneal loss, including solution drainage, lacrimation, tear dynamics, tear dilution, conjunctival absorption, non-productive absorption, the temporary resident period in the cul-de-sac, and tear turnover, the majority of ocular dose forms have low bioavailability. Other difficulties include the impermeable corneal epithelial barrier, making it difficult to transport medications to the anterior area after topical administration.

Ophthalmic Drugs Market Report Findings

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The prescription segment is anticipated to hold a majority of the Ophthalmic Drugs Market size throughout the study period.

On the basis of product type, the global ophthalmic drugs market is segmented into prescription drugs, over the counter drugs. Among these, the prescription drugs segment is going to dominate the market over the forecast period. A prescription drug also known as prescription medication, prescription medicine or prescription-only medication) is a pharmaceutical drug that is only permitted to be dispensed to those with a medical prescription. The increased prevalence of illnesses such as AMD and diabetic retinopathy accounts for the expansion of the prescription medications category. Furthermore, improved efficacy and safety are two factors that are likely to drive prescription segment demand. Lotemax gel/ointment, Zylet, Durezol, bepreve (bepotastine besylate ophthalmic solution), and prescription synthetic tears are among the medications available in this market. Bepreve is an antihistamine used for the treatment of allergic conjunctivitis. Some prescription medications contain moisturizing and lubricating agents that temporarily increase tear secretion. Prescription drugs are thought to be more effective than over-the-counter treatments in treating ocular problems.

The dry eye segment is anticipated to hold a majority of the Ophthalmic Drugs Market size throughout the study period.

Based on disease, the industry is categorized into Eye Allergy, Eye Infection, Glaucoma, Retinal disorders, Dry Eye, Other. The dry eye segment is anticipated to witness the fastest growth during the forecast period. The segment was valued at USD 5,371.7 million in 2022 and it is expected to grow further to USD 11,919.8 million by 2032, at a rate of 7.9% during the forecast period. The factor such as the growing demand for effective treatments, the rising prevalence of dry eye disease, the presence of a lucrative pipeline, and increasing awareness among the population about the condition. The COVID-19 outbreak had an adverse impact on the market in the early phase of the pandemic attributable to the reduced ophthalmology visits. However, as soon as the eye care practices began the market demonstrated a rebound. Moreover, the dry eye persisted in SARS-CoV-2 patients even after treatment of the disease, thus, increasing the target population for treatments. Moreover, during the pandemic sedentary activities and more use of screen has increased the occurrence of dry eye symptoms. Increasing R&D activities for treating the condition have developed a strong and promising pipeline.

The topical segment is likely to hold a dominant Ophthalmic Drugs Market share and grow at a substantial CAGR during the forecast period.

Based on route of administration, the industry is categorized into oral, topical, and systemic. The topical segment was valued at USD 20,712.8 million in 2022 and it is anticipated to grow further to USD 39,786.5 million by 2032, at a CAGR of 6.4% during the forecast period. The factors which are the driving the topical segment are the rising demand for topical medicines due to easy doses, patient compliance issues, and different strategic initiatives performed by market participants account for the expansion of the topical sector. Suspensions, remedies, and ointments are common topical medication dose forms. The cornea is the principal route of topical absorption that faces substantial anatomical challenges. The availability of various medications administered topically is thought to be the primary driver of this market. For example, Allergan, an AbbVie Inc. subsidiary, reported in October 2021 that the US FDA has authorized VUITY for the treatment of presbyopia. Vuity is the only FDA-approved eye drop for the treatment of a variety of eye disorders. The topical route segment is expected to yield the most income throughout the anticipated term. Existing formulas are being replaced as more novel products are introduced to the market, which will drive market growth in the coming years.

The eye drop lending segment is anticipated to hold a majority of the Ophthalmic Drugs Market size throughout the study period.

Based on dosage form, the Ophthalmic Drugs market is divided into Gels, Eye Solutions & Suspensions, Capsules and Tablets, Eye Drops, and Ointments. The capsules and tablets segment was valued at USD 9,341.1 Million in 2022. Factor such as increasing health consciousness among the individuals coupled with advancements in manufacturing technology and the introduction of new materials. This will added more features to the traditional capsules such as controlled drug release, tamper-evident, and formulation choice of potent APIS due to reduced degradation in stomach pH, appealing aesthetics, and longer shelf life. In recent times, manufacturers are focusing on developing non-gelatin-based capsules using plant-based polymers. Starch, HPMC, and gums such as Pullulan. Increasing launch of tablet and capsule will fuel the segmental growth. For instance, In April 2022, Wellbeing Nutrition released “Melts Eye Care,” the world’s first all-natural eye vitamin.

