According to the latest report by IMARC Group, titled "Ophthalmic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global ophthalmic drugs market reached a value of US$ 42.8 Billion in 2022. Ophthalmic drugs are used in the treatment of eye-related disorders, such as color blindness, age-related macular degeneration (AMD), cataract, diabetic retinopathy, amblyopia and strabismus. They are generally produced from proteins, peptides and chemotherapeutic agents that are intended for the conjunctival sac, the conjunctiva and the eyelids. Some of the commonly utilized ophthalmic drugs include eye drops, microemulsions, in situ gels, contact lenses coated with drugs, ocular inserts, collagen shields, nanoparticles and microparticles, liposomes and dendrimers. These drugs are formulated with sterile preparations and are manufactured within a controlled environment using high-efficiency particulate air (HEPA) filtration to reduce the spread of airborne contamination.
Global Ophthalmic Drugs Market Trends:
The global market is primarily driven by the increasing prevalence of eye diseases among the masses. Coupled with the rising awareness regarding the treatments available for eye disorders and the growing geriatric population, this is creating a positive market outlook. Moreover, extensive research and development (R&D) activities conducted by key players for introducing improved ophthalmic drugs and the enhanced focus on the development of combination therapies are providing an impetus to the market growth. Additionally, numerous initiatives undertaken by the governments of several countries in order to encourage the manufacturing of ophthalmic drugs are impacting the market favorably. Along with this, continual technological advancements in the production processes are considered to be major growth-inducing factors. Other factors, including continuous improvements in the healthcare infrastructure, the increasing number of research laboratories and diagnostic centers, easy product availability via online and offline organized channels and the introduction of cost-efficient ophthalmic drugs, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.1 Billion by 2028, exhibiting a CAGR of 5.3% during 2023-2028.
- Based on the type, the market has been bifurcated into prescription and over-the-counter drugs.
- On the basis of the drug class, the market has been segregated into anti-glaucoma, anti-infection, anti-inflammation, anti-allergy and others.
- Based on the indication, the market has been segmented into dry eye, glaucoma, infection/inflammation/allergy, retinal disorders and others.
- On the basis of the dosage form, the market has been classified into liquid ophthalmic drug forms, solid ophthalmic drug forms, semisolid ophthalmic drug forms, multicompartment drug delivery systems and others.
- Based on the distribution channel, the market has been categorized into hospital pharmacies, drug stores, online pharmacies and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include AbbVie Inc., Aerie Pharmaceuticals Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Bayer AG, F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co. Inc., Novartis AG, Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd. and Sun Pharmaceutical Industries Ltd.
|Base Year of the Analysis
||Type, Drug Class, Indication, Dosage Form, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AbbVie Inc., Aerie Pharmaceuticals Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Bayer AG, F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co. Inc., Novartis AG, Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd. and Sun Pharmaceutical Industries Ltd.
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