According to the report, global ophthalmic drugs market was valued at approximately USD 25.03 billion in 2017 and is expected to generate revenue of around USD 34.52 billion by end of 2024, growing at a CAGR of around 4.70% between 2018 and 2024.
New York, NY, Sept. 21, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Ophthalmic Drugs Market by Drug Class (Anti-inflammatory Drugs [Non Steroidal Anti-Inflammatory Drugs and Steroids], Anti-Infective Drugs [Anti-Fungal Drugs, Anti-Bacterial Drugs, Anti-Viral Drugs, and Others], Anti-Glaucoma Drugs [Alpha Agonist, Beta Blockers, Prostaglandin Analogs, Combined Medication, and Others], Anti-Allergic Drugs, and Others), by Type (Prescription Drugs and Over-the-Counter Drugs), by Disease Indication (Dry Eye, Allergies, Glaucoma, Retinal Disorders, Inflammation/ Infection, Uveitis, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global ophthalmic drugs market was valued at approximately USD 25.03 billion in 2017 and is expected to generate revenue of around USD 34.52 billion by end of 2024, growing at a CAGR of around 4.70% between 2018 and 2024.
Ophthalmic drugs are used in the treatment of cataract, retinopathy, glaucoma, diabetic, and other disorders. Introduction of new approaches to deliver ocular drugs in the market have driven most of the manufacturers in the market to develop more innovative therapeutic approaches for the treatment of ophthalmic disorders. 12 million people suffer from macular degeneration (AMD) related to age in the U.S., as per the American Academy of Ophthalmology, while about 10-12% of them are affected by wet AMD. These trends in ophthalmic disorders are boosting the growth of the market for ophthalmic disorders.
Browse through 71 Tables & 38 Figures spread over 110 Pages and in-depth TOC on “Global Ophthalmic Drugs Market: By Type, Size, Industry Share, Growth, Segments, Analysis and Forecast, 2017 – 2024”.
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The ophthalmic drugs market is divided on the basis of drug class into anti-inflammatory drugs, antiglaucoma drugs, anti-allergic drugs, anti-infective drugs, and others. The anti-inflammatory drugs are further segmented into nonsteroidal anti-inflammatory drugs and steroids. The anti-infective drugs are further divided into anti-fungal drugs, anti-viral drugs, antibacterial drugs, and others. The anti-glaucoma drugs segment is divided into combined medication, an alpha agonist, prostaglandin analogs, beta blockers, and others. The anti-infective drugs segment dominated the market in 2017 due to increasing incidences of allergic conjunctivitis. However, anti-glaucoma is anticipated to be the fastest growing segment in the forecast period due to the introduction of different therapies with a novel mechanism of action under this drug class.
Based on the type, the market is segmented into hospital prescription drugs and over-the-counter drugs. The biotechnology companies are expected to be the fastest growing end-user segment. The over the counter drugs segment is anticipated to be the largest segment owing to some of the leading ophthalmic OTC products like Golden Eye ointment, Zaditor, GelTears, Otrivine Antistin, Alaway, Brolene, and Viscotears.
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The ophthalmic drugs market is divided on the basis of disease indication into the dry eye, allergies, glaucoma, retinal disorders, inflammation/infection, uveitis, and others. The retinal disorder segment is likely to dominate the market due to the high incidence rate of age-related macular degeneration and other factors. However, the chances of occurrence for age-related macular degeneration increase with age. Moreover, the dry eye disorder segment is also likely to foresee lucrative growth in the forecast period due to increase in high incidence rate of this condition. Diabetes mellitus is considered as one of the leading risk factors for the Dry Eye Syndrome (DES), as per the stats provided by NCBI. In 2016, the prevalence of DES in diabetic patients was almost 10-35% in patients with an age group of 62 years and above.
Based on the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online sales, and others. The hospital pharmacies are expected to be the fastest growing segment in the forecast period. Growing prevalence of ophthalmic diseases and rising population are the key factors leading to the progress of hospital pharmacies globally.
