The global ophthalmic drugs market size is estimated at USD 33.2 billion in 2020, further expected to grow at a CAGR of 5.2% to reach USD 42.78 billion by 2025. Ophthalmic drugs are used for the treatment of various eye disorders like cataracts, glaucoma, etc.
Ophthalmic drugs treat various eye disorders such as cataracts, glaucoma, diabetic retinopathy, myopic choroidal, and many more diseases. Glaucoma is the second most leading reason in the world which is causing blindness. According to the stats published by the World Health Organization (WHO), in India, around 12 million had Glaucoma, in which 1.2 million turned blind cause of this disease.
MARKET DRIVERS:
The growing aging population, increasing the occurrence rate of eye-related disorders, and the rising burden of diabetes are primarily driving the growth of the ophthalmic drugs market.
The older people population across the world is significantly growing. As per the stats of the United Nations, the people of 65 years or more aged is estimated to reach 1.5 billion by 2050. It is a known fact that the aged population is much likely to diagnose with eye-related disorders, which is expected to support the global ophthalmic drugs market actively. The number of patients with age-related macular degeneration is escalated to rise to 288 million by 2040.
The growing patient population in developed and developing countries and the increasing healthcare spending on eye-related disorders are further propelling the market growth. Approximately 7.32 million in the United States is projected to have primary open-angle glaucoma from 3.15 million in 2015. A growing number of people suffering from glaucoma across the globe is driving the market. Nearly 90% of the glaucoma cases remain undiagnosed in the country. Many vital players for manufacturing essential drugs and formulations are considered to influence the ophthalmic drugs market share.
MARKET RESTRAINTS:
Lack of awareness, inadequate insurance coverage, long procedural process, and lengthy approval process for ophthalmic drugs, and disturbance of the supply chain of ophthalmology drugs are hampering the ophthalmic drugs market. Risks and side effects associated with ophthalmic drugs, such as the feeling of itching in the eyes and allergy reactions, limit the demand of the market to a small extent.
Impact of COVID-19 on the global ophthalmic drugs market:
COVID-19 pandemic is caused by SARS-CoV-2, which has seriously affected every sector in unprecedented ways. World Health Organization (WHO) alerted all the countries as COVID 19 is an emerging public health issue. Since the start of COVID 19, the supply chain and manufacturing units were disrupted due to strict lockdown restrictions. Telehealth played an important role in these tough times. As doctors are frontline warriors in the fight against COVID-19, they decided to provide online consultancies to control the spread of novel coronavirus. Healthcare providers promoted quality health care services for the COVID 19 patients who are quarantined at home. Tele-ophthalmology has played a significant role in providing proper treatment procedures for patients who require emergency care since the beginning of the pandemic. The U.S. Food and Drug Administration announced that ophthalmology drugs are scarce, such as Cospot drops, Bacitracin Ophthalmic ointment, etc. During the pandemic, the shortage was cleared in recent times. With the introduction of the vaccine and the rising number of people getting vaccinated, the number of new COVID-19 has started decreasing and opened growth scope for the market.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Therapeutic Class, Distribution Channel, Product Type, Disease Indications, Technology, Dosage Form, End-User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This market research report on the global ophthalmic drugs market has been segmented and sub-segmented based on the therapeutic class, distribution channel, product type, disease indications, technology, dosage form, end-user, and region.
Ophthalmic Drugs Market – By Therapeutic Class:
Based on the therapeutic class, the Anti-VEGF agent segment was accounted for the largest share in the global 2019. Factors such as high acquisition rate, the existence of a considerable number of crucial payers, a frequent increase of age-related macular degeneration, and the impending launch of many pipeline candidates, which works of VEGF inhibition principle, are primarily accelerating this segment in the market.
Ophthalmic Drugs Market – By Product Type:
Based on the product type, the prescription drugs segment is expected to have the largest share in the ophthalmic drugs market.
The OTC product type segment is witnessed to have a robust growth rate due to loss of patent exclusivities of significant drugs and a substantial increase in generic perforation of ophthalmic drugs. The low cost of these drugs makes it more affordable for a vast patient base in low and middle economic countries to bolster the segment growth globally.
Ophthalmic Drugs Market – By Distribution Channel:
The independent pharmacies and drug stores segment accounted for the largest share based on the distribution channel, with 63.0% of the total share in 2019.
Ophthalmic Drugs Market – By Disease Indications:
Based on disease indications, the Retinal disorders segment captured the largest market share; however, glaucoma is anticipated to grow with the highest CAGR in the forecast period. Classification by therapeutic class entails Anti-inflammatory Drugs, Anti-infective Drugs, Anti-glaucoma Drugs, Anti-allergy Drugs, Anti-VEGF Agents, and others.
Ophthalmic Drugs Market – By Dosage Form:
Based on the dosage form, the Liquid Ophthalmic drug market sub-category is expected to retain its lead in the forecast period. It is predicted to grow with the highest CAGR in the forecast period. Increasing R&D for new drug delivery approaches that involve nanoparticles, dangerous, and dendrimers are pushing the segment.
Ophthalmic Drugs Market – By Technology:
The biologics segment is expected to have the largest share in the ophthalmic drugs market based on technology.
Ophthalmic Drugs Market – By Region:
North America captures the largest market share due to higher market penetration by the U.S. North America is expected to dominate the ophthalmic drugs market globally in 2019. The ophthalmic drug market in North America is driven by the high occurrence rate of the patient population, escalating the frequency of eye diseases and critical players' existence. The United States market is leading the ophthalmic drugs market in North America.
Europe comes a close second. However, it is likely to undergo sluggish growth until 2025. France is the leader in the European market.
