Global Ophthalmic Drugs Market Size 2024, Forecast To 2033
6 Mar, 2024
The ophthalmic drugs market size has grown strongly in recent years. It will grow from $36.77 billion in 2023 to $39.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing incidence of eye disorders, R&D investments in eye care, changing lifestyles, global increase in diabetes cases, government initiatives for vision care. The ophthalmic drugs market size is expected to see strong growth in the next few years. It will grow to $53.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to biopharmaceutical innovations, increasing prevalence of myopia, expanding aging population, personalized medicine approaches, regulatory support for rare diseases. Major trends in the forecast period include biologics and gene therapies, increased focus on dry eye therapeutics, advancements in glaucoma treatment, emergence of combination therapies, focus on age-related macular degeneration (AMD).
Global Ophthalmic Drugs Market Key Driver
The increase in the prevalence of ophthalmic disorders is expected to propel the growth of the ophthalmic drug market going forward. Ophthalmic disorders refer to a disorder or disease that affects the eye and other parts of the eye, causing impairment of vision and other eye ailments. Ophthalmic drugs are pharmaceutical drugs or medicines used for treating diseases that affect the eye or vision, as a result, the increase in the prevalence of ophthalmic disorders increases the demand for the ophthalmic drug market. For instance, in February 2021, according to the University College London, a UK-based a public research university, in 2020, approximately 596 million individuals globally experienced untreated "distance vision impairment," attributable to conditions such as cataracts, glaucoma, or eye issues linked to diabetes. Among them, 43 million were blind. This number is projected to increase significantly to 895 million, with 61 million people facing blindness, by 2050. The increase in the prevalence of ophthalmic disorders is driving the ophthalmic drug market. The market size of the ophthalmic drug market in 2023 was [insert 2023 market size], and it is projected to reach [insert 2024 market size] by 2024 and [insert 2028 market size] by 2028.
Get A Free Sample Of The Global Ophthalmic Drugs Market ReportGlobal Ophthalmic Drugs Market Segments
The ophthalmic drugs market covered in this report is segmented –
1) By Type: Prescription Drugs, Over-The-Counter Drugs
2) By Class: Anti-Allergy, Anti-Inflammatory, Anti-Glaucoma, Other Classes
3) By Disease: Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, Uveitis, Other Diseases
4) By Dosage Form: Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems
5) By Distribution Channel: Hospital Pharmacies, Drug Stores, Online Pharmacies
By Geography:The regions covered in the ophthalmic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the ophthalmic drugs market in 2023. The regions covered in the ophthalmic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Ophthalmic Drugs Industry Players
AbbVie Inc., Alcon Inc., Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Nicox S.A., Coherus Biosciences Inc., Johnson & Johnson, Otsuka Pharmaceutical Co. Ltd., Viatris Inc., Mitotech SA, Akorn Incorporated, F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Bayer AG, Senju Pharmaceutical Co. Ltd., Aerie Pharmaceuticals Inc., Kala Pharmaceuticals Inc., Aurobindo Pharma Ltd., Eyevance Pharmaceuticals, Acucela Inc., Dompe Farmaceutici S.p.A., Xbrane Biopharma AB, Laboratoires Théa
Get The Full Global Ophthalmic Drugs Market Report
Ophthalmic Drugs Market Overview
Ophthalmic drugs refer to a class of pharmaceutical drugs or medicines used for treating diseases that affect the eye or vision. This medication is used to treat eye infections
Ophthalmic Drugs Global Market Report 2023 provides data on the global ophthalmic drugs market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ophthalmic drugs market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.