The global ophthalmic drugs market, which registered revenue exceeding US$36 billion in 2020, is primed for a promising growth trajectory through the year 2027. A comprehensive study has been undertaken to unveil key insights into the future growth prospects of this market and the dynamics defining competition on a global scale.
The burgeoning cases of individuals grappling with various eye disorders continue to play a pivotal role in driving the demand for advanced ophthalmic drugs. This surge in demand is propelling the growth of the ophthalmic drugs market. Eye disorders such as glaucoma, age-related macular degeneration, dry eye syndrome, and inflammation are on the rise, particularly among low and middle-income families worldwide. According to the International Agency for the Prevention of Blindness (IAPB), age-related macular degeneration stands as a leading cause of blindness, with the number of affected individuals projected to surpass 285 million globally by 2040.
The World Health Organization (WHO) reports that approximately 2.2 billion people worldwide suffer from near or distance vision impairment, with nearly 1 billion cases going untreated but being preventable. This underscores the significant burden of eye disorders in society and the potential for treatment. In response to this situation, companies are actively engaging in collaborations and partnerships to address the increasing demand for ophthalmic drugs. A notable example is Alcons agreement to acquire EYSUVIS eye drops from Kala Pharmaceuticals Inc. in 2022. Such developments are expected to have a positive impact on the ophthalmic drugs market.
Anti-glaucoma Drugs Witnessing Increasing Demand
The rising prevalence of glaucoma, especially among the elderly population, has led to the adoption of anti-glaucoma ophthalmic drugs. According to the BrightFocus Foundation, over three million individuals aged 40 and above in the United States suffer from open-angle glaucoma. In 2020, glaucoma affected more than 80 million people globally, with this number expected to exceed 100 million by the end of 2040. This surge in cases is expected to drive the use of anti-glaucoma drugs, contributing to the value growth of the ophthalmic drugs market.
Asia Pacific Emerges as a Key Region
The Asia Pacific region continues to be a highly attractive market for ophthalmic drugs due to the substantial customer base supported by stable economic growth and GDP per capita. According to the United Nations, in 2021, the Asia Pacific region was home to over 60% of the worlds population, equating to more than 4 billion individuals. Rapidly developing economies like China and India, with their large populations, have a significant number of individuals affected by eye disorders, resulting in economic and social burdens. The prevalence of various eye disorders and vision impairments has led to increased use of ophthalmic drugs in the region.
Moreover, the growing elderly population in Asia Pacific is contributing to health risks such as diabetes and hypertension, leading to a higher incidence of eye disorders such as vision impairment, age-related macular degeneration, inflammation, and dry eye syndrome. According to the United Nations Population Fund (UNPF), the number of individuals aged 60 and above in Asia Pacific is expected to exceed 1 billion during the period from 2020 to 2050. The aging population is expected to further elevate the burden of eye disorders in Asia Pacific, supporting the growth of the ophthalmic drugs market. Additionally, ongoing research and development efforts by pharmaceutical companies are anticipated to boost the ophthalmic drugs market in Asia Pacific.
Competitive Landscape
Major players in the ophthalmic drugs market are actively engaged in new product launches to bolster their existing portfolios and maintain their market positions. For example, in 2022, Sandoz introduced a solution containing brimonidine tartrate and timolol maleate in the United States to lower eye pressure in individuals with ocular hypertension or high eye pressure. Similarly, in January 2022, Sun Pharma launched a new ophthalmic solution called Cequa for the treatment of dry eye syndrome in Canada.
Key players in the ophthalmic drugs market include Abbvie Inc., Novartis AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Santen Pharmaceutical Co. Ltd., Regeneron Pharmaceuticals Inc., Sun Pharmaceuticals Industries Ltd., Bausch & Lomb Inc., Teva Pharmaceuticals, and Valeant Pharmaceuticals Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/ophthalmic-drugs-market
Visit Our Blogs:
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_442125402/2840/2023-10-19T10:38:15
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Endowment Lock journalist was involved in the writing and production of this article.