Ophthalmic Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ophthalmic Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ophthalmic Drugs Market By Product Type (Prescription Drugs And Over-The-Counter Drugs), By Indication (Dry Eyes, Eye Allergy, Glaucoma, Retinal Disorders, And Others), By Drug Class (Anti-Allergic, Anti-Inflammatory, Anti-Vegf Agents, And Others), By Dosage Forms (Gels, Capsules/Tablets, Eye Drops, And Others), and by geography is expected to advance at a respectable cagr forecast till 2030 owing to the rising burden of geriatric population globally, increase in the cases of various eye disorders and problems such as cataract, glaucoma, eye allergies, infections, among others and the increasing product development activities in the ophthalmic drugs arena across the globe.

The global ophthalmic drugs market was valued at USD 35,095.30 million in 2022 and is likely to register a CAGR of 5.34% during the forecast period from 2024 to 2030 to reach USD 47,794.78 million by 2030. The Ophthalmic Drugs market is observing optimistic market growth due to an increase in the rising burden of the geriatric population globally, the growing cases of various eye disorders and problems such as cataracts, glaucoma, eye allergies, infections, among others, increasing clinical trials and product development activities in the ophthalmic drugs arena across the globe is further expected to result in appreciable revenue growth of the Ophthalmic Drugs market during the forecast period (2024-2030).

Ophthalmic Drugs Market Dynamics:

One of the main factors for the growth of the ophthalmic drugs market is the increasing geriatric population globally. According to the data provided by the WHO (2023), in 2020, about one billion people across the world were over the age of 60. The source mentioned above added by stating that by 2050, the elderly population aged 60 and above is expected to double in number representing about 2.1 billion people. Also, people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million.

In the elderly, cataracts, age-related macular degeneration (AMD), glaucoma, diabetic retinopathy, presbyopia allergies, and infections, among others are the major causes of vision loss, and each of these conditions can be either treated or slowed using suitable ophthalmic drugs if diagnosed early.

According to the World Health Organization (2023), globally 2.2 billion people had a near or distance vision impairment in 2020 out of which in at least 1 billion cases, vision impairment could have been prevented or was yet to be addressed.

Due to such bodily changes with age, a significant increase in the old age population can be directly linked to an increase in the population suffering from various ophthalmic diseases. Therefore, the rising geriatric population requiring more medications would spur the market demand for ophthalmic drugs during the forecast period (2024-2030)

However, certain side effects associated with the use of eye drops, gels, ointments, and strict regulatory guidelines by the government cause delay in product approvals which may act as restraints for the ophthalmic drugs market growth.

The ophthalmic drugs market was moderately impacted during the COVID-19 pandemic. During the initial stage of the pandemic, the sale of ophthalmic drugs suffered a downfall owing to the imposition of strict lockdown rules, and disruption in the manufacturing, and supply of the drugs. Also, during the pandemic, COVID-19 patients were given more preference in terms of diagnosis and treatment, and this led to a decreased number of diagnoses and treatments for various ophthalmic conditions such as cataracts, dry eyes, glaucoma, macular degeneration, conjunctivitis, and others which in turn lead to the decreased demand for ophthalmic drugs, negatively impacting the growth of ophthalmic drugs market. However, with the ease of lockdown restrictions, an upturn of resources, and a supply chain, with the administration of the vaccine to the public, with the incorporation of telemedicine and e-commerce, and with the increasing number of diagnoses for ophthalmic diseases through telehealth, the demand for ophthalmic drugs is up and is expected to grow during the forecast period from 2022 – 2028.

Ophthalmic Drugs Market Segment Analysis:

Ophthalmic Drugs Market by product type (prescription drugs and over-the-counter drugs), indication (dry eyes, eye allergy, glaucoma, retinal disorders, and others), drug class (anti-allergic, anti-inflammatory, anti-VEGF agents, and others) dosage forms (gels, capsules/tablets, eye drops, and others), and geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the dosage forms segment of the ophthalmic drugs market, the eye drops segment is expected to have a significant revenue share in the year 2023. This can be attributed to their wide applicability in a variety of diseases along with the rising drug development activities such as drug launches and regulatory approvals for eye drops during the forecast period. Eye drops mainly contain a saline base which can provide moisture for the eyes and can also help to pull the redness out. They also contain medicinal ingredients in cases of eye drops recommended for vision impairments such as refractive errors and others such as glaucoma, cataract, etc. Doctors and ophthalmologists use eye drops to treat conjunctivitis, glaucoma, keratitis, and eye allergies, and also before cataract and corneal surgery.

In January 2022, Alcon, the global leader in eye care announced the European launch of the newest addition to its innovative portfolio of dry eye products – Systane®Complete Preservative-Free Lubricant Eye Drops. In a similar instance, in October 2022, 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, which is the first and only FDA-approved eye drop to treat this common and progressive eye condition.

Therefore, owing to the aforementioned factors, it is expected that the demand for eye drops will increase, thereby propelling the overall market for ophthalmic drugs during the forecast period from 2022–2028.

North America is expected to dominate the overall Ophthalmic Drugs Market:

Among all the regions, North America is expected to dominate the global Ophthalmic Drugs market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This domination is due to the rising prevalence of eye disorders such as cataracts, diabetic retinopathy, and other eye-related disorder, also the increasing geriatric population, and the rising product launches in North America region is further expected to drive the market growth during the forecast period.

