Ophthalmic Drugs Market is driven by rise in incidence of eye related diseases

ALBANY, NEW YORK, UNITED STATES, September 18, 2020 /EINPresswire.com/ -- 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.

Overview

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 2018 and 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

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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 from 24.4 Mn in 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 2.7 Mn and 2.1 Mn, respectively, which are projected to increase to 3.3 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

Dry Eye Segment to Dominate Market

Based on Disease Indication, the global Ophthalmic Drugs Market has been divided into Dry Eye, Glaucoma, Infection/Inflammation, Retinal Disorders, Allergy, Uveitis, Others. The Retinal Disorders segment has been bifurcated into Wet AMD, Dry AMD, Diabetic Retinopathy, Others. The Dry Eye segment dominated the global Ophthalmic Drugs Market in 2018 and the trend is projected to continue during the forecast period. Increasing global pollution, rising use of computers by working professionals, and advanced treatment methods under research by major market players.

Changing environmental factors, increasing pollution, and rising number of market players with aggressive marketing strategies to accelerate the growth of the segment. According to Donelson EyeCare, dry eye disease affects approximately 20 million people in the U.S., and the number is expected to increase exponentially during the forecast period.

Moreover, fewer side effects, optimum price of the pills, and higher efficacy makes it preferable for use among women

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Anti-Glaucoma Drugs to be Highly Lucrative Segment

In terms of Therapeutic Class, the global Ophthalmic Drugs Market has been classified into Anti-inflammatory Drugs, Anti-infective Drugs, Anti-Glaucoma Drugs, Anti-allergy Drugs, Anti-VEGF Agents and Others.

The Anti-Glaucoma Drugs segment dominated the Ophthalmic Drugs Market due to increasing prevalence, higher inclination towards combination methods, and rising initiatives for treatment penetration.

North America to Dominate Global Market

In terms of region, the global Ophthalmic Drugs Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Ophthalmic Drugs Market in 2018, followed by Europe.

North America accounted for major share of the global Ophthalmic Drugs Market in 2018. The market is witnessing significant transformations due to changing Medicare policies in the U.S., pricing of branded specialty drugs, and the rising patient pool.

The increasing patient number along with rising health initiatives for treatment awareness are projected to drive the demand for ophthalmic drugs in this region.

Competitive Landscape

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.

Mr Rohit Bhisey
Transparency Market Research
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