Ophthalmic Drugs Market to Reach US$ 50.2 Bn by the End of 2031

Ophthalmic Drugs Market Outlook 2031

•          The ophthalmic drugs market was valued at US$ 26.46 Bn in 2021
•          It is estimated to grow at a CAGR of 6.83% from 2022 to 2031
•          The ophthalmic drugs market is expected to reach US$ 50.2 Bn by the end of 2031

Ophthalmic Drugs Market Introduction

Ophthalmic drugs are used in the treatment of various eye diseases such as cataracts, glaucoma, diabetic retinopathy, and myopic choroidal. Some of the most common eye diseases among children and adults are genetically determined. Retinitis Pigmentosa, Choroideremia, Stargardt Disease, Cone-rod Dystrophy, and Leber Congenital Amaurosis are some of the major genetic eye diseases with significant impact on the gene therapy market. Age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma are major causes of blindness and low vision. Early detection plays a key role in stopping or slowing down the damage caused by various eye diseases. Delay in treatment can result in blindness.

Eye drops tablets, ointments, syrups, capsules, lotions, and injections top ophthalmic drug prescriptions worldwide. Erythromycin ophthalmic ointment is used to treat infections of the eye in newborn babies such as neonatal conjunctivitis and ophthalmia neonatorum.

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Rise in Prevalence of Eye Disorders Augmenting Global Ophthalmic Drugs Market

Increase in prevalence of eye disorders such as glaucoma and dry eye disease is driving the market. According to the World Health Organization's (WHO) Blindness and Visual Impairment Facts for 2021, at least 2.2 billion people worldwide have a near or distance vision impairment. In at least 1 billion – or almost half – of these cases, vision impairment could have been prevented or is yet to be addressed. Furthermore, according to a survey published in the American Journal of Ophthalmology in August 2020 titled "Patient-Reported Burden of Dry Eye Disease in the United States: Results of an Online Cross-Sectional Survey," Dry Eye Disease (DED) prevalence in the U.S. ranges from 5% to 15% and rises with age.

Increase in Awareness About Diagnosis and Treatment of Eye Disorders Across Globe

Rise in comprehensive knowledge and awareness is witnessed among patients suffering from eye diseases around the world. Several companies and organizations are launching campaigns to boost awareness about eye diseases. In September 2022, Tarsus Pharmaceuticals, Inc., a biopharmaceutical company, launched the 'Look at the Lids' campaign for painful, misdiagnosed eyelid conditions. Increase in such health education initiatives about eye diseases to seek early treatment and prevent visual impairment is anticipated to fuel the global ophthalmic drugs market during the forecast period.

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Growth in Prevalence of Macular Degeneration Fueling Retinal Disorders Segment

Based on disease indication, the ophthalmic drugs market segmentation includes dry eye, glaucoma, infection/inflammation, retinal disorders, allergy, uveitis, and others. The retinal disorders segment is projected to dominate the global market, accounting for 35% share by 2031. Growth of the segment can be ascribed to the rise in geriatric population, increase in prevalence of macular degeneration, and robust pipeline of potential drugs in the diabetic retinopathy market.

The glaucoma segment is expected to hold the second-largest share of the market during the forecast period. Rise in prevalence of glaucoma and increase in awareness about glaucoma diagnosis and treatment are driving the segment.

The dry eye disease market is growing at a rapid pace. According to an article published in Frontiers in Medicine in December 2021 titled "Estimated Annual Economic Burden of Dry Eye Disease Based on a Multi-Center Analysis in China: A Retrospective Study," dry eye disease has become the fifth most common ocular condition among women and the ninth most common among men in the U.S.

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Anti-VEGF Agents Gaining Traction with Robust Pipeline of Potential Products

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 global ophthalmic drugs market in 2021. However, increase in competition from generic manufacturers is expected to result in the stagnant growth of this segment during the forecast period.

The anti-VEGF agents segment is projected to register the highest growth rate during the forecast period. Introduction of intravitreally administered anti-VEGF drugs that halt progression of neovascular age-related macular degeneration is driving the segment.

Increase in Market Penetration of OTC Drugs

Based on product type, the global ophthalmic drugs market has been bifurcated into prescription drugs and OTC drugs. The OTC drugs segment is likely to hold significant share of the market during the forecast period. Growth of the segment can be ascribed to the rise in preference for outpatient healthcare setting, availability of cost-effective drugs, and significant market penetration of OTC drugs among all distribution channels.

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Regional Outlook of Global Ophthalmic Drugs Market

North America dominated the global ophthalmic drugs market in 2021. The market is anticipated to grow at the highest CAGR, owing to the rise in awareness about eye diseases and presence of robust healthcare infrastructure and key players such as Pfizer, Inc. and Alcon in the region.

Asia Pacific is expected to be the fastest-growing region of the global market during the forecast period, led by the increase in prevalence and awareness about ophthalmic disorders in the region. According to a study published in Investigative Ophthalmology & Visual Science, the number of people with glaucoma in Asia stood at around 49.9 million in 2020 and is likely to reach 76.8 million in 2040. Local businesses in the region are launching strategic initiatives to create and market new treatment options for patients.

Analysis of Key Players in Global Ophthalmic Drugs Market

The global ophthalmic drugs market is fragmented, with a large number of large-scale vendors controlling majority of the share. Key players are investing significantly in comprehensive R&D activities to enhance their market share. Expansion of product portfolios and mergers & acquisitions are key strategies adopted by players. Aerie Pharmaceuticals, Inc. Allergan plc, 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. are prominent entities operating in this market.