Ophthalmic Drugs Market Size & Share Report, Growth, Trends, 2032

Ophthalmic Drugs Market: Industry Prospective

The global ophthalmic drugs market was valued at USD 38.13 billion in 2021 and is predicted to expand to USD 60.31 billion by 2028, with a CAGR of roughly 5.9%. The report looks at the ophthalmic drugs market's drivers, limitations, and difficulties, as well as their influence on demand during the projection period. The report will also discuss new opportunities in the field of ophthalmic drugs.

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Ophthalmic Drugs Market: Overview

There are many different types of eye disorders and diseases. Preventable blindness and visual impairment are caused by refractive errors, glaucoma, and cataracts. Some of the most prevalent causes of eye disorders are smoking, genetics, chemical irritants, vitamin inadequacy, allergies, and infection. Ophthalmic drugs are a diverse group of medications, each of which serves a distinct role in ophthalmic therapy or operation.

COVID-19 Impact:

The COVID-19 pandemic had an impact on the global ophthalmic drugs market, which is mostly due to the lockdown imposed by key countries. Only emergency operations were being conducted at hospitals or eye clinics, and the number of visits to the eye clinics has also decreased during the pandemic. Since many ophthalmic medications are prescription drugs that cannot be purchased without a doctor's visit, the market is anticipated to suffer as a result of the outbreak. On the other hand, the market is expected to develop as the number of instances of COVID-19 and COVID-19-related eye problems rises. According to new research in the Indian Journal of Ophthalmology, 31.6 percent of COVID-19 patients in China had ocular involvement, with 91.7 percent of COVID-19 patients testing positive for associated eye infections.

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Ophthalmic Drugs Market: Growth Drivers

Growing prevalence of eye-related disorders is fueling the market growth

The global need for ophthalmic drugs is growing as the frequency of eye diseases rises. Eye diseases have already surfaced as possible dangers to people's visual experience in many developed and developing countries. Diabetes treatment has been introduced as the prevalence of diabetes has increased in many nations as it leads to diabetic retinopathy. Because of the difficulties in detecting glaucoma early and the requirement for long-term treatment, glaucoma has been on the healthcare agenda for millennia. In 2021, according to the WHO, over 2.2 billion individuals have blindness or visual impairment, with at least 1 billion of those having a vision impairment that can be avoided. The 1 billion population consists of those with severe or limited vision impairment due to trachoma, diabetic retinopathy, corneal opacities, glaucoma, cataract, and unresolved refractive error, as well as those with imminent vision impairment due to unspecified presbyopia. The growing geriatric population is exacerbating the prevalence of ocular disorders, with uncorrected refractive errors and cataracts being the leading causes of visual impairment. The majority of persons with visual problems are above the age of 50. All such factors are fostering the market growth.

Report Scope:

Ophthalmic Drugs Market: Restraints

Side effects associated with the ophthalmic drugs to restrain the market growth

Ophthalmic medications have their own set of side effects. Some of the common side effects that have a tendency to have a severe expression include eye itching, red eyes, eye inflammation, and skin rash. Further, some drugs may also have infrequent side effects for the user which include eye irritation and blurred vision. Some of the patients also experience some rare side effects with the use of the ophthalmic drug that consists of increased intraocular pressure, inflammation of the cornea (keratitis), sensitivity to light & redness of the eye, conjunctival hemorrhage, and many more. All such side effects related to ophthalmic drugs may limit the growth of the market.

Ophthalmic Drugs Market: Opportunities

Increasing approvals of the therapeutics to boost the market growth during the forecast period.

The number of innovative treatments approved by the FDA is increasing. As a result, there is a huge requirement for advanced ophthalmology drugs. The most recent ophthalmic medication trend is to achieve enough drug concentrations at the targeted area of the eye while eliminating adverse effects. The global ophthalmic drugs market is expected to benefit from the growing investment by the market players for pipeline expansion, as well as increased approvals for the introduction of therapeutic drugs thereby driving the growth of the market during the forecast period.

