OPHTHALMIC DRUGS MARKET ANALYSIS

The global ophthalmic drugs market was valued at US$ 45.62 Bn in 2022 and is forecast to reach a value of US$ 70.76 Bn by 2030 at a CAGR of 5.64% between 2023 and 2030. The global ophthalmic drugs market is experiencing strong growth due to the rise in prevalence of ophthalmic disorders and growing geriatric population around the world. Furthermore, increasing demand for safe and effective ophthalmic drugs and rise in focus on the development of ophthalmic drugs is expected to boost growth of the market. However, factors such as stringent rules and regulations and risks associated with ophthalmic drugs are expected to hamper the market growth.

Global Ophthalmic Drugs Market: Regional Insights

Based on geography, the global ophthalmic drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing prevalence of ophthalmic disorders, growing geriatric population, and growing research and development pertaining to the development of novel drugs in the region. For instance, According to the Centers for Disease Control and Prevention (CDC), more than 4.2 million people in the U.S. aged 40 years and more are either legally blind or are with low vision. The leading causes of blindness and low vision in the U.S. are primarily age-related eye diseases such as cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration.

Asia Pacific is also expected to witness robust growth in the global ophthalmic drugs market due to the growing prevalence of eye-related disorders, increasing geriatric population, and increase in demand for ophthalmic drugs in the region. For instance, glaucoma, cataracts, diabetic retinopathy, and macular degeneration are the four most common eye conditions among people over age 65. According to the United Nations Population Fund (UNPF), the number of elderly people in Asia-Pacific is expected to more than quadruple by 2050, increasing from 630 million in 2020 to over 1.3 billion. This in turn is expected to drive the market growth.

Figure 1. Global Ophthalmic Drugs Market Share (%), by Region, 2023

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Global Ophthalmic Drugs Market Drivers:

High prevalence of ophthalmic disorders to drive market growth

One of the key factors expected to augment the growth of the global ophthalmic drugs market over the forecast period is the growing prevalence of ophthalmic disorders across the globe. According to the World Health Organization (WHO), more than 2.2 billion people worldwide have a near or distance vision impairment. In at least one billion, or almost half, of these cases, vision impairment could have been prevented or has yet to be addressed. This one billion people includes those with moderate or severe distance vision impairment or blindness due to cataract, unaddressed refractive error, glaucoma, age-related macular degeneration, diabetic retinopathy, & near vision impairment caused by unaddressed presbyopia.

Growing geriatric population to propel market growth

Another factor which is driving the growth of the global ophthalmic drugs market is the growing geriatric (aging) population around the world. For instance, most common causes of vision loss in elderly people are cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD). Of which, AMD is the leading cause of registered blindness in people over the age of 50 years. Age-related macular degeneration (AMD) is a leading cause of loss of vision in people over 65 years of age, according to the American Academy of Family Physicians. According to the UN DESA’s Population Division, in many regions, the population aged 65 will double by 2050. This in turn is expected to augment the growth of the market.

Global Ophthalmic Drugs Market Opportunities:

Increasing demand for safe and effective ophthalmic drugs is expected to offer significant growth opportunities for players in the global ophthalmic drugs market. For instance, with the increasing prevalence of ophthalmic disorders, the demand for ophthalmic drugs is also increasing rapidly. In May 2022, Chugai Pharmaceutical Co., Ltd. launched anti VEGF/anti Ang-2 bispecific antibody Vabysmo Intravitreal Injection 120 mg/mL for the treatment of AMD associated with subfoveal choroidal neovascularization and diabetic macular edema. It is approved by the Ministry of Health, Labour and Welfare (MHLW), Japan on March 28, 2022.

Increase in research and development or rise in focus on the development of ophthalmic drugs is expected to offer lucrative growth opportunities for players in the global ophthalmic drugs market. For instance, For instance, in September 2022, Trinity Researchers received funding of US$ 3.14 million for the development of treatment for the condition (retinal diseases) in collaboration with companies such as Eli Lilly and Roche. The project (EYE-D) will target diseases that can result in severe loss of vision and are estimated to affect 224,000 people in Ireland, and around 40 million people across the globe, driving the growth of the market.

Global Ophthalmic Drugs Market Trends:

Rise in adoption of generics is a recent trend

Generic drugs contain the same active ingredient that had undergone all clinical trials and quality testing during its patent when it was manufactured by a brand as the non-generic medicine. Thus, these drugs are considered to be safe. There is an increasing demand for generic ophthalmic drugs due to the low cost of generics (as an alternative to branded drugs) and the large number of patents expired branded drugs. In June 2022, the FDA approved Amring Pharmaceuticals Inc.’s generic Timolol Maleate Ophthalmic Solution for the treatment of elevated intraocular pressure in patients with ocular hypertension or open-angle glaucoma.

Rise in awareness among people is another trend

Blindness and vision impairment have a significant impact on people’s quality of life. According to the WHO, visual impairment could have been avoided in at least 1 billion of these cases if the patient had received proper diagnosis and treatment. This burden of eye disorders can be greatly reduced by enhancing people’s knowledge and awareness of common eye diseases, allowing them to seek timely eye care. Increased patient understanding of common eye diseases and treatments may lead to a greater appreciation of the value of routine eye care/exams in the early detection and treatment of many eye problems. This trend is expected to continue over the forecast period.

