The global ophthalmic drugs market is growing pervasively mainly due to the advancement in medical technologies such as AMPPLIFY technology that demonstrate a greater delivery of the drug into ocular tissues. Moreover, substantial investments made in the R&D activities for the drug discoveries are escalating the market on the global platform, bringing about novel medicines to treat ophthalmic diseases.
Considering the kind of expansion, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report confirms that the global ophthalmic drugs market will reach an exponential valuation by 2023 with approx. 6% CAGR throughout the review period (2017 – 2023).
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Additionally, the increasing prevalence of diseases and disorders related to the eyes coupled with the growing incidences of chronic diseases such as neurovascular or diabetes that affect the eyesight, are supporting the growth of ophthalmic drug market.
Moreover, coronary and other retina-related diseases fuelled by the sedentary and changing lifestyle are doubling the market size, increasing the demand for ophthalmic drugs. Furthermore, factors such as the ongoing product development & commercialization, and the improving regulatory framework boost the market growth.
On the other hand, factors such as the delaying approval process for new drug application, clinical trials, and final approval are impeding the market growth up to some extent. Nevertheless, the demand for sophisticated medications by the physicians and patients, in turn, is expected to support the market growth over the forecast period.
Global Ophthalmic Drugs Market – Segments
The MRFR analysis is segmented into six key dynamics for enhanced understanding.
By Indication : Glaucoma, and Retinal Disorder among others.
By Drug Class : Antiallergy, Anti-VEGF Agents, Anti-Inflammatory, and Antiglaucoma among others.
By Type of Dosage : Eye Drops, Eye Solutions, Ointments, Capsules & Tablets, and Gels among others.
By Product : Prescription and OTC Drugs among others.
By Distribution Channel : Glaucoma, Retinal Disorders, Dry Eye, Allergies, Inflammation/Infection, and Uveitis among others.
By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.
Global Ophthalmic Drugs Market – Regional Analysis
Globally, North America region, heading with the presence of the leading players dominates the global ophthalmic drugs. Factors accounting for the significant share of the market include the large patient population, the rising prevalence of eye diseases, well-developed technology, and high healthcare expenditure.
Also, factors such as the growing demand for the eye care, supported by the increasing number of patients suffering from the chronic diseases such as diabetes, neurovascular alongside other eye diseases impact the market growth positively.
Simultaneously, augmenting demand for the minimally invasive and technologically advanced treatments and government support are expected to drive the growth in the regional market commutatively.
The European ophthalmic drugs market heading with the burgeoning pharmaceutical industry in the region accounts for the second-largest market, globally. Owing to the factors such as the well-proliferated healthcare sector that is witnessing a growing number of advanced treatment facilities, fuelled by the growing demand for better healthcare infrastructure and increasing healthcare expenditures, the region is expected to demonstrate a healthy growth during the review period.
The ophthalmic drugs market in the Asia Pacific region led by the rising prevalence of various eye diseases and the growing population is emerging as a lucrative market. Substantial funding support from the private and public sectors supporting the market growth in the region, increasing R&D activities in the region. The growing pharmaceutical industry in the region alongside the availability of new treatment methods are pushing up market growth, increasingly meeting the ever-increasing demand for the treatments in the region.
Global ophthalmic drugs Market – Competitive Landscape
Intensely competitive, the ophthalmic drugs market appears fragmented owing to the presence of several large & small key players. These market players through strategic initiatives such as partnership, acquisition, expansion, collaboration, and product & technology launch try to gain competitive advantage. Substantial investments are being made in the R&D to develop a breakthrough drug that is on a different level entirely compared to their competition.
Key Players:
Key players leading the global ophthalmic drugs market include Allergan Plc, Actavis Generics, Bausch & Lomb Inc., Merck & Co., Inc., Pfizer Inc., Genentech, Inc., Regeneron Pharmaceuticals, Inc., Shire Plc, Santen Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries Limited, Valeant Pharmaceuticals International, Inc., and Teva Pharmaceutical Industries Ltd. Among others.
Industry/Innovation/Related News:
January 22, 2019 —- Aurinia Pharmaceuticals Inc. (the US), a clinical stage biopharmaceutical company announced positive results of clinical trials of voclosporin ophthalmic solution (VOS 0.2%) and Restasis (cyclosporine ophthalmic emulsion 0.05%) for the treatment of dry eye syndrome (DES).
In the exploratory Phase 2 head-to-head study evaluating the efficacy, safety and tolerability Both drugs found to be well-tolerated and there was no statistical difference between VOS and Restasis for the primary endpoint as both drugs exhibited low drop discomfort scores.
January 17, 2019 —- Aerie Pharmaceuticals, Inc. (the US), an ophthalmic pharmaceutical company focused on the discovery, development, and commercialization of first-in-class therapies announced that the U.S. FDA has reviewed the Investigational New Drug Application (IND submitted in Dec’ 2018) for AR-1105 (dexamethasone intravitreal implant), and it is now in effect, allowing Aerie to initiate human studies in the treatment of macular edema due to retinal vein occlusion (RVO).
January 07, 2019 —- Kala Pharmaceuticals, Inc. (the US), a clinical-stage pharmaceutical company focused on innovative nanoparticle-based treatments for ocular diseases announced the availability of its new ophthalmic drug – Inveltys, the first ocular steroid. Inveltys was approved by FDA in August 2018 for treatment of inflammation, pain after ocular surgery. The product utilizes Kala’s proprietary AMPPLIFY Mucus-Penetrating Particle technology to improve penetration into target tissues of the eye.
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