Ophthalmic Drugs Market

1. Ophthalmic Drugs Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The global ophthalmic drugs market size was valued at USD 36.65 billion in 2020 and is projected to surpass USD 59.85 billion by 2028 registering at a CAGR of 6.5% during the forecast period, 2021–2028. The growth of the market is attributed to the rising awareness related to eye disease, advancing technology implementation in drugs for better results, and increasing incidences of eye disorders. Ophthalmic anti-infective products consist of eye drops, ointments, or gel, which are primarily applied to eliminate infectious agents or prevent their spread in and around eyes. As per the World Health Organization (WHO) report in 2021, there are nearly 2.2 billion people suffering from vision impairment. Among these, preventive action can be taken on 1 billion people having vision impairment. These 1 billion people include visual impairment caused by cataracts (65.2 million), unresolved refractive errors (123.7 million), corneal opacity (4.2 million), diabetic retinopathy (3 million), glaucoma (6.9 million), trachoma (2 million) and imminent visual impairment due to the unspecified presbyopia (826 million). According to the 2019 study, the International Agency for the Prevention of Blindness stated that nearly 80 million people are likely to have glaucoma by the end of 2020. Furthermore, the number is expected to increase and reach up to 111 million by 2040. Therefore, there is an increasing demand for better drugs to control the disease. Due to the COVID–19 pandemics, the ophthalmic drugs market is expected to get hampered, as the lockdown is being imposed by governments of every major economy that lead to shut the manufacturing units worldwide. As hospitals are packed with COVID-19 patients, the number of people visiting to eye clinics or hospitals are reduced significantly and only emergency treatments are being performed. However, several studies are conducted to examine the relationship between the increasing cases of COVID-19 among patients having eye-related disorders. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that 31.6% of patients with COVID-19

2. had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis in China. This presents a key aspect for the market development during the pandemic. Market Trends, Drivers, Restraints, and Opportunities  Increasing geriatric population is fueling the cases of ophthalmic disorders, as most of the population comes under the age of 50 to 60 years are widely caused by cataracts and uncorrected refractive errors. This is expected to boost the market. Formation of new rules and regulations from government bodies encouraging for the development of new drugs for eye diseases are estimated to propel the ophthalmic drugs market. Ongoing development of drugs by medical institutes and approval of new laboratory methods is expected to boost the market growth in coming future. Lack of health insurance covering all types of contact lenses especially in developing countries are the major challenges facing the ophthalmic drugs market. Increasing expenditures and high cost investment in the treatment process are likely to hamper the market growth. Increasing collaboration among major healthcare companies to develop advanced drugs for the better treatment procedures related to eye disorders, is projected to expand the market growth during the forecast period.      Sample - https://growthmarketreports.com/request-sample/1438 Market Segment Insights Over the counter drugs segment is expected to grow at a rapid pace Based on types, the global ophthalmic drugs market is bifurcated by prescription drugs and over the counter (OTC) drugs. The OTC drugs segment is expected to expand at rapid pace during the forecast period owing to the easy availability and wide accessibility of the drugs. Moreover, wide approval of the OTC drugs, which are more safety and efficacy profiles along with higher price of ophthalmic drugs are anticipated to upsurge the segment growth. In July 2020, Alcon’s Pataday received the US Food and Drug Administration (FDA) approval for OTC for the treatment of eye allergy. The improvement of this OTC ophthalmic treatment is expected to boost the segment growth in the coming years. Anti-VEGF segment is projected to expand at a considerable CAGR On the basis of drugs classes, the market is segregated by anti-inflammatory, anti-VEGF agents, anti- glaucoma, anti-allergy, and others. The anti-inflammatory segment is further bifurcated into steroidal drugs and nonsteroidal drugs. Anti-VEGF segment is projected to expand at a considerable CAGR due to the increasing adoption rate of the drug types and existing of robust product portfolio in the segment. The segment growth is fueled by strong commercialization in the market of Macugen (pegaptanib), Lucentis (ranibizumab), and Avastin (bevacizumab). The anti-inflammatory segment is projected to hold a considerable market share in the coming years due to the rise in prevalence of hypersensitivity reactions and allergic conjunctivitis. Moreover, rising

3. such cases lead to increase in demand for anti-inflammatory drugs such as scleritis, uveitis, edema, and cystoid macular. Ongoing clinical studies by several healthcare companies to develop improved anti- inflammatory drugs for dry eye disease is expected to boost the segment growth. For example, in August 2019, OKYO Pharma Ltd. has completed pre-clinical studies and discovered that OK-113 depicted potent anti-inflammatory activity in an experimental model of dry eye disease in mice. Inquiry- https://growthmarketreports.com/enquiry-before-buying/1438 Competitive Landscape Some of key players in the ophthalmic drugs market are Johnson & Johnson Services, Inc.; Alcon; Santen Pharmaceutical Co. Ltd; Allergan; Pfizer, Inc.; Bausch Health; Bayer AG; Genentech, Inc.; Regeneron, Merck & Co.; Coherus Biosciences, Inc.; and Novartis AG. Most of these companies are largely investing in R&D programs to come up with innovative products to treat the eye diseases. For example, in June 2020, Novartis has been received approval from the U.S. FDA for Beovu (brolucizumab) related to label update. New composition of ophthalmic solution was launched by a Japan-based company, Senju Pharmaceutical Co. Ltd, for the treatment of glaucoma and ocular hypertension. Such new drug developments are expected to boost the market during the forecast period. Moreover, in April 2020, Ocular Therapeux, Inc. has completed the Phase III clinical trial to evaluate the safety and effectiveness of DEXTENZA in the treatment of allergic conjunctivitis. It is freestanding and bio-absorbable therapy, which is performed using an ear tube inserted in an office setting. It is a one-time treatment designed to release the corticosteroid dexamethasone to the ocular surface and it is lasted for 30 days. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact: Growth Market Reports Phone: +1 909 414 1393 Email: sales@growthmarketreports.com Web: https://growthmarketreports.com Follow Us: LinkedIn | Twitter