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North America is expected to be the leading market for ophthalmic drugs market. It is estimated that more than 2.5 million Americans live with glaucoma and almost 2.8 million belong to the age group of 42 years and above. Moreover, Canada and the U.S. are major countries wherein a maximum number of clinical trials is conducted. Major pharmaceutical companies and CRO’s have their hubs in this region and due to technological advancement, the demand for efficient supplies is increasing in this region which is likely to dominate the market for ophthalmic drugs market over the forecast period. Like in October 2016, Anda, Inc. (a subsidiary of Allergan Plc) leading distributor of generic drugs in the U.S. was acquired by Teva Pharmaceutical Industries Ltd. to strengthen its distribution network in the U.S.
Europe is the second largest market for ophthalmic drugs after North America. The industry participants in Europe are considerably spending more on R&D activities and also the region has high investments in health care and government funding. Development in the emerging areas like orphan drugs and biosimilars is also likely to promote the demand for regulatory expertise thereby contributing to the growth of ophthalmic drugs market in this region.
Browse the full “Ophthalmic Drugs Market by Drug Class (Anti-inflammatory Drugs [Non Steroidal Anti-Inflammatory Drugs and Steroids], Anti-Infective Drugs [Anti-Fungal Drugs, Anti-Bacterial Drugs, Anti-Viral Drugs, and Others], Anti-Glaucoma Drugs [Alpha Agonist, Beta Blockers, Prostaglandin Analogs, Combined Medication, and Others], Anti-Allergic Drugs, and Others), by Type (Prescription Drugs and Over-the-Counter Drugs), by Disease Indication (Dry Eye, Allergies, Glaucoma, Retinal Disorders, Inflammation/ Infection, Uveitis, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/ophthalmic-drugs-market
Asia Pacific is estimated to showcase high growth potentials in the ophthalmic drugs market and is also expected to grow at higher CAGR in comparison to other regions. Countries like Malaysia, China, and India are the most developing markets due to the advantages these countries pose like the availability of government support to develop novel drugs thus attracting more number of manufacturers to invest in this region. Besides this, availability of effective treatment methods, high unmet clinical needs, rising awareness about early diagnosis in emerging countries, and rising disposable income are also some of the other factors responsible for the market growth of ophthalmic drugs in the Asia Pacific.
The Middle East and Africa and Latin America are likely to be the most potential markets owing to the growing access to information, access to new drugs for research and development, and improving patient knowledge. Thus, all the aforementioned parameters are expected to propel the ophthalmic drugs market globally.
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Some of the leading players in ophthalmic drugs market include Allergan Plc, Regeneron Pharmaceuticals, Inc., Pfizer, Inc., Novartis AG, Bayer AG, F.Hoffmann-La Roche Ltd., Santen Pharmaceutical Co. Ltd., Kyowa Hakka Kirin Co. Ltd., Valent Pharmaceuticals International, Inc., Johnson and Johnson Vision Care, Inc., and Shire Plc.
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This report segments the global ophthalmic drugs market as follows:
Global Ophthalmic Drugs Market: Drug Class Segment Analysis
- Anti-Inflammatory Drugs
- Non-Steroidal Anti-Inflammatory Drugs
- Anti-Infective Drugs
- Anti-Fungal Drugs
- Anti-Bacterial Drugs
- Anti-Viral Drugs
- Anti-Glaucoma Drugs
- Alpha Agonist
- Beta Blockers
- Prostaglandin Analogs
- Combined Medication
- Anti-Allergic Drugs
Global Ophthalmic Drugs Market: Type Segment Analysis
- Prescription Drugs
- Over-the-Counter Drugs
Global Ophthalmic Drugs Market: Disease Indication Segment Analysis
- Dry Eye
- Retinal Disorders
- Inflammation/ Infection
Global Ophthalmic Drugs Market: Distribution Channel Segment Analysis
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
Global Ophthalmic Drugs Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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