Global Ophthalmic Drugs Market Restraints:

Stringent rules and regulations to hinder market growth

One of the key factors expected to hamper the growth of the global ophthalmic drugs market is the stringent rules/regulations. For instance, ophthalmic products are regulated under quality standards published in the Code of Federal Regulations (CFR), U.S. Pharmacopeia (USP), and various U.S. Food and Drug Administration (FDA) guidance. In March 2022, the FDA clarified that ophthalmic dispensers are now regulated as devices, and the drug and device are regulated as a combination product. This in turn is expected to hinder market growth.

Risks associated with ophthalmic drugs to hamper market growth

Another factor which is hampering the growth of the global ophthalmic drugs market is the risks associated with ophthalmic drugs. Side effects due to ophthalmic drugs such as contact dermatitis, redness in eyes, skin rashes, and itching are expected to limit the demand for ophthalmic drugs. The topical ophthalmic anesthetic toxicity along with corneal complications causes stromal edema, corneal ulceration, endothelial damage, and epithelial damage. Systemic reactions to topically applied ophthalmic drugs are shown to be rare and largely preventable; thus, an increase in the risk of side effects associated with ophthalmic drugs hampers the market growth.

Figure 2. Global Ophthalmic Drugs Market Share (%), by Indication, 2023

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Global Ophthalmic Drugs Market Segmentation:

The global ophthalmic drugs market report is segmented into Indication, Type, Dosage Form, Distribution Channel, Therapeutic Class, and Geography.

Based on Indication, the global ophthalmic drugs market is segmented into Dry Eye, Glaucoma, Infection/Inflammation/Allergy, Retinal Disorders (Wet Age-related Macular Degeneration, Dry Age-related Macular Degeneration, Diabetic Retinopathy, and Others), and Others. Out of which, Glaucoma Segment is expected to dominate the market during the forecast period and this is attributed to the increasing prevalence of glaucoma, the 2^nd leading cause of blindness worldwide. The WHO has estimated that 4.5 million people are blind due to glaucoma.

Retinal Disorders Segment is also expected to witness significant growth in the near future and this is owing to the rise in burden of retinal disorders and growing geriatric population.

Based on Type, the market is segmented into Prescription Drugs and Over-the-counter Drugs. Out of which, Prescription Drugs Segment is expected to dominate the market during the forecast period and this is attributed to the increasing prevalence of ophthalmic disorders.

Over-the-counter Drugs Segment is also expected to witness significant growth in the near future and this is owing to increasing consumption of over-the-counter ophthalmic drugs.

Based on Dosage Form, the market is segmented into Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems, and Other Ophthalmic Drug Forms. Out of which, Liquid Ophthalmic Drug Forms Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for liquid ophthalmic drugs, such as eye drops, micro-emulsions, ophthalmic solution, and others, across the world.

Solid Ophthalmic Drug Forms Segment is also expected to witness significant growth in the near future and this is owing to increase in consumption of over-the-counter ophthalmic drugs.

Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Drug Stores, Online Pharmacies, and Others. Out of which, Hospital Pharmacies Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of chronic eye disease and increase in the sales of ophthalmic drugs.

Drug Stores Segment is also expected to witness significant growth in the near future and this is owing to rise in preference for over-the-counter ophthalmic drugs.

Based on Therapeutic Class, the market is segmented into Anti-glaucoma, Anti-infection, Anti-inflammation, Anti-allergy, and Others. Out of which, Anti-Glaucoma Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of glaucoma. Anti-glaucoma drugs are prescribed for to treat and manage glaucoma.

Anti-allergy Segment is also expected to witness significant growth in the near future and this is owing to increase in demand for anti-allergy drugs/drops.

Global Ophthalmic Drugs Market: Key Developments

In May 2022, Alcon signed an agreement to acquire EYSUVIS (loteprednol etabonate suspension) pharmaceutical eye drops from Kala Pharmaceuticals, Inc. This acquisition will enhance Alcon’s current offering in the large and currently growing dry eye segment.

In April 2022, Sandoz launched generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution, an AB-rated generic equivalent to AbbVie’s COMBIGAN, to lower the eye pressure in patients with ocular hypertension (high eye pressure) in the United States.

In March 2022, Théa Pharma acquired seven branded ophthalmic products from Akorn Operating Company LLC to strengthen its position as a significant provider of products developed to satisfy the demands of eye care specialists across the United States.

In January 2022, Sun Pharma Canada Inc. launched Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator, to treat dry eye disease in Canada.

Global Ophthalmic Drugs Market: Key Companies Insights

The global ophthalmic drugs market is highly competitive. This is attributed to the rise in demand for safe, effective ophthalmic drugs across the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others.

*Definition: Ophthalmology is a specialized field of medicine that focuses on the health of the eye. It includes the anatomy, physiology, and diseases that may affect the eye. While, ophthalmic drugs are used to treat various disorders associated with the eyes, such as cataracts, glaucoma, diabetic retinopathy, and other ophthalmic disorders.