Ophthalmic Clinical Trials Market Size, Share & Trends Analysis Report By Product (Devices, Drugs), By Phase (Discovery Phase, Preclinical Phase, Clinical Phase), By Indication, By Sponsor Type, By Region, And Segment Forecasts, 2023 - 2030

Ophthalmic Clinical Trials Market Size, Share & Trends Analysis Report By Product (Devices, Drugs), By Phase (Discovery Phase, Preclinical Phase, Clinical Phase), By Indication, By Sponsor Type, By Region, And Segment Forecasts, 2023 - 2030

Ophthalmic Clinical Trials Market Growth & Trends

The global ophthalmic clinical trials market size is expected to reach USD 2.5 billion by 2030 at a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Technological developments and a rising need for more efficient eye disease treatments are driving the market for ophthalmology clinical trials to expand quickly. Pharmaceutical firms, medical equipment producers, and Contract Research Organizations (CROs) are a few of the major contributors to this sector.

The rising incidence of eye conditions, including glaucoma, macular degeneration, and diabetic retinopathy, is driving the industry. As the global population ages and eye illnesses become more common, the market for ophthalmology clinical trials is further anticipated to grow in the coming years. Additionally, developments in genetic research and personalized medicine are likely to spur innovation in this area, creating more specialized and efficient treatments for eye illnesses.

The demand for clinical trials will rise due to the increasing focus of ophthalmic researchers to develop and market novel ocular medicines. Furthermore, the initiatives adopted to fulfill the unmet needs in developing economies regarding rare ocular conditions are anticipated to support the growth of the ophthalmology clinical trials market. For instance, nearly 2.2 billion people are estimated to have separation or close-up vision impairment disorders, and of these, at least half, or 1 billion cases, can be avoided with the aid of appropriate treatment, according to the World Health Organization's October 2021 report on visually impaired people's impairment.

The COVID-19 pandemic has significantly impacted the ophthalmology clinical trials market. Clinical trials have been hampered by the epidemic, which has delayed the start of new trials and slowed patient enrollment. Additionally, several clinical study locations had to close, significantly reducing patient visits and data collecting. The epidemic has hastened the deployment of remote and virtual clinical trial technology, allowing for the continuation of ongoing trials and the start of new ones. Some of the difficulties brought on by the pandemic, including travel limitations and social seclusion requirements, have been mitigated partly by adopting these technologies.

Ophthalmic Clinical Trials Market Highlights

The drug segment accounted for the largest share of 75.5% in 2022. The segment dominated the market owing to the growing demand for innovative and efficient drug therapies for various eye ailments

The Glaucoma segment is expected to witness the highest CAGR of 7.3% during the analysis timeframe. The increase in collaboration and partnerships among the key players for developing novel glaucoma products spurs the segment’s growth

The clinical phase segment dominated the market in 2022 with a revenue share of 79.4%. Increasing investments in R&D by the government, as well as private entities for the conduct of clinical studies, drives the segment’s growth

The pharmaceutical/biopharmaceutical companies segment dominated the market in 2022 with a revenue share of 41.8%. The major sponsors of ophthalmology clinical trials are pharmaceutical and biopharmaceutical companies since they have the resources and knowledge to create and commercialize novel treatments

Asia Pacific is anticipated to register a lucrative CAGR of 7.2% during the analysis period. This is primarily due to a huge patient pool willing to undergo clinical trials. Furthermore, the cost-effective nature of clinical trials across developing economies such as India has further attracted Western countries to conduct clinical research, thereby boosting the region’s growth in the ophthalmic clinical trials market

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