The global ophthalmic drugs market is anticipated to be worth USD 65.6 billion by 2030 and reveal a CAGR of 7.7%. Primary reasons for this growth include the inauguration of ophthalmic drugs through research and development (R&D), the initiation of different strategies, and the unmet needs of ophthalmology. As per the October 2021 report by World Health Organization, 2.2 billion people suffer from vision impairment disorder out of which with the help of suitable treatment, 1 billion cases can be diagnosed. Besides, a huge surge in the prevalence of vision impairment and blindness is subjected to an increase in the financial expenses of governments. For instance, vision impairment owing to myopia is worth USD 244 billion, which tends to increase the demand for ophthalmic drugs and boost the industry’s growth during the forecast period.
The COVID-19 pandemic negatively impacted the industry owing to a 92.52% decline in clinical visits, a 93.84% decline in visual check-ups, a 72.74% decline in surgical procedures, and a 19.63% decline in medications as stated in the Clinical Ophthalmology Journal of November 2021. Additionally, for patients who suffered from glaucoma and various other ophthalmic disorders, there was an automatic decline in clinic visits owing to lockdown restrictions initiated by governments across the world. However, the industry experienced a surge due to increasing availability of COVID-19 vaccines, which resulted in combating the spread of the disease globally.
An increase in R&D activities along with contributions from various organizations is expected to boost the industry during the forecast period. For instance, Alcon, the global leader in eye care products initiated USD 842 million on R&D in 2021 which resulted in the provision of a wide range of products including glaucoma products, cataracts, and contact lenses. Besides, it is through R&D that the availability of a robust pipeline for the investigation of trials is anticipated to up-scale the industry in the forecast period. For instance, Nicox, a novel ophthalmology company has initiated partnering and future developmental plans with NCX-470, a novel nitric oxide eyedrop. It is currently under phase III trial and the inauguration is projected by 2029.
In terms of segment, the prescription drugs segment dominated the market owing to the huge surge in the prevalence of disorders catering to age-related macular degeneration (AMD), and diabetes retinopathy. Additionally, better safety and improved efficacy are essential factors responsible for the industry’s boost during the forecast period. Besides, the presence of drugs such as Zylet, Bepreve, Durezol, and Lotemax ointment are extensively used for the treatment of allergic conjunctivitis. These drugs comprise lubricating and moisturizing agents that intensify the temporary secretion of tears, thus resulting in an increased demand for the product.
In terms of regional growth, North America dominated the market on the account of an increasing awareness for eye disorders. Additionally, the presence of various organizations and focus on R&D is subject to boost the industry. For instance, in June 2022, Harrow Health, Inc. stated a rise in the availability of ophthalmic drugs like iopidine and maxitrol under the Food and Drug Administration (FDA) and the Prescription Drug User Free Act. Besides, Asia Pacific is also expected to contribute towards the industry growth owing to the presence of diseases, an increase in the number of patients, and the emergence of ophthalmology organizations.
Key players are on the verge to adopt strategies through mergers and acquisitions, product development, and partnership to enhance their respective market share. For instance, Novartis Pharmaceutical Corporation declared the acquisition of Kedalion Therapeutics in June 2022. The purpose of this acquisition was to expand the ophthalmic product portfolio of Novartis with the implementation of AcuStream technology, which contributed towards the industry growth.
Research Support Specialist, USA
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