Ophthalmic Drugs market is projected to grow at a CAGR of 6.3% by 2034: Visiongain
Visiongain has published a new report: Ophthalmic Drugs Market Report 2024-2034: Forecasts by Type (Prescription Drugs, OTC Drugs), by Indication (Retinal Disorders, Infection/Inflammation/Allergy, Glaucoma, Dry Eye), by Route of Administration (Topical, Parenteral), by Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global ophthalmic drugs market is valued at US$30.1 billion in 2023 and is projected to grow at a CAGR of 6.3% during the forecast period 2024-2034.
The increasing prevalence and occurrence of eye-related conditions have emerged as a crucial factor driving the growth of the ophthalmic drugs market. This trend, marked by a continual uptick in various ocular disorders, has substantially increased the demand for effective therapeutic solutions. Several factors contribute to this phenomenon.
Globally, more than 2.2 billion individuals are currently dealing with either near-sightedness or farsightedness. Among this population, approximately 1 billion individuals may have prevented or still need to address their vision problems. Refractive errors and cataracts stand as the primary causes of visual impairment and blindness on a global scale. Statistical estimates indicate that only 36% of those with distance vision issues due to refractive errors and a mere 17% of those with vision impairment resulting from cataracts have had access to suitable treatments. This issue of impaired vision carries substantial economic implications worldwide, with the annual cost in terms of lost productivity estimated at around $411 billion. It is noteworthy that visual impairment affects people of all age groups, although a significant majority of those affected are aged 50 and older.
The increasing prevalence of eye-related disorders due to aging demographics, evolving lifestyles, environmental stressors, and enhanced medical awareness collectively underpin the expansion of the ophthalmic drugs market. The demand for innovative and effective medications to address this growing burden of ocular conditions is expected to remain a significant driver in the foreseeable future.
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How has COVID-19 had a Significant Impact on the Ophthalmic Drugs Market?
COVID-19 has had a notable impact on the ophthalmic drugs market. The pandemic led to a temporary disruption in healthcare services, including routine eye exams and elective eye surgeries, causing a slowdown in the demand for ophthalmic drugs. Additionally, the heightened emphasis on infection control measures raised concerns about the use of eye drops and other ophthalmic medications, potentially affecting patient adherence.
On the positive side, the increased screen time during lockdowns may have led to a rise in dry eye cases, boosting the demand for artificial tear products and lubricants. Telemedicine also gained traction for managing certain eye conditions, promoting remote prescriptions of ophthalmic drugs. The pandemic accelerated the adoption of digital health solutions and teleophthalmology, potentially transforming the ophthalmic drugs market’s distribution and prescription channels. However, overall, the market faced both challenges and opportunities as a result of the COVID-19 pandemic, with its long-term effects yet to be fully understood.
How will this Report Benefit you?
Visiongain’s 284-page report provides 125 tables, 168 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global ophthalmic drugs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for ophthalmic drugs. Get financial analysis of the overall market and different segments including mode of delivery, clinical trial phase, therapeutic area, and end users, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing ophthalmic drugs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Presence of Strong Emerging Pipeline Drugs Projected to Boost Industry Growth
Pharmaceutical firms are strategically pursuing initiatives such as forming partnerships, making acquisitions, and entering into collaborations to expand the number of clinical-stage candidates within their product pipelines. On August 16th, 2023, Lupin, a leading pharmaceutical company, has obtained approval from the US health regulatory authority to distribute its generic Bromfenac ophthalmic solution. This medication is intended for the management of post-operative inflammation in individuals who have undergone cataract surgery.
The presence of a robust emerging pipeline of drugs is poised to propel the global ophthalmic drugs market for several reasons. First, these innovative drugs represent the potential for advanced and more effective treatments for various eye conditions, meeting unmet medical needs and providing superior therapeutic outcomes. Second, as these pipeline drugs progress through clinical trials and receive regulatory approvals, they expand the range of options available to healthcare providers, enabling them to tailor treatments to individual patient needs.
Increasing Prevalence of Diabetes
The increasing prevalence of diabetes has led to a concurrent rise in the number of patients who are at risk of developing eye-related complications, consequently driving the demand for drugs that can protect and restore vision. In response, the market has witnessed a proliferation of innovative ophthalmic drugs, encompassing anti-VEGF agents and corticosteroids, tailored to address the specific pathophysiological aspects of diabetic retinopathy and related conditions. Healthcare providers, recognizing the crucial importance of timely intervention in averting irreversible visual impairments, are increasingly inclined to prescribe these medications, thereby further stimulating the market’s growth.
