Ophthalmology Drugs Global Market Sees Growth Rate Of 23% Through 2026

The global ophthalmology drugs market size is expected to grow from $50.62 billion in 2021 to $56.07 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The ophthalmology drugs market is expected to reach $127.15 billion in 2026 at a CAGR of 22.7%.

What is the Global Ophthalmology Drugs Market?

The ophthalmology drugs market consists of sales of ophthalmology drugs and related services by entities (organizations, sole traders and partnerships) that produce ophthalmology drugs to treat eye related diseases. The ophthalmology drugs industry includes establishments that produce pharmaceutical drugs to treat glaucoma diseases, anti- inflammatory and tear stimulating drugs under dry eye medications drugs, and other drugs for treating retinal disorders and allergies. Some of the major ophthalmic drugs include Eylea, Lucentis, Restasis, Vigamox, Azopt, and Lotemax.

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What drives the Global Ophthalmology Drugs Market?

The expected rise in eye laser surgeries will contribute to the ophthalmology drugs market. Ophthalmology research has proved a link between laser eye surgeries and the prevalence of dry eye disorders. In an eye laser procedure, cutting of some nerves in the cornea leads to reduction in corneal sensitivity, in response to which, eyes may not sense the need for lubrication, causing the body to produce fewer tears. Dry eye is a common side effect after laser vision correction surgeries. It is estimated that almost half of the patients that undergo a laser surgery experience some degree of dry eye condition following the procedure. The number of eye laser procedures rose to 720,000 a year in 2020. A rising number of people going for laser eye surgeries is expected to increase the demand for dry eye medications in the forecast period driving the ophthalmology drugs market.

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Global Ophthalmology Drugs Market Segments
The global ophthalmology drugs market is segmented:
By Type: Antiglaucoma Drugs, Dry Eye Medication, Other Ophthalmological Drugs (Retinal Disorders, Anti-Infectives/Allergy)
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others
By Route of Administration: Oral, Parenteral, Others
By Drug Classification: Branded Drugs, Generic Drugs
By Mode of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs
By Geography: The regions covered in the ophthalmology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Ophthalmology Drugs Global Market Report 2022provides market size and growth forecasts for the global ophthalmology drugs market, global ophthalmology drugs market share, ophthalmology drugs market segments and geographies, ophthalmology drugs market competitive landscape including leading competitors’ revenues, profiles and market shares. The ophthalmology drugs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Ophthalmology Drugs Industry Playersinclude Regeneron Pharmaceuticals, Inc., Novartis AG, AbbVie, Santen Pharmaceutical Co., F. Hoffmann-La Roche Ltd., Bausch Health Companies Inc., Bayer AG, Sumitomo Chemical Co ltd, Mitsubishi Tanabe Pharma Corporation and Horizon Therapeutics plc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.