Ophthalmic drugs are the ointments which treat eye related disorders and are nonirritant. The global ophthalmic drug market is expected to grow at 6.9% by 2022. This industry is dominated by a bunch of companies having high growth potentials. In the recent years, due to the impact of generic prostaglandin analogues, the ophthalmic drugs market has been transformed.
The rising eye related disorders in the world, changing lifestyle, and rising healthcare expenditure are the major driving factors in the growth of the global ophthalmic drug market. Also, due to the growth in healthcare services, the life expectancy rate has also increased, which in turn is increasing the number of elderly or geriatric population worldwide. This elderly population is more likely to suffer from eyesight disorders like presbyopia, diabetic retinopathy, and muscular degeneration. With the upcoming sophisticated technology, people now to correct their eye related disorders are increasingly opting for ophthalmic surgeries.
The major types of ophthalmic drugs available in the global market are the prescription drugs and the Over the counter (OTC) drugs. OTC drugs are for ocular allergy and dry eyes and can be given without the need of prescription. On the basis of treatment, ophthalmic drugs are segmented as retinal drugs, Anti-glaucoma drugs, and Anti-inflammatory/ infective drugs, which are given on the basis of diagnosed condition. The anti-glaucoma drug acquires the largest market share in the global ophthalmic treatment drugs market. The ocular anesthetics are the drugs that are used by surgeons during a surgery.
The major constraints of the global ophthalmic drug market are the lack of awareness among the people related to eye disorders in the underdeveloped and developing countries, patent expiry of various blockbuster drugs, and the absence of health insurance is affecting the market adversely.
The global ophthalmic drug market is dominated by North America (US) due to increased initiatives to reduce blindness, as well as other related disorders amongst the geriatric population, followed by Europe (Germany, UK, and France), Asia Pacific and LAMEA. Asia Pacific is expected to be one of the fastest growing markets for ophthalmic drugs in the world during the forecasted period, as the elderly population is more prone to suffer from eye related disorders due to age. Southeast Asian nations like India and China are the major consumers of the ophthalmic drugs which provide growth to the global ophthalmic drug market.
The key market players of the industry are continuously investing in research and development, for product launch with new combinations of therapies, and mergers and acquisitions.
Market leader in the ophthalmic drug market is Novartis, holding 24%of the total market share. Major players of the global ophthalmic drug market are Pfizer, Allergan, Santen, Roche, Bayer, Merck and Co., Valeant, Regeneron, and Senju.