Simultaneously, governments and healthcare institutions are prioritizing the management of diabetes-related complications as a means to mitigate the socioeconomic impact of visual impairments. This emphasis has led to heightened investments in research and development within the ophthalmic drugs sector. The convergence of the escalating prevalence of diabetes, the subsequent surge in diabetic eye ailments, and the continuous advancements in pharmaceutical solutions has created a fertile environment for the expansion of the ophthalmic drugs market.
Nonetheless, it is crucial to acknowledge that the market’s trajectory is closely linked to the effectiveness and accessibility of these drugs, underscoring the necessity for ongoing innovation and equitable distribution to effectively address this critical healthcare challenge.
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Where are the Market Opportunities?
Increasing Investment in Research and Development
The increasing investment in Research and Development (R&D) holds significant promise in the ophthalmic drugs market, driven by several converging factors. The rising global prevalence of eye disorders like glaucoma, macular degeneration, and diabetic retinopathy has created a demand for more effective treatments, leading pharmaceutical companies to allocate substantial resources to R&D initiatives for innovative drugs that meet unmet medical needs.
Increasing R&D investments foster collaboration among pharmaceutical firms, research institutions, and biotech companies, accelerating drug development. This synergy translates ground-breaking research into practical treatments, diversifying the portfolio of ophthalmic drugs and catering to various patient needs. Ultimately, this surge in R&D investment promises to revolutionize ophthalmic drug treatments, improving the lives of individuals worldwide while addressing mounting eye health concerns and leveraging technological advancements.
Rise in Geriatric Population
The rise in the geriatric population presents a substantial opportunity for the global ophthalmic drugs market. Aging individuals are more prone to age-related eye conditions like macular degeneration, cataracts, glaucoma, and diabetic retinopathy. Consequently, the prevalence of these disorders among the elderly fuels the demand for specialized ophthalmic drugs designed to effectively manage and treat these conditions.
According to WHO, every nation confronts significant hurdles in preparing their healthcare and social support systems to effectively accommodate the evolving demographic landscape. By 2050, a staggering 80% of the elderly population will reside in low- and middle-income countries, underscoring the global nature of this demographic transformation. What sets this demographic shift apart is the unprecedented speed at which it is occurring, as evidenced by the fact that in 2020, the number of individuals aged 60 years and older surpassed the count of children under 5 years of age. Between 2015 and 2050, the percentage of the global population aged 60 and above is projected to almost double, soaring from 12% to 22%. These statistics emphasize the pressing need for comprehensive planning and adaptation within health and social systems worldwide.
Moreover, the aging demographic is not only substantial but also continuously expanding, creating a larger and more sustainable patient pool in need of ophthalmic treatments and medications. The chronic nature of many eye diseases prevalent in older adults ensures a consistent demand for ophthalmic drugs, providing pharmaceutical companies with a reliable and enduring market with recurring revenue streams.
Furthermore, advancements in medical technologies have led to the development of innovative ophthalmic drugs tailored to meet the unique needs of the aging population. These advancements not only enhance the quality of care but also open doors for pharmaceutical firms to create and market cutting-edge treatments that cater specifically to the elderly demographic. In conclusion, the aging population represents a compelling and enduring opportunity for the ophthalmic drugs market, driven by both the increasing prevalence of age-related eye conditions and the evolving landscape of healthcare solutions.
The major players operating in the ophthalmic drugs market are Novartis AG, Bayer AG, Pfizer Inc., Bausch & Lomb Incorporated, Santen Pharmaceutical Co., Ltd., Johnson & Johnson Services Inc., Regeneron Pharmaceuticals Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., Apellis Pharmaceuticals among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 6th July 2023, in a recent announcement, an affiliate of Bausch + Lomb Corporation acquired the Blink product line of eye and contact lens drops. This acquisition underscores the company’s commitment to improving consumer access to over-the-counter (OTC) eye care products, demonstrating a strategic effort in expanding its portfolio.
- On 10th May 2023, Bayer initiated phase III QUASAR trial, focused on evaluating the safety and efficacy of administering aflibercept at an 8 mg dose with extended treatment intervals. This study aims to compare the outcomes with the current standard treatment, Eylea (aflibercept 2 mg), for patients experiencing macular edema due to retinal vein occlusion (RVO).
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Macular Degeneration (AMD) and Other Retinal Diseases Drugs Market Report 2023-2033
- Ophthalmic Devices Market Report 2023-2033
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