Market Insights:
The senior population is growing with the rising global population, and the rising patient base suffering from ocular and eye-related disorders has been a major growth driver that has urged the advent of the ophthalmic drugs market. In the next few years, the demand for ophthalmic drugs will increase significantly in emerging economies such as China and India.
The prescription types studied for analyzing the overall ophthalmic drug market are prescription drugs and over-the-counter (OTC) drugs. Based on therapeutic areas, the global ophthalmic drugs market is segmented into glaucoma, retinal disorders, ophthalmic drugs, dry eye, and allergic conjunctivitis. The market size and forecast for each of these segments for 2012–2022 are provided in this study, along with their respective CAGRs for the forecast period 2016–2022.
Geographically, the ophthalmic drug market is studied for the following regional markets:
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The market size and forecast for these regional and country-level markets are presented in this study for the period 2014–2022. In addition, market growth rates for the forecast period 2016–2022 are also included in this report, considering 2015 as the base year.
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for a better analysis of the overall market scenario and prospects. Information such as market inclination insights and drivers, challenges, and opportunities assists the readers in understanding the ongoing trends in the global ophthalmic drugs market.
Tools such as market positioning of key players and attractive investment propositions provide the readers with insights into the competitive scenario of the global ophthalmic drugs market. This report concludes with a company profiles section highlighting major information about the key players in the ophthalmic drugs market.
Based on the type of prescription, the global ophthalmic drugs market is segmented as follows:
- prescription ophthalmic drugs
- Over-the-Counter (OTC) Drugs
The ophthalmic drug industry can be classified into prescription and over-the-counter (OTC) drugs. OTC drugs are widely adopted due to the large number of glaucoma patients and the increasing number of geriatric patients globally, creating a significant demand in the OTC drug market. However, various side effects associated with the uptake of OTC medications would hinder growth for the OTC market segment.
The prescription ophthalmic drugs segment is anticipated to grow at the highest CAGR during the forecast period. The prime factor determining the growth of the prescription drugs segment is the increasing number of patients suffering from various new retinal disorders and complicated glaucoma and cataract cases. Moreover, an increasing success rate for newly launched drugs, which can only be purchased by prescription, would further assist the market’s growth. Ophthalmic steroids need a prescription to be given to the patient, as these products are specifically designed to be applied to the eyes.
These products contain corticosteroids and are available as eye drops, gels, ointments, and other forms of ocular application. Some FDA-approved prescription ophthalmic drugs include Acular, Omidria, Betaxon, Zaditor, and Zymaxid.
Based on the type of therapeutic, the global ophthalmic drugs market is segmented as follows:
- Glaucoma ophthalmic drugs
- Retinal Disorder Ophthalmic Drugs
- Dry Eye Ophthalmic Drugs
- Allergic Conjunctivitis
According to the World Health Organization (WHO), currently, more than 300 million people are affected by visual impairments and blindness, and this figure is expected to grow by 10% in the coming years (2020). About 90% of the worlds visually impaired reside in low-income groups. And 82% of people living with blindness are aged 50 and above. Worldwide, uncorrected refractive errors are the main cause of moderate and severe visual impairment and cataracts, which are the leading cause of blindness in the middle- and low-income countries.
On the basis of therapeutics, the global market for ophthalmic drugs is segmented into four categories: glaucoma ophthalmic drugs, retinal disorders ophthalmic drugs, dry eye ophthalmic drugs, and allergic conjunctivitis. Glaucoma ophthalmic drugs hold the largest share of the global ophthalmic drug market. It is estimated that over three million Americans are suffering from glaucoma, which is the leading cause of blindness in people over 60 years of age. Early detection and treatment with the help of glaucoma eye drops, glaucoma surgery, or both can help retain vision. Treatment can involve glaucoma surgery, lasers, or medication, depending on the severity. The retinal disorder ophthalmic drug is anticipated to grow at the highest CAGR due to a higher prevalence rate among people in the world. Thus, the treatment for retinal disorders has the highest growth rate.
The geographical segmentation of the global ophthalmic drugs market comprises North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In the base year of 2015, North America accounted for the largest market in the ophthalmic drugs market due to the rising number of patients suffering from ocular diseases in the region. The prevalence of blindness, vision impairment, and other eye-related disorders is expected to increase rapidly among all age groups, genders, and races in North America.
It has been estimated that age-related macular degeneration is expected to double by 2050, from 2.1 million to 3.7 million cases. However, factors such as high market saturation, drying pipelines, and increasing competition are some of the factors hampering the market potential of the North American ophthalmic drug market. Europe is the second-largest market for ophthalmic drugs. Better regulatory policies have led to increased trust in the drug market, which is the key factor driving the growth in the European market. The Asia Pacific ophthalmic drug market holds high growth potential in the near future due to factors such as the rising geriatric population, rising investments in healthcare infrastructure, and the increasing prevalence of ocular diseases, which include disorders of both the cornea and the retina.