According to the National Eye Institute (2023), the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases in 2020, and it is expected to reach 11.3 million and 38 million, respectively, by 2030. The American Association of Ophthalmology states that cataract is the major cause of visual impairment worldwide, and geriatric ophthalmic issues are emerging as prime factors in other developing countries apart from the North America region.

Along with the growing patient population associated with eye disorders, product development activities are further expected to bolster the demand for ophthalmic drugs in the upcoming years in the region.

In April 2022, Novartis’ Sandoz expanded its eye drug offerings, targeting a popular ocular hypertension medication from AbbVie’s Allergan. Sandoz launched the generic version of AbbVie’s Combigan, a combo eye drop used for the treatment of elevated eye pressure, as the most-dispensed branded combo glaucoma medication, in the U.S.. Therefore, the interplay of various factors such as the presence of a large patient population, as well as product launches by key market players in the region is expected to boost the North American ophthalmic drugs market during the forecast period. Therefore, the interplay of the above-mentioned factors would provide a conducive growth environment for the North America Ophthalmic Drugs market during the forecast period.

Ophthalmic Drugs Market Key Players:

Some of the key market players operating in the Ophthalmic Drugs Market include Novartis AG, Pfizer Inc., Abbvie, Inc., F. Hofmann-La Roche Ltd., Thea Pharma Inc., Bausch Health Companies Inc., Alcon, Viatris Inc., Regeneron Pharmaceuticals, Inc., Bayer AG, Santen Inc., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Amring Pharmaceuticals Inc., Merck & Co. Inc., Coherus Biosciences, Nicox, Akorn Operating Company LLC, Senju Pharmaceutical Co., Ltd, Adenovir Pharma, and others.

Recent Developmental Activities in the Ophthalmic Drugs Market:

In June 2022, Novartis announced the acquisition of Kedalion Therapeutics and its AcuStream™ technology, an innovative device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye.

In April 2022, Sandoz, a Novartis division, announced the US launch of the generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%, an AB-rated generic equivalent to AbbVie’s COMBIGAN, to lower eye pressure in patients with ocular hypertension.

In January 2020, Horizon Therapeutics’ Tepezza® (teprotumumab-trbw) injection was approved by the FDA for the treatment of Thyroid Eye Disease (TED). The Tepezza injection active, a human monoclonal antibody and targeted inhibitor of a specific growth factor receptor, is the only product approved in the US to treat the rare autoimmune disorder of TED.

Key Takeaways from the Ophthalmic Drugs Market Report Study

Market size analysis for current Ophthalmic Drugs Market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Ophthalmic Drugs market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Ophthalmic Drugs market.

Various opportunities are available for the other competitor in the Ophthalmic Drugs Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current ophthalmic drugs Market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic drugs market growth in the coming future?

Target Audience who can be benefited from this Ophthalmic Drugs Market Report Study

Ophthalmic Drugs providers

Research and development organizations

Ophthalmic-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Ophthalmic Drugs

Various end users who want to know more about the ophthalmic drugs market and the latest innovations in the Ophthalmic Drugs market.

Frequently Asked Questions for Ophthalmic Drugs Market:

1. What are Ophthalmic Drugs?

An ophthalmic drug is administered into the eye, most frequently in the form of an eye drop formulation. To treat a variety of eye diseases, topical formulations are used. These conditions might include dry eye, glaucoma, eye damage from bacteria, and bacterial infections.

2. What is the global market for Ophthalmic Drugs?

The global ophthalmic drugs market was valued at USD 35,095.30 million in 2022 and is likely to register a CAGR of 5.34% during the forecast period from 2024 to 2030 to reach USD 47,794.78 million by 2030.

3. What are the drivers for the global Ophthalmic Drugs market?

The Ophthalmic Drugs market is witnessing positive growth due to an increase in the rising burden of the geriatric population globally, the growing cases of various eye disorders and problems such as cataracts, glaucoma, eye allergies, infections, among others, increasing clinical trials and product development activities in the ophthalmic drugs arena across the globe is further expected to result in appreciable revenue growth of the Ophthalmic Drugs market during the forecast period (2024-2030).

4. Who are the key players operating in the global Ophthalmic Drugs market?

Some of the key market players operating in the Ophthalmic Drugs Market are Novartis AG, Pfizer Inc., Abbvie, Inc., F. Hofmann-La Roche Ltd., Thea Pharma Inc., Bausch Health Companies Inc., Alcon, Viatris Inc., Regeneron Pharmaceuticals, Inc., Bayer AG, Santen Inc., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Amring Pharmaceuticals Inc., Merck & Co. Inc., Coherus Biosciences, Nicox, Akorn Operating Company LLC, Senju Pharmaceutical Co., Ltd, Adenovir Pharma, and others.

5. Which region has the highest share in the Ophthalmic Drugs market?

Among all the regions, North America is estimated to amass a significant revenue share in the global Ophthalmic Drugs market. This domination is owing to the rising prevalence of eye disorders such as cataracts, and diabetic retinopathy, the increasing geriatric population, and the rising product launch in various geographies, among others.