Companies in the Ophthalmic Drugs Market are increasing their efforts to safeguard the health of workers and employees, resulting in shutdown of production plants and trade activities due to the novel COVID-19 (Coronavirus). Learn how companies in the Ophthalmic Drugs Market are responding to emergency situations of its clients to maintain smooth flow of business activities. This and many more business strategies are enclosed in our reports that share information on alternate tactics to capitalize on rare opportunities owing the spread of Coronavirus.
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The global ophthalmic drugs market is anticipated grow moderately, at a CAGR of 4.2% during the forecast period (2020-2025). Visual impairments have increased across the world, owing to a multitude of factors. Varying in degree, visual impairments are a global health concern, affecting individuals physically and psychologically.
It is estimated that around 25% of the American population will suffer from cataract by 2024 while diabetic retinopathy patients will rise by nearly 20%. As a consequence, the demand for ophthalmic drugs is increasing. Moreover, rising FDA approvals for different drugs, such as Shire’s Xiidra, a lymphocyte function associated antigen-1 (LFA-1) antagonist, are leveraging market prospects.
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Key Takeaways of Global Ophthalmic Drugs Market Study:
- By disease indication, the retinal disorders segment is set to dominate the ophthalmic drugs market. A burgeoning pool of retinal disorder patients is projected to leverage the segment’s market share. It is estimated that the number of people afflicted by age-related macular degeneration (AMD) hall reach 288 million by 2040. Projected market share of retinal disorders segment is pegged at 4.7% in the forecast period.However, the glaucoma segment is set to soar in popularity. This is attributed to a rising pool of glaucoma patients and the presence of important glaucoma drug manufacturers such as Pfizer and Novartis. The glaucoma segment is set to grow staggeringly at a CAGR of 3.5%, capturing two-fifth of the market.
- By therapeutic class, the anti-glaucoma drugs segment is prophesied to capture a major chunk of the global ophthalmic drugs market. This is attributed to increasing prevalence, higher inclination towards combination methods and rising initiatives for treatment penetration. Also, industrial focus on development of glaucoma treatment drugs shall leverage the segment’s growth. Anticipated CAGR for anti-glaucoma drugs is 3.3% and a market share of over two-fifths.
- By product type, over-the-counter drugs (OTC) segment is anticipated to be the most attractive of the global ophthalmic drugs market. OTC drugs are suitable for the treatment of seasonal infections such as conjunctivitis and dry eyes. These drugs also offer relatively short duration treatment. The OTC drugs segment shall dominate the global ophthalmological drugs market, accounting for more than half of the total market share.
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- By distribution channel, independent pharmacies and drug stores are anticipated to expand rapidly at a CAGR of 4.8%, capturing a market share of more than half the total ophthalmological drugs market. The high growth rate is due to its convenience, security, electronic payment technology and a wide range of available medications and services.
- By region, North America shall capture almost two-fifth of the global ophthalmological drugs market during the forecast period. This is attributed to high cost of prescription drugs and presence of key market players such as Novartis AG and F. Hoffmann- La Roche, Ltd. Asia-Pacific is anticipated to expand modestly at a CAGR of 4.9%, attributed to increase in funding for research and presence of key market players in the wake of a large patient pool.
“The global ophthalmic drugs market is set to grow positively in the future. Rising prevalence of visual impairments has encouraged important market players to establish drug formulation and development businesses in key regions. Their primary focus in on developing new formulations to improve market footprint,” concludes a Fact.MR analyst.
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Global Ophthalmic Drugs Market: Leading Players to Constitute Three-fifths of the Market
The global ophthalmic drugs market is consolidated. The top four players constitute more than three-fifths of the market. These players are Novartis AG, Regeneron Pharmaceuticals, Inc., ALLERGAN and Santen Pharmaceutical Co., Ltd. These companies primarily concentrate on developing new drugs and innovating their development formula.
For example, Santen Pharmaceutical Co. and Singapore Eye Research Institute announced a strategic, five-year extended collaboration to develop new technologies for unmet medical needs in key ophthalmological domains in 2017. The company manufactures prescription drugs for corneal, retinal and glaucoma diseases, which include Diquas, Tapros, Alesion and Eylea. Novartis AG, another player, integrates new products into its existing pipeline of drugs. It specializes in innovative medicines and includes ophthalmic drugs products like Lucentis and Travoprost.
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