Ophthalmic Drugs Market is Expanding Significantly, Globally (2017-2023) : AMR Report
Ophthalmic drugs are extensively used to treat glaucoma, cataract, diabetic retinopathy, and other ophthalmic disorders. Introduction of novel ocular drug delivery approaches in the market has driven the manufacturers to develop innovative therapeutic approaches for the treatment of ophthalmic disorders. According to the American Academy of Ophthalmology, 11 million people in the U.S. suffer from age-related macular degeneration (AMD), while approximately 10% of them are inflicted with wet AMD. Such trends in ophthalmic disorders across the globe contribute to the growth of the market.
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Ophthalmic Drugs Market Key Findings:
• 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.
The other key factors that boost the ophthalmic drug market size include high prevalence of glaucoma worldwide and rise in transition towards development of combination therapies for the treatment of glaucoma. In addition, the dynamics in the demographics across the globe contribute to the market growth. However, risk of side effects associated with ophthalmic drugs and the longer timelines required for novel ophthalmic drugs hamper this growth. Moreover, increase in investment by market players in emerging economies offers lucrative opportunities for market growth in near future.
Indication Segment Review:
The ophthalmic drugs industry is segmented based on indication into dry eye, glaucoma, infection/inflammation/allergy, retinal disorders, and others. The retinal disorders segment is further classified into wet age-related macular degeneration, dry age-related macular degeneration, diabetic retinopathy, and others. Retinal disorders indication has registered significant growth rate, registering a CAGR of 5.8% from 2017 to 2023. The dry age-related macular degeneration segment accounts for the highest share among all the retinal disorders in 2016, and is expected to continue this trend throughout the forecast period.
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Dosage Form Segment Review:
The ophthalmic drugs industry analysis is segmented based on dosage form into liquid, solid, semisolid, multicompartment drug delivery systems, and other ophthalmic drug forms. Liquid ophthalmic drug form segment accounted for the highest revenue in 2016, and is projected to maintain the trend throughout the forecast period. However, multicompartment drug delivery systems registered the highest CAGR of 8.0%. This is attributed to increase in development of novel ocular drug delivery approaches including nanoparticles, noisome, and dendrimers.
Based on geography, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America dominates the global market, accounting for 36% of the total market share in 2016, and is anticipated to lead throughout the forecast period. The report provides a comprehensive analysis of the key players operating in the global market such as 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., and Pfizer Inc.
The other key players in the value chain include Abbott Medical Optics, Inc., Carl-Zeiss AG, Ellex Medical Lasers Ltd., Essilor International S.A., Hoya Corporation, Insight Vision Inc., Nidek Co.Ltd, Novagali Pharma S A, Topcon Corporation, and Ziemer Ophthalmic Systems AG.
Ophthalmic Drugs Market Key Benefits:
• The study provides an in-depth analysis with the current trends and future estimations of the global ophthalmic drugs market to elucidate the imminent investment pockets.
• Comprehensive analysis of the factors that drive and restrict the market growth is provided.
• The quantitative analysis of the industry from 2016 to 2023 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of key segments of the industry is provided to understand the type of ophthalmic drugs used globally.
• Key players and their strategies are analyzed to understand the competitive outlook of the market.
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