Ophthalmic Drugs Market To Predict Global Expansion, Based On Increasing Awareness Regarding Eye-Related Diseases

 

 

Ophthalmic Drugs Industry Overview

 

The global ophthalmic drugs market size is expected to reach USD 60.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and diabetic retinopathy, is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.

 

Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.

 

Ophthalmic Drugs Market Segmentation

Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, dosage form, route of administration, product type, and region.

 

Based on the Drugs Class Insights, the market is segmented into Antiallergy, Anti-VEGF Agents, Anti-inflammatory, Antiglaucoma, Others.

• The Anti-VEGF (Vascular Endothelial Growth Factor) segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 31.1% in 2020, due to the high adoption rate and presence of global market players with extensive product portfolio.
• In addition, several companies are undergoing clinical studies to develop a new anti-inflammatory drug for dry eye disease, thereby boosting the market growth.

 

Based on the Disease Insights, the market is segmented into Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, Uveitis, Others.

• The retinal disorders segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 33.5% in 2020. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period.
• Furthermore, increasing cases of COVID-19 and COVID-19 related eye disorders is anticipated to propel the market growth. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that in China 31.6% of patients with COVID-19 had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis.

 

Based on the Route of Administration Insights, the market is segmented into Topical, Local Ocular, Systemic.

• The topical route of administration segment dominated the market for ophthalmic drugs and accounted for the largest revenue share 62.2% in 2020 and is estimated to continue the dominance over the forecast period. 
• The increasing launch of new products to replace existing formulations is anticipated to accelerate the market growth. For instance, in October 2019, PreserVision AREDS 2 Formula mini-gel eye vitamins was launched by Bausch + Lomb for the treatment of moderate to advanced AMD in the U.S.

 

Based on the Product Type Insights, the market is segmented into Prescription Drugs, OTC Drugs.

• The prescription drugs segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 59.9% in 2020. Improved safety and efficacy profiles and higher price of ophthalmic drugs and are expected to propel market growth. 
• The OTC segment is positioned to demonstrate a strong growth rate over the forecast period. The availability of OTC products to increase patient access is expected to accelerate market growth in the near future.

 

Based on the Dosage Form Insights, the market is segmented into Gels, Eye Solutions, Capsules & Tablets, Eye Drops, Ointments.

• The eye drops segment dominated the ophthalmic drugs market and accounted for the largest revenue share of 34.6% in 2020.
• The segment was driven by the ease of usage and high patient compliance. In addition, the development of eye drops for the treatment of rare eye diseases with low prevalence yet has a devastating impact on patients is expected to drive the market.
• The presence of advanced technology for ophthalmic drug delivery in order to improve physicochemical stability and bioavailability is anticipated to boost the market growth.

 

Ophthalmic Drugs Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key companies are focusing on the research and development of novel drugs to combat the rising prevalence of eye disorders. For instance, in June 2020, Novartis received label update approval from the U.S. FDA for Beovu (brolucizumab). The update included additional safety information related to retinal vascular occlusion and retinal vasculitis.

Some prominent players in the global ophthalmic drugs market include

• Alcon
• Johnson & Johnson Services, Inc.
• Bausch Health
• Allergan
• Pfizer, Inc.
• Bayer AG
• Santen Pharmaceutical Co. Ltd.
• Genentech, Inc.
• Novartis AG
• Regeneron
• Merck & Co.
• Coherus Biosciences, Inc.

 

Order a free sample PDF of the Ophthalmic Drugs Market Intelligence Study, published by Grand View Research.