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Ophthalmic Drugs Market Growth, Industry Latest Trends, Size, Key Drivers, Top Players And Forecast To 2033
Ophthalmic Drugs Market
The ophthalmic drugs market size is expected to see strong growth in the next few years. It will grow to $53.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to biopharmaceutical innovations, increasing prevalence of myopia, expanding aging population, personalized medicine approaches, regulatory support for rare diseases. Major trends in the forecast period include biologics and gene therapies, increased focus on dry eye therapeutics, advancements in glaucoma treatment, emergence of combination therapies, focus on age-related macular degeneration (amd).
Market Overview -
Ophthalmic drugs refer to a class of pharmaceutical drugs or medicines used for treating diseases that affect the eye or vision. This medication is used to treat eye infections
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Rising Ophthalmic Disorders Fueling Growth In Ophthalmic Drug Market
The increase in the prevalence of ophthalmic disorders is expected to propel the growth of the ophthalmic drug market going forward. Ophthalmic disorders refer to a disorder or disease that affects the eye and other parts of the eye, causing impairment of vision and other eye ailments. Ophthalmic drugs are pharmaceutical drugs or medicines used for treating diseases that affect the eye or vision, as a result, the increase in the prevalence of ophthalmic disorders increases the demand for the ophthalmic drug market. For instance, in February 2021, according to the University College London, a UK-based a public research university, in 2020, approximately 596 million individuals globally experienced untreated ""distance vision impairment,"" attributable to conditions such as cataracts, glaucoma, or eye issues linked to diabetes. Among them, 43 million were blind. This number is projected to increase significantly to 895 million, with 61 million people facing blindness, by 2050. The increase in the prevalence of ophthalmic disorders is driving the ophthalmic drug market.
Competitive Landscape -
Major companies operating in the ophthalmic drugs market report are AbbVie Inc., Alcon Inc., Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Nicox S.A., Coherus Biosciences Inc., Johnson & Johnson, Otsuka Pharmaceutical Co. Ltd., Viatris Inc., Mitotech SA, Akorn Incorporated, F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Bayer AG, Senju Pharmaceutical Co. Ltd., Aerie Pharmaceuticals Inc., Kala Pharmaceuticals Inc., Aurobindo Pharma Ltd., Eyevance Pharmaceuticals, Acucela Inc., Dompe Farmaceutici S.p.A., Xbrane Biopharma AB, Laboratoires Théa
Innovative Solutions Drive Ophthalmic Drug Market
Product innovations are a key trend gaining popularity in the ophthalmic drug market. Major companies operating in the ophthalmic drug market are focused on developing new solutions to strengthen their position in the market. In January 2022, Sun Pharmaceutical Canada Inc., a Canada-based research and development company that specializes in developing innovative medicines in dermatology and ophthalmology, launched the ophthalmic drug CEQUA (cyclosporine ophthalmic solution 0.09% w/v) for the treatment of dry eye disease in Canada. CEQUA is delivered with nano micellar (NCELL) technology. Nanomicellar technology increases ocular tissue penetration by improving the bioavailability and physicochemical stability of cyclosporine.
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Key Segments -
The ophthalmic drugs market covered in this report is segmented -
1) By Type: Prescription Drugs, Over-The-Counter Drugs
2) By Class: Anti-Allergy, Anti-Inflammatory, Anti-Glaucoma, Other Classes
3) By Disease: Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, Uveitis, Other Diseases
4) By Dosage Form: Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems
5) By Distribution Channel: Hospital Pharmacies, Drug Stores, Online Pharmacies
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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