Press release
Global Ophthalmic Therapeutics Market Projected to Reach USD 37.4 Billion by 2028 with 3.1% CAGR
Ophthalmic Therapeutics Drugs Market
Moreover, the demand for ophthalmic therapeutics drugs is increasing due to the rising prevalence of glaucoma, which is the leading cause of blindness and affects almost 3 million Americans. It is predicted that this number will rise to 4.2 million by 2030. The increasing incidence of age-related macular degeneration and cataracts is also driving revenue growth in the market.
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Key players in the Ophthalmic Therapeutics Drugs Market -
• Novartis AG
• Allergan plc
• Pfizer Inc.
• Santen Pharmaceutical Co., Ltd.
• Regeneron Pharmaceuticals, Inc.
• Alcon Inc.
• Bausch Health Companies Inc.
• Roche Holding AG
• Genentech, Inc.
• Johnson & Johnson Vision
The development of new technologies such as gene therapy is another factor driving the growth of the ophthalmic therapeutics drugs market. Gene therapy offers a promising alternative for the treatment of inherited retinal illnesses and is expected to provide long-term benefits for patients. The availability of efficient treatment alternatives such as anti-Vascular Endothelial Growth Factor (VEGF) medications, steroids, and immunosuppressants is also expected to fuel market revenue growth.
However, the loss of patent protection for popular drugs used in treating eye disorders and the lack of health insurance in developing countries may hinder the growth of the market.
Segments Covered in the Report -
The global ophthalmic therapeutics drugs market can be segmented by drug type and indication.
In terms of drug type, the market is divided into anti-inflammatory drugs, anti-infective drugs, anti-glaucoma drugs, and others. Anti-inflammatory drugs are used to reduce inflammation in the eye caused by diseases such as uveitis and conjunctivitis. Anti-infective drugs are used to treat bacterial, viral, and fungal infections of the eye. Anti-glaucoma drugs are used to treat glaucoma, a condition that damages the optic nerve and can cause blindness if left untreated. Other drugs include those used to treat conditions such as allergy-related eye problems.
In terms of indication, the market is segmented into dry eye syndrome, glaucoma, retinal disorders, and others. Dry eye syndrome is a condition in which the eyes do not produce enough tears, causing discomfort and irritation. Glaucoma is a condition that affects the optic nerve and can lead to blindness if left untreated. Retinal disorders are conditions that affect the retina, such as age-related macular degeneration and diabetic retinopathy. Other indications include allergy-related eye problems and infections.
The anti-inflammatory drugs segment is expected to hold a significant share of the market, as inflammation is a common symptom of many eye disorders. Additionally, the anti-glaucoma drugs segment is expected to exhibit significant growth due to the increasing prevalence of glaucoma worldwide.
Within the indication segment, the dry eye syndrome segment is expected to hold a significant share of the market due to the growing prevalence of the condition, particularly in developed countries. The glaucoma segment is also expected to exhibit significant growth due to the increasing prevalence of the condition, particularly in older populations.
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Strategic development:
• Novartis AG obtained approval from the Food and Drug Administration (FDA) on 13 October 2021 for its Beovu (brolucizumab) medication, which is utilized to treat wet age-related macular degeneration, a primary cause of vision loss in older adults.
• Allergan plc. introduced its Rhofade (oxymetazoline hydrochloride) topical cream on 19 January 2020, which is utilized to treat facial erythema linked with rosacea.
• Pfizer Inc. acquired Mylan N.V. on 16 November 2020 to create Viatris Inc., a new global pharmaceutical company dedicated to developing and marketing various innovative therapies and solutions.
• Alcon Inc. released its AcrySof IQ PanOptix trifocal intraocular lens on 18 January 2018, which is used during cataract surgery to enhance visual results for patients.
• Roche Holding AG obtained FDA approval on 14 October 2016 for its Lucentis (ranibizumab) medication, which is utilized to treat diabetic macular edema, a significant cause of vision loss in diabetic adults.
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