July 22, 2024
Ophthalmic Drugs Market

Ophthalmic Drugs Market is estimated to Propelled by increasing prevalence of eye disorders

Ophthalmic drugs offer therapeutic treatment for various eye disorders such as glaucoma, dry eye, infection, uveitis, retinal disorders, and allergies to name a few. Technological advancements have led to availability of improved drug delivery systems for effective treatment of eye diseases and disorders.

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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing prevalence of eye disorders across the globe is a major factor driving growth of the ophthalmic drugs market. As per a report by World Health Organization (WHO), at least 2.2 billion people have vision impairment or blindness globally and it is estimated that number will increase to 4.3 billion by 2050. The increasing elderly population is more susceptible to age-related eye disorders such as age related macular degeneration and presbyopia which need lifelong treatment using ophthalmic drugs. Growing healthcare spending and access to healthcare facilities especially in developing countries is also fueling the demand for ophthalmic drugs for effective treatment of various eye disorders.

SWOT Analysis
Strength: The ophthalmic drugs market has strong growth potential due to rise in prevalence of eye diseases such as glaucoma, cataract and age-related macular degeneration. Demand for advanced treatment and management of ophthalmic disorders is further increasing the sales of ophthalmic drugs.
Weakness: Stringent regulatory requirements for approval of new ophthalmic drugs delays their launch. High costs associated with drug development and clinical trials pose challenges.
Opportunity: Emergence of biosimilar drugs provides opportunity for more affordable treatment options. Rising healthcare expenditure in developing countries boosts market expansion.
Threats: Patent expiries of major drugs result in more generics flooding the market. This increases competition and pricing pressure. Adverse drug reactions are also a concern.

Key Takeaways
Global Ophthalmic Drugs Market Demand is expected to witness high 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 8.9% over the forecast period 2023 to 2030.

The global ophthalmic drugs market is dominated by North America owing to advanced healthcare infrastructure and rising healthcare spending. Asia Pacific shows fastest growth due to increasing disposable incomes, growing awareness about eye care and expansion of healthcare facilities in India and China.

Key players operating in the ophthalmic drugs market are IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-Secure (Finland), F5 (US), DataVisor (US), RevBits (US), WiJungle (India), BluVector (US), Aristi Labs (India), Imperva (US), Securden (US), Forcepoint (US), Sophos (UK), RSA Security (US), Proofpoint (US), Juniper Networks (US), Splunk (US), SonicWall (US), Algosec (US), Zscaler (US), Cynet (Israel), and Nozomi Networks (US). Key players are focusing on new product launches and acquisition strategies to gain higher market share.

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