Press release
Ophthalmic Drugs Market Garner about $42,663 Million, Globally by 2023 with Top Key Players such as Santen Pharmaceutical Co., Ltd., Bausch & Lomb Inc. (Valeant Pharmaceuticals International, Inc.), Shire Plc, Alcon (Novartis)
The development of effective ophthalmic is crucial is the current scenario, owing to increase in incidence of ophthalmic disorders such as glaucoma, cataract, and other common eye infections. Ophthalmic drugs are administered in different dosage forms depending upon the indication. Market players focus on innovation of novel approaches for the development of ophthalmic drugs over the years, including small molecule, biologics, and recombinant technologies, thereby driving the growth of ophthalmic drugs market.
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Key Findings of the Ophthalmic Drugs Market:
• The liquid ophthalmic drug forms generated the highest revenue in 2016, and are anticipated to continue the same trend, registering a CAGR of 4.1% from 2017 to 2023.
• The cell therapy technologies registered significant growth rate and is expected to register a CAGR of 6.5%.
• North America dominated the market, accounting for maximum share of 36% of the total market in 2016 and is expected to witness a CAGR of 4.4%.
• The online pharmacies segment is witnessing the highest CAGR of 5.8% among the end users.
• Anti-inflammatory drugs accounted for two-sevenths share of the global ophthalmic drugs market in 2016.
Among distribution channel, hospital pharmacies generated the highest revenue in 2016, accounting for 31% of the total ophthalmic drugs market share, and are anticipated to continue this trend throughout the forecast period. Moreover, online pharmacies segment is expected to witness a high growth rate of 5.8%, owing to increase in trend of online ordering and easy availability of drugs.
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Increase in focus towards developing combination therapies for treatment of ophthalmic disorders, prevalence of these disorders, and surge in geriatric population are projected to drive the ophthalmic drugs market growth. In addition, continuous change in demographics worldwide supplements this growth. However, longer timelines required for the approval of novel ophthalmic drugs and side effects associated with the same limit market expansion.
Asia-Pacific is expected to witness highest growth rate for ophthalmic drugs throughout the forecast period, and is expected to continue this trend, owing to high population density, increase in geriatric population, and rise in incidence of congenital glaucoma and cataract in India and China.
Top Key Players :
• Santen Pharmaceutical Co.Ltd.
• Bausch & Lomb Inc. (Valeant Pharmaceuticals International Inc.)
• Shire Plc
• Alcon (Novartis)
• Genentech Inc.
• Allergan Plc
• Sun Pharmaceutical Industries Limited
• Actavis Generics (Teva Pharmaceutical Industries Ltd.)
• Regeneron Pharmaceuticals Inc.
• Pfizer Inc.
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