2020 Ophthalmology Drugs Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast To 2030 | COVID 19 Impact And Recovery

Ophthalmology Drugs Market: Covid 19 Implications And Growth - By Type (Antglaucoma Drugs, Dry Eye Medication And Other Ophthalmological Drugs), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies/ Drug Stores And Others), By Drug Classification (Branded Drugs And Generic Drugs), By Mode Of Purchase (Prescription-Based Drugs, Over-The-Counter Drugs) And, And By Region, Opportunities And Strategies – Global Forecast To 2035 By The Business Research Company

The global ophthalmology drugs market is expected to decline from $24,640.0 million in 2019 to $19,831.3 million in 2020 at a compound annual growth rate (CAGR) of -19.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 44.6% from 2021 and reach $33,272.8 million in 2023. The market is expected to grow at a CAGR of 7.2% to nearly $38,223.53 million by 2025, and at a CAGR of 7.0% to $53,698.87 million by 2030.

The key drivers of the ophthalmology drugs market include:-
Increasing Prevalence Of Eye-Related Disorders:
Increasing incidence and prevalence of eye diseases causing vision loss or blindness and age-related eye diseases is expected to support the growth of the ophthalmic drugs market. Eye disorders such as age-related macular degeneration (AMD), glaucoma, diabetic retinopathy, and cataract are becoming major causes of visual impairment and blindness globally. Globally, AMD ranks the third cause of blindness after cataract and glaucoma.lxxix It is estimated that AMD, on average, affects an estimated 34 million people in the European Union (EU) with 22 million people, in the five most populous European countries alone. It is expected that there will be a 25% rise in AMD patient population by 2050 owing to the population growth and aging. By 2050, an estimated 7.32 million people in the USA are expected to have primary open angle glaucoma (POAG), a rise from 3.15 million in 2015.lxxx There has also been a rise in diabetic retinopathy largely due to the spike in diabetes across the world.

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Ophthalmology Drugs Market Segmentation:-
The ophthalmology market is segmented by drug type, prescription type, distribution channel, drug variation and by geography.
By Drug Type- The ophthalmology drugs market can be segmented by drug type
a) Antiglaucoma Drugs
b) Dry Eye Medication
c) Other Ophthalmology Drugs
The ophthalmology drugs market is segmented by drug type into antiglaucoma drugs, dry eye medication and other ophthalmology drugs used to treat retinal disorders, infections and allergies. The other ophthalmology drugs market was the largest segment of the ophthalmology market, accounting for 58.1% of the total in 2019. It was followed by antiglucoma drugs and dry eye medication. Going forward, the other ophthalmology drugs segment is expected to be the fastest growing segment in the ophthalmology market, at a CAGR of 9.1%.

By Prescription Type- The ophthalmology drugs market can be segmented by prescription type
a) OTC Drugs
b) Prescription Drugs
The ophthalmology drugs market is segmented by prescription type into OTC drugs and prescription drugs. The OTC drugs market was the largest segment of the ophthalmology market segmented by prescription type, accounting for 54.1% of the total in 2019. Going forward, the prescription drugs segment is expected to be the fastest growing segment in the ophthalmology drugs market segmented by prescription type, at a CAGR of 9.9%.

By Distribution Channel- The ophthalmology drugs market can be segmented by distribution channel
a) Hospital Pharmacies
b) Eye Health Clinics
c) Retail Pharmacies
d) Online Pharmacies
The ophthalmology drugs market is segmented by distribution channel into hospital pharmacies, eye health clinics, retail pharmacies and online pharmacies. The retail pharmacies was the largest segment of the ophthalmology drugs market segmented by type of distribution channel, accounting for 63.0% of the total in 2019. Online pharmacies segment is expected to be the fastest growing segment in the ophthalmology drugs market segmented by type of distribution channel, at a CAGR of 15.4%.

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By Geography - The ophthalmology drugs market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the ophthalmology drugs market are
• Novartis AG
• Regeneron Pharmaceuticals, Inc.
• Allergan plc
• Bayer AG
• Santen Pharmaceutical Co., Ltd.

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