February 26, 2024

The Global Ophthalmic Drugs Market Driven By Increasing Prevalence Of Eye Diseases

The ophthalmic drugs market consists of a variety of pharmaceutical products used for the treatment of various eye diseases and disorders. These drugs help to treat common vision problems and infections of the eye. They include anti-glaucoma drugs to reduce internal eye pressure, anti-infective agents to treat bacterial or viral infections, anti-inflammatory drops to relieve redness, itching and pain, and anti-allergen drugs to treat allergic conjunctivitis. The need for these drugs is increasing globally due to rising prevalence of eye diseases such as glaucoma, conjunctivitis, retinal disorder and age-related macular degeneration. With rising geriatric population and increased screen time contributing to eye strain, the demand for ophthalmic products is witnessing strong growth.

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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the ophthalmic drugs market is the rise in popularity of combination therapy. Many drug companies are focusing on developing innovative fixed-dose combination drugs for glaucoma treatment that can target multiple aspects of the disease pathway simultaneously. This helps improve treatment efficacy while also promoting medication adherence as patients only need to take one pill instead of multiple. Another notable trend is the growing pipeline of biologics for back-of-the-eye diseases. Several biologics are under development for age-related macular degeneration, diabetic retinopathy and retinal vascular diseases that can potentially slow disease progression with fewer side effects than traditional drugs. Their large molecule nature allows sustained release and targeted delivery to the posterior segment of the eye.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in the generic drug segment and the need for high R&D investments for patented drugs limit competition from new players.

Bargaining power of buyers: Large buyers like hospitals leverage their scale to negotiate lower drug prices. However, need for specialized care limits switching.

Bargaining power of suppliers: Major suppliers include research institutions and CROs. Suppliers have moderate bargaining power due to proprietary technologies and expertise required.

Threat of new substitutes:
Moderate threat due to new drug delivery methods and surgical advances that reduce dependency on drugs.

Competitive rivalry: Intense competition due to presence of large multinational companies and generic manufacturers. Companies compete based on pipeline, marketing, and cost.

Key Takeaways

The global Ophthalmic Drugs Market Demand is expected to witness high growth over the forecast period. North America and Europe dominated the market in 2022, driven by rising prevalence of eye diseases and access to advanced treatments in the regions. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rapidly expanding healthcare infrastructure and growing medical tourism industry in countries like India.

Regional analysis – North America accounted for the largest share of the global ophthalmic drugs market in 2022 owing to increasing awareness regarding eye care and availability of reimbursement policies in the region. Europe held the second largest share due to supportive government initiatives and funding for research.

Key players – Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Companies are focused on developing combination therapies and enhanced drug delivery solutions.

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