Ophthalmic Drugs Market Overview:
Ophthalmic Drugs Market is valued at around USD 41.61 billion in 2022 and is expected to reach USD 66.35 billion by 2033, registering a CAGR of 6.0% over the forecast period.
The formulations of ophthalmic medications are intended to treat eye illnesses, including age-related macular degeneration (AMD), glaucoma, cataract, diabetic macular enema, and retinitis caused by the cytomegalovirus (CMV).
The primary drivers of the growth of the global ophthalmic drugs market are the aging population, the prevalence of eye diseases like glaucoma, cataracts, and macular degeneration, the increase in demand for ophthalmic drugs, and the rise in R&D spending by various healthcare organizations.
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Impact Analysis of COVID-19
The research on the global market for ophthalmic medications provides comprehensive information about the present state of the industry, including the effects and modifications brought about by the COVID-19 pandemic and the introduction of virus variations.
Global commercial operations and the general corporate landscape were significantly impacted by the viral spread and social distancing norms and prohibitions.
The study includes an analysis and specifics of the COVID-19 pandemic’s positive and negative effects.
Airports, ports, and domestic and commercial transit have been closed in various nations because of the COVID-19 epidemic and lockdowns.
Market Dynamics:
Drivers: Some of the major variables influencing market revenue share throughout the projected period are the aging of the global population, the rise in glaucoma patients in developed and developing countries, and the rising cost of healthcare for eye-related ailments.
Limitations: It is anticipated that pharmaceuticals with postponed approval and those without patents will impede the increase of market revenue. Numerous well-known patents have run out, and the pharmaceutical business is shifting. Numerous businesses have ceased submitting patent applications. A number of well-known medications have been added to the list of those that have reached their expiration, and the growth of the global ophthalmic pharmaceuticals market is anticipated to slow down due to a growing number of medications in the pipeline and delayed approvals.
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Market Segments:
The market for fragrance concentrates used in ophthalmic drugs has been divided into subgroups based on indication, kind, dosage form, distribution channel, and therapeutic class.
Prescription ophthalmic pharmaceuticals are those that can only be filled with a prescription from a qualified healthcare professional. These medications are used to treat a variety of eye disorders and diseases, such as macular degeneration, uveitis, dry eye syndrome, and glaucoma. Tries Ltd.
By Indication
- Dry eye
- Glaucoma
- Infection/inflammation/allergy
- Retinal disorders- wet age-related macular degeneration. Dry age-related macular degeneration, diabetic retinopathy
- others
By Type
- prescription drugs
- over-the-counter drugs
- others
By Dosage Form
- liquid ophthalmic drug forms
- solid ophthalmic drug forms
- semisolid ophthalmic drug forms
- multicompetent drug delivery system
- other ophthalmic drug forms
- others
By Sales Channel
- hospital pharmacies
- drug store
- online pharmacies
- others
By Therapeutic class
- anti-glaucoma
- anti-infection
- anti-inflammation
- anti-allergy
- others
Regional Market Analysis
Because of the region’s robust healthcare system, more awareness of eye conditions, and the presence of well-known companies like Pfizer Inc. and Alcon, the worldwide ophthalmic drugs market is expected to grow at the fastest rate.
Ophthalmic medications are in high demand in India because of the country’s enormous population, rising rate of eye disease, and developing healthcare system. The nation has a high prevalence of conditions that need to be treated with ophthalmic medications, including diabetic retinopathy, glaucoma, and cataracts.
Domestic companies have a sizable portion of the industry and dominate the Indian ophthalmic medication market. Nonetheless, due to the Indian market’s potential for growth, foreign companies are now joining the fray.
Because of its huge aging population, high frequency of eye illnesses, and sophisticated healthcare system, Japan has a significant demand for ophthalmic medications. The nation has a high prevalence of conditions that need to be treated with ophthalmic medications, including diabetic retinopathy, glaucoma, and age-related macular degeneration.
Key Companies in the Ophthalmic Drugs Market:
- Santen Pharmaceutical
- Valeant Pharmaceuticals
- Shire
- Novartis
- Genentech
- Allergan
- Sun Pharmaceutical Industries
- Actavis Generics
- Regeneron Pharmaceuticals
- Pfizer
- Johnson and Johnson
- Bausch and Lomb, and others.
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