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Rising Ophthalmic Disorders Fueling Growth In Ophthalmic Drug Market: Powering Innovation and Expansion in the Ophthalmic Drugs Market by 2025
Ophthalmic Drugs Market
What Is the Expected CAGR for the Ophthalmic Drugs Market Through 2025?
In recent years, the ophthalmic drugs market has witnessed robust growth. It is projected to escalate from $39.36 billion in 2024 to $42.25 billion in 2025, with a compound annual growth rate (CAGR) of 7.3%. The growth during the historic period can be ascribed to factors such as an upward trend in eye disorders, R&D efforts in eye care, shifting lifestyles, a worldwide surge in diabetes instances, and governmental vision care initiatives.
What's the Projected Size of the Global Ophthalmic Drugs Market by 2029?
The market size for ophthalmic drugs is poised for robust growth in the following years, escalating to $56.35 billion in 2029 at a CAGR of 7.5%. This growth during the projected period is credited to advancements in biopharmaceuticals, increased instances of myopia, an enlarging elderly population, approaches in personalized medicine, and regulatory backing for rare diseases. Emerging trends in this forecast period include advancements in biologics and gene therapies, a rising emphasis on dry eye therapeutics, strides in glaucoma treatment, the introduction of combination therapies, and targeting age-related macular degeneration (AMD).
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Top Growth Drivers in the Ophthalmic Drugs Industry: What's Accelerating the Market?
The growth of the ophthalmic drug market is expected to be fueled by the rising occurrence of ophthalmic disorders. These are conditions or diseases that impair vision and cause other eye-related illnesses. Ophthalmic drugs, pharmaceutical medications used to treat conditions impacting the eye or sight, are in higher demand due to the rise in ophthalmic disorders. In 2022, the US government agency, the Centers for Disease Control and Prevention (CDC), stated that 17.2% of Americans aged 40 or over (roughly 20.5 million people) will develop a cataract in at least one eye. Consequently, the enhanced prevalence of ophthalmic disorders is prompting the growth of the ophthalmic drug market.
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What Trends Will Shape the Ophthalmic Drugs Market Through 2029 and Beyond?
The emergence of product innovations is a prominent trend observed in the ophthalmic drug market, with leading companies striving to develop unique solutions to solidify their market presence. In a recent development in January 2022, Sun Pharmaceutical Canada Inc., a Canadian firm specializing in the research and development of cutting-edge medicines in dermatology and ophthalmology, introduced a new ophthalmic medication named CEQUA (cyclosporine ophthalmic solution 0.09% w/v) for treating dry eye condition in Canada. This drug uses Nano micellar (NCELL) technology that enhances ocular tissue penetration by boosting the bioavailability and the physicochemical stability of cyclosporine.
What Are the Main Segments in the Ophthalmic Drugs Market?
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
Subsegments:
1) By Prescription Drugs: Antiglaucoma Agents, Anti-inflammatory Drugs, Antibiotics, Antivirals, Corticosteroids, Other Prescription Drugs
2) By Over-The-Counter Drugs: Artificial Tears, Allergy Relief Medications, Redness Relievers, Ocular Vitamins And Supplements, Other OTC Drugs
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Which Top Companies are Driving Growth in the Ophthalmic Drugs Market?
Major companies operating in the ophthalmic drugs market include 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, 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
Which Regions Will Dominate the Ophthalmic Drugs Market Through 2029?
North America was the largest region in the ophthalmic drugs market in 2024. The regions covered in the ophthalmic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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