Ophthalmic Drugs Market Scenario
Global Ophthalmic Drugs Market is expected to register 5.1% CAGR during the forecast period and surpass its market value of USD 29.46 Billion recorded in 2018. The global demand for ophthalmic drugs is influenced by factors such as increased investment in the production of novel medicines, and increased support for ophthalmic drug studies. The need for an appropriate treatment alternative has also increased, leading to the increasing cases of eye diseases. Numerous new and current advertisers have established successful medicines over the last years.
A variety of reasons such as increased prevalence of eye disorders, increased education, enormous research funding in ophthalmology, unmet medical needs, increased competition among market participants, strengthened regulatory environment, ageing population and increased government aid, are a few factors propelling the growth of the global ophthalmic drugs market. As multiple manufacturers are increasingly focusing on R&D to improve innovative treatments, the market is also experiencing growth. The companies conduct comprehensive R&D operations to develop new ophthalmic drugs for treating different eye diseases and disorders and to achieve a larger market share.
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However, the high costs associated with the diagnosis of eye disorders, the side effects of the treatment options available and the lack of health insurance among the population, especially in developing countries, or the lack of insurance for all forms of IOLs or contact lenses in developed countries are a major challenge facing the ophthalmology industry. The other problems are low understanding of the ophthalmic disorders, especially in developing countries. This is partly attributed to the lack of knowledge among rural people about the various ophthalmic disorders such as cataract. And though, since the advent of ophthalmic instruments fitted since advanced equipment, citizens are increasingly opting for ophthalmic surgery to fix eye-related conditions that can generate major opportunities for market players.
Ophthalmic Drugs Market Segmental Analysis
The Global Ophthalmic Drugs Market has been segmented based on product type, dosage form, indication, drug class, and region.
The global ophthalmic drugs market, on the basis of dosage form, has been segmented into eye ointments, gels, eye solutions, capsules & tablets, eye drops, others.
The global ophthalmic drugs market, on the basis of drug class, has been divided into anti-glaucoma, anti-inflammatory, antibiotics, and others.
The global ophthalmic drugs market, based on product type, has been divided into prescription drug and over the counter (OTC) drug.
The global ophthalmic drugs market, on the basis of indication, has been segmented into glaucoma, allergy, dry eye, and others.
Ophthalmic Drugs Market Regional Overview
Due to the increasing number of geriatric individuals and the involvement of major existing players in the region, the ophthalmic drugs industry in the Americas is expected to dominate the eye drugs market. In addition, the emergence of patient population , increased incidence of eye diseases, well-developed infrastructure , high healthcare spending are also projected to lead to the increasing development of the regional sector.
The European demand for ophthalmic drugs has seen substantial development which can be due to the growing incidence of eye diseases. Owing to the growing pool of eye-related patient population and the expansion of healthcare services anticipated to fuel demand growth, the Asia-Pacific ophthalmic drugs market is estimated to have a steady growth rate during the forecast period.
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The Middle East & Africa ophthalmic drugs industry is predicted to account for the least share of the global demand owing to poor disposable per capita income in the area.
Ophthalmic Drugs Market Competitive Dashboard
The major Players operating in the Global Ophthalmic Drugs Market are Allergan Plc, F. Hoffmann-La Roche AG, Novartis AG, Bausch Health Companies Inc., Pfizer Inc., Bayer AG, Merck & Co., Inc., Aerie Pharmaceuticals, Inc., Regeneron Pharmaceuticals, Inc., and Santen Pharmaceutical Co., Ltd.
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