Ophthalmic Drugs Market: Challenges

Issues related to ocular drug delivery to act as a challenge for market growth

One of the most attractive and difficult issues faced by pharmaceutical researchers is ocular drug delivery. Obtaining and maintaining a therapeutic dose at the site of action for an extended period of time is one of the fundamental challenges of ocular medication. The barriers that protect the eye make ocular medication distribution difficult. The active pharmacological substance's bioavailability is sometimes the most difficult barrier to overcome. Traditional ocular dose forms, such as eye drops, are no longer effective in the fight against ocular diseases. In addition to this, to maintain an effective medication level, the drug product must be administered on a regular basis. This, however, can result in toxicity & overdose which are two issues that need to be addressed, patient compliance suffers as a result of the added inconvenience, dealing with a high-priced active pharmaceutical ingredient, may lead to the high cost of the drug. All these factors may act as major challenges for market growth.

Ophthalmic Drugs Market: Segmentation

The global ophthalmic drug market is categorized based on disease, drug class, dosage form, route of administration, product type, and region. By disease, the market is classified into retinal disorders, eye infection, glaucoma, eye allergy, dry eye, and others. Based on the drug class, the market is bifurcated into antiglaucoma, anti-inflammatory, anti-VEGF agents, antiallergy, and others. The dosage form segment comprises ointments, eye drops, capsules & tablets, eye solutions, and gels. The route of administration segment is split into systemic, local ocular, and topical. By product type, the market is classified into OTC drugs and prescription drugs.

Recent Developments

• In March 2021, Alcon revealed an agreement with Novartis to acquire exclusive marketing rights to Simbrinza (brinzolamide/brimonidine tartrate ophthalmic solution) 1 percent /0.2 percent in the United States.
• In March 2022, Novartis received approval for Beovu® from the European Commission for adults with Diabetic macular edema. Year one results from the Phase III KESTREL and KITE studies, which compared Beovu (brolucizumab) 6 mg to aflibercept 2 mg in Diabetic macular edema patients, were used to get approval.

Ophthalmic Drugs Market: Regional Landscape

North America to rule the market during the forecast period.

North America is predicted to dominate the global ophthalmic drugs market during the forecast period, accounting for major revenue, owing to the high consumer awareness and availability of superior healthcare infrastructure and availability of superior healthcare infrastructure. Furthermore, the presence of prominent competitors in this region, such as Alcon and Pfizer, Inc., is projected to boost the market growth. Over the projection period, Asia Pacific is expected to be the fastest-growing region in the market. In Asia Pacific, the rising consumer awareness and increased prevalence of ocular diseases are projected to fuel market expansion. Local businesses are launching strategic endeavors to develop and market innovative patient care solutions. As a result, market growth is likely to accelerate.

Ophthalmic Drugs Market: Competitive Landscape

Some of the key players operating in the global ophthalmic drugs market include NOVARTIS AG, F. HOFFMANN-LA ROCHE LTD, BAUSCH & LOMB INCORPORATED, Alcon, Inc., ABBVIE Inc., TEVA PHARMACEUTICAL INDUSTRIES LTD., SUN PHARMACEUTICAL INDUSTRIES LIMITED, SANTEN PHARMACEUTICAL CO., LTD, REGENERON PHARMACEUTICALS INC., and PFIZER INC.

The global ophthalmic drugs market is segmented as follows:

By Disease

• Dry Eye
• Eye Allergy
• Glaucoma
• Eye Infection
• Retinal Disorders
• Others

By Drug Class

• Antiallergy
• Anti-VEGF Agents
• Anti-inflammatory
• Antiglaucoma
• Others

By Dosage Form

• Gels
• Eye Solutions
• Capsules & Tablets
• Eye Drops
• Ointments

By Route of Administration

• Topical
• Local Ocular
• Systemic

By Product Type

• Prescription Drugs
• OTC Drugs

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa