The Ophthalmic Drugs Market is Trending by Rising Prevalence of Eye Diseases

 

Ophthalmic Drugs Market

The ophthalmic drugs market involves pharmaceutical formulation intended for application and treatment of eye disorders. Medications such as anti-inflammatory medication, anti-glaucoma drugs, anti-infective drugs, and anti-allergic drugs dominate the global ophthalmic drugs landscape. These drugs help in treatment of eye disorders related to glaucoma, cataract, conjunctivitis, dry eye, infection, diabetic retinopathy, and age-related macular degeneration. Ophthalmic medications are available in various dosage forms including eye drops, ointments, eye solutions, gels and eye ointments based on need and condition being treated. The advancing formulations have enhanced drug bioavailability with fewer systematic side effects.

The Global Ophthalmic Drugs Market is estimated to be valued at US$ 55.52 Bn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period 2024 to 2031.

Growth in this market is attributed to rising geriatric population, increasing incidence of eye diseases especially diabetes-induced retinopathies and increasing awareness & access to eye care. However, stringent regulatory requirements for drug approval and patent expirations are some of the challenges for industry growth.

Key Takeaways

Key players operating in the Ophthalmic Drugs 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. Growing popularity of combination therapies for glaucoma treatment and dry eye syndrome is fueling market demand. Over the forecast years, rise in healthcare expenditure in emerging nations of Asia Pacific and Latin America will drive the global market expansion.

The growing Ophthalmic Drugs Market Demand is attributed to various factors such as rising prevalence of eye diseases such as age-related macular degeneration, diabetic retinopathy and glaucoma. According to WHO, it is estimated that around 2.2 billion people have vision impairment or blindness globally and cataract is the leading cause of vision loss.

Ophthalmic drugs market players are expanding their global footprint with product launches and approvals to cater to the vast unmet needs. For instance, in 2021 IBM collaborated with Samsung to launch new artificial intelligence and 5G-enabled smart contact lenses for diabetes patients. Advances in drug delivery systems help drive treatment compliance and better clinical outcomes.

Market key trends:

Drug repurposing is one of the key market trends gaining emphasis for faster development and commercialization of novel ophthalmic drugs. This involves exploring new clinical applications for US FDA approved drugs which have well established safety profiles. Companies are leveraging AI and big data analytics to uncover therapeutic potentials of existing drugs to shorten approval timelines. The Ophthalmic Drugs Market is well positioned for strong growth supported by ongoing R&D and new product approvals over the forecast period.

Porter’s Analysis

Threat of new entrants: High capital requirements for R&D and regulatory approvals restrict entry of new players.

Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power over smaller drugs manufacturers.

Bargaining power of suppliers: Suppliers of raw materials have limited bargaining power due to wide availability of functional alternatives.

Threat of new substitutes: Threat of new substitutes is low due to lack of alternative treatments.

Competitive rivalry: Industry players compete on pricing and quality of drugs which necessitates continuous innovation and upgrades.

The geographical region where the market is concentrated in terms of value is North America owing to high healthcare spending and presence of major players. The United States holds the largest market share in North America. The fastest growing region for the ophthalmic drugs market is Asia Pacific due to rising awareness regarding vision correction, increasing healthcare expenditure and growing elderly population. Countries like India, China and South Korea are expected to register high growth in the coming years.

Get more insights on Ophthalmic Drugs Market

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: https://www.linkedin.com/in/vaagisha-singh-8080b91)