Ophthalmic Drugs Market Scope
Ophthalmic Drugs Market insights report has valued the industry size at USD 18.6 billion in 2022. The Ophthalmic Drugs market industry is projected to grow from USD 20.05 Billion in 2023 to USD 31.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2030).
Drivers and Restrains Impacting Ophthalmic Drugs Market
Ophthalmic drugs are used in the treatment of eye infection and other types of eye conditions. The growing prevalence of ophthalmic diseases, such as; age-related macular degeneration (AMD), diabetic retinopathy, diabetic macular edema (DME), myopic choroidal neovascularization, and retinal vein occlusion (RVO), are potential threats to an individual’s sight.
The expansion of the global ophthalmic drugs market can be influenced by surge in investments in the development of novel drugs and escalation of funding for research on the formulation of ophthalmic drugs. In addition, the surging incidences and ongoing prevalence of eye-related disorders are other causes are expected to fuel the ophthalmic drugs market growth. The growing relationship among key companies can influence the ophthalmic drugs market and churn-up high revenue. For instance, Johnson Johnson Surgical Vision, Inc. entered into a research collaboration with the Singapore Eye Research Institute (SERI) and National Eye Centre (SNEC) to tackle myopia. In addition, the Essilor signed a new research agreement Laas-CNRS laboratory for five years. Other major companies operating in the ophthalmic drugs market are involved in product launch, strategic acquisitions, collaborations to improve their global position.
Segment Study of Ophthalmic Drugs Market
The segment study of the global ophthalmic drugs market is based on dosage form, drug class, product type, and indication among others.
The dosage form-based segments of the global ophthalmic drugs market study are eye ointments, eye drops, capsules tablets, and eye solutions, gels among others.
The drug class-based segments of the global ophthalmic drugs market are anti-inflammatory, antibiotics, and anti-glaucoma among others.
The product type-based segments of the global ophthalmic drugs market are over the counter (OTC) drug and prescription drug.
The indication-based segments of the global ophthalmic drugs market are allergy, dry eye, and glaucoma among others.
Regional Analysis of Ophthalmic Drugs Market
The ophthalmic drugs market is assessed by region for the Americas, Europe, the Middle East Asia Africa, and Asia Pacific. The market of ophthalmic drugs in the Americas region is further studied for Latin America and North America, with North America the ophthalmic drugs market studied for the US and Canada. Europe ophthalmic drugs market study is analyzed for Eastern Europe and Western Europe. Western Europe is studied for France, Germany, Italy, the UK, Spain, and the rest of Western EU. The market study of ophthalmic drugs in the Asia Pacific region spans across India, Japan, South Korea, China, Australia, and the rest of the Asia Pacific region. In the Middle East Asia Africa region, the ophthalmic drugs market in analyzed for the Middle East and Africa.
The Americas can dominate the global ophthalmic drugs market due to the exitance of a large patient population, growing prevalence of eye disorder, well-developed technology, the presence of the reputed players, and high healthcare expenditure. The increase in cases of glaucoma and surge in funding for research on non-invasive treatments in the United States can improve the impetus of the market. Bausch Lomb, a U.S.-based eyecare solutions company, received the FDA approval for Vyzulta, designed to curb intraocular pressure in patients with ocular hypertension or glaucoma. Thus, the introduction of innovative solutions in the glaucoma management can support the US to spearhead ophthalmic drugs in North America.
In Europe, the ophthalmic drugs market is expected that thrive as the regional government can support research and development expenditure. The surging competition among marketers, and increasing amendments in reimbursement policies across the healthcare sector can drive EU ophthalmic drugs market. In Asia Pacific, the ophthalmic drugs market can rise at decent pace as a huge patient pool suffering from glaucoma in the region are looking for effective treatment. The upscaling demand for innovations and the need for effective healthcare technology in these regions can favor the ophthalmic drugs market. In the Middle East Asia and Africa, the ophthalmic drugs market can witness sluggish growth owing to lack of development in medical facilities.
Key Players of Ophthalmic Drugs Market
Novartis AG, Pfizer Inc., Allergan Plc, F. Bausch Health Companies Inc., Hoffmann-La Roche AG, Bayer AG, Regeneron Pharmaceuticals, Inc., Merck Co., Inc., Santen Pharmaceutical Co., Ltd., and Aerie Pharmaceuticals, Inc. are some top-notch companies that are listed by MRFR's ophthalmic drugs market outlook report.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
