Based on Triton’s research report, the global ophthalmic drugs market is estimated to advance with a CAGR of 6.64% during the forecast period 2023-2030.
The ophthalmic market’s growth is prompted by varied factors, including the aging population being vulnerable to eye disorders. In recent years, several new technologies regarding drug delivery have also affected the market positively. Additionally, lifestyle changes and unhealthy diet patterns have resulted in an escalating incidence of ocular diseases, which drives the demand for ophthalmic drugs.
On the contrary, strict timelines for product approval and regulatory norms associated with the quality of ophthalmic drugs affect the market. Also, the patient’s concerns regarding the after-effects of ophthalmic drug dosage hamper the growth of the studied market.
REGIONAL OUTLOOK
The global ophthalmic drugs market covers Latin America, Asia-Pacific, Europe, North America, and the Middle East and Africa regions.
Asia-Pacific is expected to undergo the fastest growth over the forecast period. Encompassing India, Japan, New Zealand, South Korea, Australia, ASEAN countries, and the Rest of Asia-Pacific, this regional market is set for rapid expansion of health infrastructure. In addition to that, technological advancements coupled with changing demography will fuel the ophthalmic drugs market.
Competitive Outlook
The major market players in the ophthalmic drugs market are Novartis AG, Sun Pharmaceutical Industries Ltd, Thea Pharma Inc, Pfizer Inc, Johnson & Johnson, Accutome Inc, Genentech Inc, Regeneron Pharmaceuticals Inc, Bausch Health Companies Inc, and Abbvie Inc.
Thea Pharma Inc is a pharmaceutical company that specializes in commercialized eye care products. Its product offering includes a portfolio of seven leading eye-care products that are regulated or approved by the US Food and Drug Administration (FDA), including Zioptan®, AcellFX™, Cosopt®, Cosopt® PF, and Azasite®. It operates in North America and is headquartered in Massachusetts, the United States.
1. Global Ophthalmic Drugs Market - Summary
2. Industry Outlook
2.1. Technology Snapshot
2.2. Impact Analysis On The Ophthalmic Drugs Market
2.2.1. Covid-19 Impact On The Ophthalmic Drugs Market
2.3. Porter’s Five Forces Analysis
2.3.1. Threat Of New Entrants
2.3.2. Threat Of Substitutes
2.3.3. Bargaining Power Of Buyers
2.3.4. Bargaining Power Of Suppliers
2.3.5. Threat Of Competitive Rivalry
2.4. Market Maturity Analysis
2.5. Regulatory Framework
2.6. Key Buying Impact Analysis
2.7. Key Market Strategies
2.7.1. Collaborations
2.7.2. Product Launches
2.7.3. Mergers & Acquisitions
2.8. Market Drivers
2.8.1. Aging Population Vulnerable To Eye Disorders
2.8.2. Progress In Drug Delivery Technologies
2.8.3. Escalating Incidence Of Ocular Diseases
2.8.4. Reimbursement Policies By Healthcare Systems
2.9. Market Challenges
2.9.1. Challenging Timelines For Products Approval
2.9.2. Adverse Effects Associated With Ophthalmic Drug Usage
2.10. Market Opportunities
2.10.1. Surge In Interest Regarding Topically Administered Ophthalmic Drugs
2.10.2. Increase In Approvals For Innovative Ophthalmic Therapies
2.11. Analyst Perspective
3. Global Ophthalmic Drugs Market – By Type
3.1. Prescription Drugs
3.2. Over-the-counter Drugs
4. Global Ophthalmic Drugs Market – By Condition
4.1. Dry Eye
4.2. Glaucoma
4.3. Infection/Inflammation/Allergies
4.4. Retinal Disorder
4.4.1. Wet-age Related Macular Degeneration
4.4.2. Dry-age Related Macular Degeneration
4.4.3. Diabetic Retinopathy
4.4.4. Other Retinal Disorders
4.5. Other Conditions
5. Global Ophthalmic Drugs Market – By Therapeutic Type
5.1. Anti-glaucoma
5.2. Anti-infection
5.3. Anti-inflammatory
5.4. Anti-allergy
5.5. Other Therapeutic Types
6. Global Ophthalmic Drugs Market – By Delivery Method
6.1. Gels
6.2. Eye Solutions & Suspensions
6.3. Capsules & Tablets
6.4. Eye Drops
6.5. Ointments
7. Global Ophthalmic Drugs Market – By Channel
7.1. Hospital Pharmacies
7.2. Drug Stores
7.3. Online Pharmacies
7.4. Other Channels
8. Global Ophthalmic Drugs Market – By Regional Outlook
8.1. North America
8.1.1. Market By Type
8.1.2. Market By Condition
8.1.2.1. Market By Retinal Disorder
8.1.3. Market By Therapeutic Type
8.1.4. Market By Delivery Method
8.1.5. Market By Channel
8.1.6. Country Analysis
8.1.6.1. United States
8.1.6.1.1. United States Ophthalmic Drugs Market Forecast & Prospects