The Asia Pacific is the fastest growing market and will continue its growth streak until the end of 2025. This APAC region growth is attributed to the improved healthcare infrastructure and a growing substantial patient population suffering from eye-related problems. Development of breakthrough medicines for the treatment of eye disorders
Latin America will thrive in the forecast period, and so will MEA. The ophthalmic drug market in the Latin America region is considered to have stable and constant growth in the global 2019. The growth owes to the growing perforation of health insurance in the country is likely to play an essential role. The Middle East & Africa for the ophthalmic drugs market is expected to have the least minimal share in the coming years.
KEY MARKET PARTICIPANTS:
Some of the promising companies dominating the global ophthalmic drugs market are Carl-Zeiss AG, Ellex Medical Lasers Ltd., Hoya Corporation, Novagali Pharma S A, Abbott Medical Optics, Inc., Essilor International S.A. Other players in the market include Insight Vision Inc., Nidek Co.Ltd, Topcon Corporation, and Ziemer Ophthalmic Systems AG.
SOME OF THE RECENT HAPPENINGS IN THIS MARKET:
On December 23, 2019, Lumibird, the laser technology leader, had an agreement with Ellex Medical Lasers and the ultrasound business for 100 million Australian dollars. The acquisition creates a world leader in laser and ultrasound technologies to diagnose and treat patients with ocular diseases.
On July 19, 2016, the FDA approved Abbott's first intraocular lens called Tecnis Symfony, which offers patients an extended clear vision picture, followed by cataract surgery. Abbott gained approval for treating cornea blindness.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Therapeutic Class
5.1.1 Introduction
5.1.2 Anti-inflammatory Drugs
5.1.2.1 Nonsteroidal Anti-inflammatory Drugs
5.1.2.2 Steroids
5.1.3 Anti-infective Drugs
5.1.3.1 Anti-fungal Drugs
5.1.3.2 Anti-bacterial Drugs
5.1.3.3 Others
5.1.4 Anti-glaucoma Drugs
5.1.4.1 Alpha Agonist
5.1.4.2 Beta Blockers
5.1.4.3 Prostaglandin Analogs
5.1.4.4 Combined Medication
5.1.4.5 Others
5.1.5 Anti-allergy Drugs
5.1.6 Anti-VEGF Agents
5.1.7 Others
5.1.8 Y-o-Y Growth Analysis, By Therapeutic Class
5.1.9 Market Attractiveness Analysis, By Therapeutic Class
5.1.10 Market Share Analysis, By Therapeutic Class
5.2 Product Type
5.2.1 Introduction
5.2.2 Prescription Drugs
5.2.3 Over-the-Counter Drugs
5.2.4 Y-o-Y Growth Analysis, By Product Type
5.2.5 Market Attractiveness Analysis, By Product Type
5.2.6 Market Share Analysis, By Product Type
5.3 Distribution Channel
5.3.1 Introduction
5.3.2 Hospital Pharmacies
5.3.3 Online Pharmacies
5.3.4 Independent Pharmacies & Drug Stores
5.3.5 Y-o-Y Growth Analysis, By Distribution Channel
5.3.6 Market Attractiveness Analysis, By Distribution Channel
5.3.7 Market Share Analysis, By Distribution Channel
5.4 Disease Indications
5.4.1 Introduction
5.4.2 Dry Eye
5.4.3 Glaucoma
5.4.4 Infection/Inflammation
5.4.5 Retinal Disorders
5.4.5.1 Wet Age-related Macular Degeneration
5.4.5.2 Dry Age-related Macular Degeneration
5.4.5.3 Diabetic Retinopathy
5.4.5.4 Others
5.4.6 Allergy
5.4.7 Uveitis
5.4.8 Others
5.4.9 Y-o-Y Growth Analysis, By Disease Indications
5.4.10 Market Attractiveness Analysis, By Disease Indications
5.4.11 Market Share Analysis, By Disease Indications
5.5 Dosage Form
5.5.1 Introduction
5.5.2 Liquid Ophthalmic Drug Forms
5.5.3 Solid Ophthalmic Drug Forms
5.5.4 Semisolid Ophthalmic Drug Forms
5.5.5 Multicompartment Drug Delivery Systems
5.5.6 Other Ophthalmic Drug Forms
5.5.7 Y-o-Y Growth Analysis, By Dosage Form
5.5.8 Market Attractiveness Analysis, By Dosage Form
5.5.9 Market Share Analysis, By Dosage Form
5.6 Technology
5.6.1 Introduction
5.6.2 Biologics
5.6.3 Cell Therapy
5.6.4 Gene Therapy
5.6.5 Drug Delivery
5.6.6 Small molecule
5.6.7 Others
5.6.8 Y-o-Y Growth Analysis, By Technology
5.6.9 Market Attractiveness Analysis, By Technology
5.6.10 Market Share Analysis, By Technology
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Therapeutic Class
6.1.3.3 By Product Type
6.1.3.4 By Distribution Channel
6.1.3.5 By Disease Indication
6.1.3.6 By Dosage Form
6.1.3.7 By Technology
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Therapeutic Class
6.1.4.3 By Product Type
6.1.4.4 By Distribution Channel
6.1.4.5 By Disease Indication
6.1.4.6 By Dosage Form
6.1.4.7 By Technology
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Therapeutic Class
6.1.5.3 By Product Type
6.1.5.4 By Distribution Channel
6.1.5.5 By Disease Indication
6.1.5.6 By Dosage Form
6.1.5.7 By Technology
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Abbott Medical Optics, Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Carl-Zeiss AG
8.3 Ellex Medical Lasers Ltd.
8.4 Essilor International S.A.
8.5 Hoya Corporation
8.6 Insight Vision Inc.
8.7 Nidek Co.Ltd
8.8 Novagali Pharma S A
8.9 Topcon Corporation
8.10 Ziemer Ophthalmic Systems AG.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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