The Anti-VEGF segment is anticipated to hold a majority of the Ophthalmic Drugs Market size throughout the study period.

Based on drug class, the Ophthalmic Drugs market is divided into Antiallergy, Anti-inflammatory, Anti-VEGF Agents, Anti-glaucoma, and Others. The Capsules and Tablets segment was valued at USD 9,341.1 Million in 2022. Factor such as increasing health consciousness among the individuals coupled with advancements in manufacturing technology and the introduction of new materials. This will added more features to the traditional capsules such as controlled drug release, tamper-evident, and formulation choice of potent APIS due to reduced degradation in stomach pH, appealing aesthetics, and longer shelf life. In recent times, manufacturers are focusing on developing non-gelatin-based capsules using plant-based polymers. Starch, HPMC, and gums such as Pullulan. Increasing launch of tablet and capsule will fuel the segmental growth. For instance, In April 2022, Wellbeing Nutrition released “Melts Eye Care,” the world’s first all-natural eye vitamin.

The North America region is estimated to exhibit the highest growth rate during the Ophthalmic Drugs Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the Ophthalmic Drugs Market growth, recording the highest CAGR during the forecast period. Among all other regions, North America holds the largest market share over the forecast period. There are numerous market players in the North American region, and as more individuals learn about the items’ accessibility, ophthalmic pharmaceutical sales will increase. Both the healthcare infrastructure and consumer knowledge are of the highest calibre in this region. These two elements will be essential to the market’s growth over the course of the projection period.

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Competitive Landscape

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global ophthalmic drugs market includes players such as Pfizer Inc., Sterling Pharmaceutical Services LLC, Somerset Pharma, LLC, Alcon Inc., Novartis AG, Bayer AG, Nicox SA, Coherus BioSciences, Inc., Sun Pharmaceutical Industries, Inc., Krishlar Pharmaceuticals, Allergan (AbbVie Inc), and others.

Recent Developments in the Ophthalmic Drugs Market:

  • In May 2023, Alcon launched TOTAL30® for Astigmatism, the first and only reusable contact lens with Water Gradient material for astigmatic contact lens wearers.
  • In September 2022, Alcon has announced new products introductions in the United States at AA). Clareon Toric IOL is introduced by Alcon, which is completing the Clareon Collection. Fidelis and patient involvement are expanding Alcon’s digital capabilities. Given international surgical backlogs and personnel limitations, the demand for remote, digital solutions in ophthalmology has never been stronger.
  • In April 2022, Sandoz announced the release of its generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%, an AB-rated generic counterpart to AbbVie’s COMBIGAN, to treat ocular hypertension (high eye pressure) in patients.
  • In March 2022, Nicox SA announced encouraging findings from a Chinese Phase 3 clinical trial of ZERVIATE (cetirizine ophthalmic solution), 0.24%, conducted by Ocumension Therapeutics, its Chinese partner. The antihistamine ZERVIATE has compared to emedastine difumarate ophthalmic solution, 0.05%, which is sold under the trade name EMADINE.

Ophthalmic Drugs Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Ophthalmic Drugs Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future Ophthalmic Drugs Market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Ophthalmic Drugs Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Global Ophthalmic Drugs Market Segmentation

By Product Type

  • Prescription Drugs
  • OTC Drugs

By Disease

  • Dry Eye
  • Eye Allergy
  • Glaucoma
  • Eye Infection
  • Retinal Disorders
  • Uveitis & Others

By Route of Administration

  • Topical
  • Local Ocular
  • Systemic

By Dosage Form

  • Gels
  • Eye Solutions & Suspensions
  • Capsules and Tablets
  • Eye Drops
  • Ointments

By Drug Class

  • Antiallergy
  • Anti-inflammatory
  • Anti-VEGF Agents
  • Anti-glaucoma
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

  • Teva Pharmaceutical Industries Ltd.
  • Novartis AG
  • Pfizer Inc
  • Sun Pharmaceutical Industries, Inc.
  • Bayer AG
  • Alcon Inc.
  • Allergan (AbbVie Inc)
  • Coherus BioSciences, Inc.
  • Krishlar Pharmaceuticals
  • Nicox SA
  • Sterling Pharmaceutical Services LLC
  • Somerset Pharma, LLC