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Ophthalmic Drugs Market to Become Worth US$ 34.3 Billion by 2025
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Noticeable trends in the global ophthalmic drugs market are keen players entering into co-development agreements to formulate novel biological agents having lesser treatment durations, emerging market players focusing on unmet medical needs in ophthalmology, and generic manufacturers bolstering their distribution networks of affordable drugs in rural areas of developing regions, having maximum visually challenged people.
As per a report by Transparency Market Research, the global ophthalmic drugs market will likely attain a value of US$34.3 bn by 2025 from US$24.4 bn in 2016 by registering a rapid CAGR of 4.0% from 2017 to 2025.
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Depending upon disease indication, the global ophthalmic drugs market can be divided into retinal disorders, dry eye, glaucoma, infection/inflammation, uveitis, allergy, etc. Of them, the retinal disorders segment which can be further segmented into wet age-related macular degeneration, dry age-related macular degeneration, diabetic retinopathy, etc., accounts for maximum market share because of a burgeoning patient population requiring long-term treatment, rising instances of diabetic retinopathy as co-morbidity in diabetic patients, new drugs curing irreversible eye disorders, and proper reimbursement policies in developed countries for ophthalmic drug treatment.
Based on geography, the key segments of the global ophthalmic drugs market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, at present is the leading region on account of higher uptake of advanced novel products and techniques, and high cost of therapies among all regions. The market in North America is slated to become worth US$13.80 bn by 2025.
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At the forefront of driving growth in the global ophthalmic drugs market is obviously the rising instances of eye diseases and consequent visual impairment. Elaborates the lead analyst of the TMR report, “Ophthalmic drugs is an expanding market because of the increasing prevalence of intraocular eye disorders such as cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, etc. This are mainly seen in the elderly. Further, there is a rising incidence of eye diseases globally such as dry eye, conjunctivitis, uveitis, and others, and the number of people afflicted with eye diseases is predicted to grow exponentially in the next couple of years. Sensing an opportunity in this, major market players across the globe are upping investments in research to innovate on treatment methods and improve the drug’s action mechanism with novel biological agents.”
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