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Ophthalmic Drugs Market: Global Industry Growth Factors, Trends, Demand Status And Forecast To 2033
Ophthalmic Drugs Market
Ophthalmic Drugs Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $53.09 billion In 2028 At A CAGR Of 7.5% :
The ophthalmic drugs market size has grown strongly in recent years. It will grow from $36.77 billion in 2023 to $39.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing incidence of eye disorders, r&d investments in eye care, changing lifestyles, global increase in diabetes cases, government initiatives for vision care.
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).
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Ophthalmic Drugs Market Major 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 Driver - 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.
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Prominent Trend - 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.
Ophthalmic Drugs Market Players
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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the ophthalmic drugs market in 2023. The regions covered in the ophthalmic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ophthalmic Drugs Market Report Structure
3. Ophthalmic Drugs Market Trends And Strategies
4. Ophthalmic Drugs Market - Macro Economic Scenario
5. Ophthalmic Drugs Market Size And Growth
…..
27. Ophthalmic Drugs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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