Global Ophthalmology Drugs Market, 2030

The Business Research Company’s Ophthalmology Drugs Market – COVID-19 Impact And Analysis | Global Forecast To 2023

LONDON, GREATER LONDON, UK, May 27, 2020 /EINPresswire.com/ -- The outbreak of the coronavirus pandemic has caused shortage in the supply of ophthalmic drugs worldwide. This is because of disruption in the supply chain, especially in the production and shipment of the drugs that are manufactured in China and India. China, along with India, are the main countries that produce most of the generic drugs which account for the majority of prescriptions in the USA. Therefore, this pandemic interrupts the critical supply chain and causes significant shortage in the availability of eye medications over the next few months.

According to the Food And Drug Administration (FDA), some of the ophthalmology drugs (used for glaucoma and other eye related conditions) that are in shortage due to COVID-19 are Atropine Sulfate Ophthalmic Ointment, Bacitracin Ophthalmic Ointment, Cospot drops, Phospholine Iodide Ophthalmic Solution, Latanoprost Ophthalmic Solution, and others.

Governments across the world are advising people to stay indoors and encouraging ophthalmologists not to see patients during COVID-19, except for emergency care. Ophthalmologists are rescheduling the routine patient visits, patients are advised to stock up on medicines, and also consult insurers who can approve the supply of eye medication in times of natural disaster.

The global ophthalmology drugs market will grow from $24,640 million in 2019 to nearly $33,273 million in 2023 at a compound annual growth rate (CAGR) of 7.8%.

Despite slight decline in market growth due to COVID-19, the market is expected to recover and stabilize in the forecast period. Changes and shifts in working lifestyles towards digitalization of the workspace and rise in sedentary jobs are forcing people to spend long hours in front of a computer screen, which is driving the demand for dry eye medication. Increasing cases of dry eyes from excessive time spent on electronic devices such as phones and computers has led to the development of the term “digital eye strain” or “computer vision syndrome.” It is increasingly becoming a widespread problem as more and more people are spending hours staring at computers, cellphones, and other electronic devices. According to a survey conducted by the Vision Council, almost 70% of US adults have experienced some of the symptoms of digital eye strain. It is also found that people who use digital devices blink at a rate that is one-third less than normal. The continuous digitalization of the workplace is expected to be a major driver for dry eye medications, thus contributing to the growth of the ophthalmology drugs market.

Here Is A List Of Similar Reports By The Business Research Company:

Dry Eye Medication Market - By Type (Aqueous Dry Eye Syndrome, Evaporative Dry Eye Syndrome), By End-User (Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, Online Pharmacies), By Product Type (Liquid Drops, Gel, Liquid Wipes, Eye Ointment) And By Regional Analysis | Global Forecast To 2023 (https://www.thebusinessresearchcompany.com/report/dry-eye-medication-market)

Ophthalmic Devices Global Market Report 2020-30: Covid 19 Impact And Recovery (https://www.thebusinessresearchcompany.com/report/ophthalmic-devices-global-market-report-2020-30-covid-19-impact-and-recovery)

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Oliver Guirdham
The Business Research Company
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