Ophthalmic Drug Market By Leading Manufacturers With Its Application And Types by 2025
THE ALARMING EYE DISEASE BOOSTING THE OPTHALMIC DRUG MARKET:
According to a new report published by Reports Monitor titled, “THE GLOBAL OPTHALMIC DRUG MARKET, GROWTH OPPORTUNITIES AND FORECAST TILL 2025” the global Ophthalmic Drug market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Ophthalmic diseases such as cataract, glaucoma are spreading at alarming rate. Many times these diseases leads to blindness. Ophthalmic drugs are used to treat these diseases.
The rising prevalence of eye diseases is the key driving force of growing ophthalmic drug market. According to World Health Organization (WHO), around 253 million people are living with vision impairment, out of which 36 million are blind and nearly 217 million have moderate to severe vision impairment. Also, cataract is responsible for 51% of world blindness, which represents about 20 million people (2010). Various other factors such as growing awareness among people about eye diseases and increasing funding by government in research & development of ophthalmology are also helping the market to grow. Additionally, the growing geriatric population and upsurge in healthcare expenditure are dominant drivers for the growth of ophthalmic drugs market.
However, the side effects associated with the ophthalmic drugs and high cost of diagnosing the eye diseases are the major hindrance to the growth of market. Apart from these, poor reimbursement policies and lack of proper healthcare facilities in rural and sub urban areas also hamper the growth of the market.
But, with advancement in technology and growing population the market is expected to have a swift growth. Also, with increasing diabetic patients and people getting addicted to cigarette & alcohol at young age will increase the number of patient with eye disease. Moreover, increase in investment by market players in emerging economies offers lucrative opportunities for market growth in near future.
The global ophthalmic drugs market is segmented on the basis of indication, drug class, type of dosage, product, and distribution channel.
Based on indication, the market is classified as glaucoma, retinal disorders, inflammation/infection, dry eye, allergies, uveitis, and others.
On the basis of drug class, the market is classified as antiallergy, anti-VEGF agents, anti-inflammatory, antiglaucoma, and others. The anti-inflammatory segment is further segmented into nonsteroidal drugs and steroidal drugs.
As per the type of dosage, the market is classified as eye drops, eye solutions, ointments, capsules and tablets, and gels.
Based on the product, the market is classified as prescription drugs and over the counter (OTC) drugs.
On the basis of the distribution channel, the market is classified as hospital pharmacies, online pharmacies, drug stores, and others.
The global ophthalmic drug market is regionally segmented into North America, Europe, Asia pacific and LAMEA.
North America has the largest market share owing to the rising prevalence of eye disease, their ability to adopt the inventive technology and presence of key players of the market in the region. According to the glaucoma research foundation, in the United States, more than 120,000 are blind because of glaucoma. This accounts for 9 to 12% of all cases of blindness of U.S.
Europe stands second in terms of market share. The favorable government policies and increasing competition among the players of the market is helping the healthy growth of the market. Apart, from this many global key players are also present in this region.
Asia pacific is expected to have the fastest growth in the forecast period owing to the fact that patient density is the highest of the region. Additionally the expenditure per capita is increasing in the region. Also, the demand for advanced technology and development in healthcare sector will boost the market of this region.
LAMEA region has the least share of market, this is because of lack of awareness and underdeveloped countries in the region. Although, the number of patient with eye disease is huge. The children of the region are also malnourished. However, the market in Middle East is growing at a swift pace as the economy is stable and there is a growing concern about healthcare.
The key players in the global ophthalmic drugs market are Actavis Generics, Allergan Plc, Bausch & Lomb Inc., Genentech, Inc., Merck & Co., Inc., Pfizer Inc., Regeneron Pharmaceuticals, Inc., Santen Pharmaceutical Co., Ltd., Shire Plc, Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Inc.
Recently, Novartis debuts FocalView app, a digital move into ophthalmic clinical trials.
We at Garner Insights.com provide a comprehensive analysis by providing in-depth reports of the various market verticals. Our Mission is to provide a detailed analysis of the vast markets worldwide backed by rich data. Decision makers can now rely on our well-defined data gathering methods to get the correct and accurate market forecasting along with detailed analysis.