July 19, 2024
Ophthalmic Drugs Market

Increasing Prevalence Of Eye Disorders To Boost The Growth Of Ophthalmic Drugs Market

The global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 5.64% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The ophthalmic drugs market comprises products such as anti-glaucoma drugs, dry eye drugs, retinal disorders drugs, allergic conjunctivitis and inflammation drugs, anti-infective drugs and others. Ophthalmic drugs are used for treatment of various eye diseases and disorders such as dry eye, allergies, glaucoma, infection, inflammation, retinal disorders and others. These drugs are available in various dosage forms such as solutions, suspensions, ointments, gels and others for effective treatment through eye drops, ointments or other applications. Correct diagnosis and prompt treatment of eye diseases is important for vision care.

Market key trends:

The key trends in the ophthalmic drugs market include increasing research and development activities for development of novel drug candidates, growing prevalence of eye disorders mainly due to aging population and changing lifestyle, and rising awareness regarding vision care. According to World Health Organization (WHO) estimates, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or is yet to be addressed. Cataracts and uncorrected refractive errors together account for the majority of vision impairment.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the ophthalmic drugs market as it requires high R&D investment and strict regulatory approval procedures.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established brands and treatment alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers and contract manufacturing organizations.

Threat of new substitutes: The threat of new substitutes is moderate due to the availability of alternative treatment options like eye surgeries and lasers.

Competitive rivalry: The competitive rivalry is high among the major players to gain higher market share.

Key Takeaways

The Global Ophthalmic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 5.64% over the forecast period, due to increasing prevalence of eye diseases and growing geriatric population. The market size for 2023 is US$ 48.19 Bn.

Regional analysis: North America is expected to dominate the global ophthalmic drugs market owing to rising healthcare expenditure and presence of major players in the region. However, Asia Pacific is likely to exhibit the fastest growth during the forecast period due to the increasing awareness about eye care and large patient pool in the region.

Key players analysis: Key players operating in the ophthalmic drugs market include Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Major players are focused on new product launches and acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it