Ophthalmic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027
Transparency Market Research (TMR) has published a new report titled, ‘Ophthalmic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Ophthalmic Drugs Market was valued at US$ 26,018.3 Mn in 2018 and is projected to expand at a CAGR of 4.1% from 2019 to 2027.
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- Ophthalmic Drugs are the anti-infectives drugs that contained in a product formulated especially to be instilled or applied in the eye or eyes. Ophthalmic anti-infectives include eye drops, gels or ointments. Anti-infectives are drugs that can either kill an infectious agent or inhibit it from spreading.
- The ophthalmic infectious diseases produce a discharge whereas inflammatory diseases do not.
- North America dominated the global Ophthalmic Drugs Market in 2018and the trend is anticipated to continue during the forecast period. Highly structured health care industry and introduction of the Affordable Care Act in the U.S. are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast period
Increasing incidence rates of eye related disorders to Drive Market
- There is an alarming rise in incidence of eye related diseases, especially in the developed countries, which is anticipated to drive the growth of the ophthalmic drugs market during 2017-2025
- According to the Prevent Blindness report, the number of people in the U.S., suffering from cataract is expected to increase from4 Mnin 2010, to 30.5 Mn by 2020, and people suffering from diabetic retinopathy in U.S. are projected to increase from 7.7 Mn in 2010 to 9.2 Mn in 2020
- The patients for open angle glaucoma and AMD in U.S., were 7 Mn and 2.1 Mn, respectively, which are projected to increase to3.3 Mn and 2.5 Mn, respectively, till 2020
- The increasing patient pool in developing countries as well as developed regions is estimated to propel healthcare spending for eye treatments in each region and drive the growth of the ophthalmic drugs market.
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Advanced retinal treatment approvals for unmet needs in eye disorders to drive the market
- Eye diseases such as chronic or recurrent uveitis, optic nerve, neurodegeneration retinitis pigmentosa, retinoblastoma, etc., lack an effective treatment option, and thus are categorized as unmet medical needs within the ophthalmologic diseases space
- Several new entrants are dedicated to provide specialized treatment methods for eye diseases:
- On May 18 2017,Spark Therapeutics, Inc. submitted the first and only Biological License Application to the U.S. FDA for the treatment of Leber’s congenital amaurosis by gene therapy
- On March 25 2015, Regeneron Pharmaceuticals Inc., announced the approval of Eylea, the first VEGF inhibitor approved for dosing on a less than monthly basis for the treatment of diabetic macular edema
- Severe inflammatory eye diseases, such as uveitis, lacked a solid treatment option earlier to the FDA approval of Humira for the indication of non-infectious intermediate, posterior, and panuveitis in adult patients
- In June 2016,the U.S. FDA approved the first and only biologic approved drug, Humira, for the treatment of uveitis
- Such approvals for advanced treatment options for the treatment of unmet medical needs in the field of eye disorders are projected to boost the expansion of the global ophthalmic drugs market
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- The global Ophthalmic Drugs Market is fragmented in terms of number of players. Key players in the global market include Aerie Pharmaceuticals, Inc., ALLERGAN, Valeant Pharmaceuticals International, Inc., Bayer AG, Genentech, Inc. (F. Hoffmann-La Roche Ltd.), Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals, Inc. and Santen Pharmaceutical Co., Ltd., among others.
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