Press release
Ophthalmic Drugs Market:The Drugs That Are Transforming Medicine Industry to reach $42,663 million by 2023
It is expected that the increased concentration in the development of combination therapies for the treatment of ophthalmic disorders, the incidence of these disorders and the increase in geriatric population will promote the development of Ophthalmic drug market. In addition, continuous changes in demographics around the world complement this growth. However, longer time to approve new ophthalmic drugs and side effects involves expanding the same boundary market.
Global Ophthalmic Drugs Market size was valued at $29,613 million in 2016, and is expected to reach $42,663 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. Ophthalmic drugs are extensively used to treat glaucoma, cataract, diabetic retinopathy, and other ophthalmic disorders.
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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.
Conversely, surge in investment by manufacturers in the emerging economies and rise in initiatives to reduce the burden of glaucoma globally are anticipated to offer lucrative opportunities for market expansion. The multicompartment drug delivery systems is expected to witness a CAGR of 8.0% from 2017 to 2023, as these systems are ideal to sustain and deliver therapeutics to the target tissues and cells. The anti-inflammatory segment accounted for 28% of ophthalmic drugs market share in 2016, and is projected to continue its dominance throughout the forecast period.
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.
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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