Ophthalmic Drugs Market to Grow with an Impressive CAGR During the Forecast Period
Rising concerns for fertility is driving the growth in Global Ophthalmic Drugs Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Ophthalmic Drugs Market By Drug Class (Anti-Inflammatory Drugs, Anti-Infection Drugs, Anti-Allergic Drugs, Anti-Glaucoma Drugs, Others) By Indication (Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Others) By Product Type (OTC Drugs v/s Prescription Drugs) By Dosage Form (Gels, Ointments, Eye Solutions, Eye Drops, Tablets &Capsules) By Route of Administration (Topical, Ocular, Systemic) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) By Region, Competition Forecast & Opportunities, 2026”, the global ophthalmic drugs market may potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of rising number of patients suffering from eye diseases and vision related disorders.
Moreover, the rising number of geriatric population and their tendency to suffer from the eye diseases is further aiding the growth of the market in the next five years. Furthermore, increasing instances of cataract, glaucoma, color blindness, diabetic macular edema, cytomegalovirus retinitis, and age-related macular degeneration are also supporting the market growth.
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The global ophthalmic drugs market is segmented by drug class, indication, product type, dosage form, route of administration, distribution channel, competitional landscape, and regional distribution. Based on indication, the market is further bifurcated into dry eye, eye allergy, glaucoma, eye infection, and others. Glaucoma is expected to register largest shares of the market and is anticipated to assert its dominance over the market segment on the account of increasing instances of the disease as well as the large population that is being affected. Moreover, the lifestyle choices and unhealthy food habits has aided to the ever-increasing patient count of diabetes and glaucoma therewith. The factors are intensely responsible for the growth of the market segment.
Based on product type, the market is further divided between, OTC drugs and prescription drugs. Prescription drugs have dominated the historical years and is anticipated to dominate the market in the next five years, on the account of improved safety and efficacy profiles of these drugs. OTC drugs are anticipated to register fastest growing CAGR on the backbone of advantages like easy accessibility to the patient. OTC drug market is largest in the Asia Pacific region and the demand from the region is aiding to the growth of the global market.
Market players with the prescription drugs may suffer a mild restraint due to availability of the OTC drugs. For example, the U.S. FDA has approved Alcon’s Pataday (olopatadine hydrochloride ophthalmic solution 0.7%) for OTC to treat eye allergy. Formerly, it was prescribed under the name of Pazeo. The development of this OTC ophthalmic solution is expected to increase the number of patients for Pataday’s product portfolio.
Holding the major shares of the global ophthalmic drugs market are AbbVie Inc. (Allergan), Bausch Health Companies Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Hoya Corporation, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Alcon Inc., Teva Pharmaceuticals Industries Ltd., Sun Pharmaceutical Industries Ltd., Cipla Ltd., Merck & Co., Inc., Coherus Biosciences, Inc., among others. Market players are actively involved in the research and technological development in the pharmaceuticals and drugs department.
The advanced technology has made it possible for the healthcare industry to provide excellent healthcare services through Ophthalmic Drugs. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Asia Pacific is anticipated to be the most volatile and most promising market in the future five years. Anti-glaucoma and dry eye drugs are rapidly increasing in the region. Large economies like India and China are further aiding the growth of the market in the upcoming five years. Furthermore, rapidly increasing population of middle-class households along with the technological advancements in the medical infrastructures and increasing financial aids for the medical insurances is supporting the growth of the global ophthalmic drug market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Ophthalmic Drugs Market By Drug Class (Anti-Inflammatory Drugs, Anti-Infection Drugs, Anti-Allergic Drugs, Anti-Glaucoma Drugs, Others) By Indication (Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Others) By Product Type (OTC Drugs v/s Prescription Drugs) By Dosage Form (Gels, Ointments, Eye Solutions, Eye Drops, Tablets &Capsules) By Route of Administration (Topical, Ocular, Systemic) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global ophthalmic drugs and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global ophthalmic drugs market.
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