Global Ophthalmic Drugs Market: Snapshot
The global ophthalmic drugs market is seeing increasing number of co-development agreements among keen players to come up with novel biological agents having lesser treatment durations, players in emerging markets trying to tap into the unmet medical needs, and generic manufacturers strengthening their distribution networks of cost-effective drugs in rural outposts of developing regions, having high proportion of visually challenged people. All this is serving to catalyze growth in the market.
Besides, increasing prevalence of intraocular eye disorders, namely cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, etc., mainly in the elderly, is also stoking growth in the global ophthalmic market. The rising incidence of eye diseases, worldwide, such as dry eye, conjunctivitis, uveitis, and others, is also serving to boost the market. Astute companies in the world are already increasing allocations on investments in research to come up with more effective drugs formulated with novel biological agents.
A report by Transparency Market Research forecasts the global ophthalmic drugs market to rise at a lackluster CAGR of 4.0% between 2017 and 2025 to become worth US$34.3 bn by 2025 from US$24.4 bn in 2016.
Spike in Patients Requiring Long-term Treatment Makes Retinal Disorders Dominant Segment
The global ophthalmic drugs market can be segmented based on disease indication into allergy, dry eye, glaucoma, retinal disorders, infection/inflammation, uveitis, etc. Of them, the retinal disorders segment, which can be further divided into wet age-related macular degeneration, dry age-related macular degeneration, and diabetic retinopathy, among others, leads the market with maximum share. This is mainly on account of the spike in number of patients seeking long-term treatment.
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Going forward, however, the dry eye segment is predicted to clock maximum growth on the back of changing environmental conditions, ill-effects of increasing air pollution on eye, lined-up launches of innovative drugs with longer active action, and increased treatment penetration for dry eye.
Keen Players Attempting to Tap into Asia Pacific Market Buoy Growth
From a geographical standpoint, North America leads the global ophthalmic drugs market due to higher uptake of advanced novel products and techniques, and high cost of therapies in all regions. Rising at a CAGR of 4.0% from 2017 to 2025, the market is slated to become worth US$13.08 bn by 2025. Currently, the market in North America is seeing considerable changes on account of changing Medicare policies in the U.S., higher pricing of branded specialty drugs, and the rising patient pool for eye diseases.
Europe trails North America in terms of the size of the market. Numerous big names, actively involved in development of existing ophthalmic drugs to meet the ever-rising demands for the treatment of eye diseases such as cataract, glaucoma, and diabetic retinopathy, are the primary reason for the superior performance of the overall market in the region. Further, approval of new drugs by the European Union for treating eye disorders is also boosting the market in Europe.
Vis-à-vis growth rate, Asia Pacific is predicted to steal the show by registering a CAGR of 4.6% between 2017 and 2025. This is because numerous keen ophthalmology companies are charging into the relatively untapped markets in the region to grow their revenue and market share. China, India, and Malaysia are some of the most attractive markets in the regions on account of a substantial consumer base, rising healthcare spends, and patients’ inclination toward availing improved healthcare facilities.
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Some of the key players operating in the global ophthalmic drugs market are ALLERGAN, Aerie Pharmaceuticals, Inc., Pfizer Inc., Valeant Pharmaceuticals International, Inc., Bayer AG, Genentech, Inc., Novartis AG , Regeneron Pharmaceuticals, Inc., Shire, and Santen Pharmaceutical Co., Ltd.
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