by Ophthalmic drugs are used for the treatment of various eye diseases and disorders such as glaucoma, dry eye, infection, inflammation, retinal disorders and allergies. Rising geriatric population and growing prevalence of eye diseases such as glaucoma, age-related macular degeneration and diabetic retinopathy are the major factors augmenting growth of the market. The global Ophthalmic Drugs Market is estimated to be valued at US$ 55.52 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing prevalence of eye diseases is one of the major factors driving growth of the ophthalmic drugs market. For instance, according to WHO, there are at least 2.2 billion people affected by vision impairment or blindness globally. Of these, at least 1 billion cases are preventable or treatable. Glaucoma especially is a major contributor with nearly 76 million people affected worldwide. The prevalence is expected to increase drastically driven by rapid growth of the elderly population worldwide. Increasing cases of eye disorders like age-related macular degeneration and diabetic retinopathy attributed to lifestyle changes are further expected to drive the market growth.
Segment Analysis
The global ophthalmic drugs market is segmented on the basis of therapeutic class, indication, distribution channel, and region. Based on therapeutic class, the anti-glaucoma segment dominates the market owing to increasing cases of glaucoma and rising awareness regarding the disease. The anti-glaucoma segment accounts for over 25% market share.
Key Takeaways
The Global Ophthalmic Drugs Market Share is expected to witness high growth.
Regional analysis related content comprises the North America region currently dominates the market due to rising prevalence of ocular diseases and availability of advanced healthcare facilities in the region. The North America region accounts for over 35% of the global market share currently.
Key players operating in the ophthalmic drugs market are IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., NetBase Quid.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
