The changes in lifestyle and environment have raised the incidence of eye disorders that require medicines to treat the situation. Reports that gauge the medical device industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects.
The market is on course to achieve a CAGR of 6 % in the approaching forecast period.
The influence of factors such as increasing awareness of eye disease and increased research funding in ophthalmology is expected to motivate the ophthalmic drugs market in the coming years. The increased level of research into drugs for ophthalmic application is greatly inspiring the market for ophthalmic drugs in the forecast period. Moreover, the increased aging population is predicted to create additional opportunities for development in the approaching period.
Industry Updates
February 2019- Bausch + Lomb, a leading eye health company, announced that it had received FDA approval for LOTEMAX SM (loteprednol etabonate ophthalmic gel). The new gel formulation is intended to treat postoperative inflammation and pain following ocular surgery.
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The central players featured in the ophthalmic drugs market are:
- Allergan Plc
- Bausch & Lomb Inc.
- Genentech Inc.
- Merck & Co. Inc.
- Pfizer Inc.
- Actavis Generics
- Regeneron Pharmaceuticals Inc.
- Shire Plc
- Sun Pharmaceutical Industries Limited
- Santen Pharmaceutical Co. Ltd.
- Teva Pharmaceutical Industries Ltd.
- Valeant Pharmaceuticals International
- and others
Segmental Analysis
The segmentation of the ophthalmic drugs market is carried out on the basis of drug class, product, indication, type of dosage, and distribution channel. Based on indication, the ophthalmic drugs market is segmented into retinal disorders, inflammation/infection, glaucoma, dry eye, uveitis, allergies, and others. The segmentation of the market for ophthalmic drugs based on drug class comprises of antiglaucoma, anti-inflammatory, antiallergy, anti-VEGF agents, and others.
The anti-inflammatory segment is additionally segmented into steroidal drugs and nonsteroidal drugs. Based on the dosage, the ophthalmic drugs market is segmented into ointments, eye drops, capsules and tablets, eye solutions, and gels. By product, the ophthalmic drugs market is segmented into OTC drugs and prescription drugs. Based on the distribution channel, the ophthalmic drugs market is segmented into online pharmacies, drug stores, hospital pharmacies, and others.
Detailed Regional Analysis
The examination of the regions in the ophthalmic drug market consists of regions such as the Middle East, Africa, Europe, America, and the Asia Pacific. The Americas region controls the ophthalmic drugs market due to the incidence of the patient population, intensifying prevalence of eye diseases, sophisticated technology, soaring healthcare expenditure, and the existence of the leading companies.
The European region controls the next position in the ophthalmic drugs market. It is anticipated that the government backing towards research and development spending, growing competition among marketers, and adjustments in reimbursement policies in healthcare are expected to guide the European market in the coming years.
The Asia Pacific region is the quickest mounting ophthalmic drugs market due to the presence of an enormous patient pool, growing demand, and expansion of healthcare technology globally. Moreover, the Middle East and Africa region control the minimum share of the ophthalmic drugs market owing to low growth, deficiency of technical knowledge, and deprived medical facilities.
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Competitive Analysis
The progress of the market is expected to capture increased momentum in the coming years primarily due to the presence of conducive government policies. The growth turnaround in the market is expected to activate new opportunities for expansion of the market. The improvements in various domestic economies are expected to motivate the development of the market in the upcoming period. The accessibility to key tactical opportunities leading to consequent stabilization of inflation is anticipated to create promising openings for expansion in the coming years.
In the coming years, the influence exerted by relatively high-income levels in nations around the world and the potential gains observed to some of the currencies in the world is expected to reinforce the evolution of the market in the forecast period. A considerable rise in the number of investors in the market is projected to create an advantageous scenario for the progress of the market in the forecast period.
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