Ophthalmic Drugs Market Size Is Expected To Reach USD 60.3 Billion by 2028

 Ophthalmic Drug Market Growth & Trends

The global ophthalmic drugs market size is expected to reach USD 60.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and diabetic retinopathy, is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.

Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.

Investors are increasingly funding companies to support the clinical development of novel treatments for eye diseases thereby fueling the market growth. For instance, in February 2019, Oyster Point Pharma, Inc. received USD 93 million series B financing from Invus Opportunities, Flying L Partners, New Enterprise Associates (NEA), Versant Ventures, and Vida Ventures. The company’s product candidates include OC-01 and OC-02 in a Phase 2b clinical trial.

In addition, increasing development and approval of new laboratory methods is expected to boost the market growth. For instance, in July 2020, Quest Diagnostics received emergency Use Authorization (EUA) from the U.S. FDA for a laboratory technique that was developed for extracting viral RNA. This new technique was designed to expand the testing capacity of COVID-19 molecular tests.

Furthermore, key players in the market undertake various strategies to strengthen their product portfolios and offer diverse, technologically advanced, and innovative products. For instance, in September 2019, Alcon introduced iLUX Patient Care Kits to support practices in treating people with dry eyes in the U.S.

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Ophthalmic Drug Market Report Highlights

• In 2020, anti-VEGF agents dominated the market owing to high preference by ophthalmologists, enhanced tissue penetration, and rapid responsive rates
• Retinal disorders was the fastest-growing disease segment in 2020 owing to an increase in the prevalence of age-related macular degeneration and diabetic retinopathy, technological advancements, and rising strategic collaborations
• The topical route of administration dominated the market in 2020 due to the high patient compliance, non-invasiveness, and self-administrability
• The eye drops segment is estimated to witness the fastest growth over the forecast period due to impending launches of several ophthalmic solutions and suspensions in the near future and its direct drug delivery mechanism
• North America dominated the market and accounted for the largest revenue share in 2020 owing to the rising consumer awareness, high disease burden, technological advancements, and proactive government measures

Ophthalmic Drug Market Segmentation

Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, dosage form, route of administration, product type, and region.

Ophthalmic Drugs Class Outlook (Revenue, USD Million, 2017 - 2028)

• Antiallergy
• Anti-VEGF Agents
• Anti-inflammatory
  • Nonsteroidal Drugs
  • Steroidal Drugs
• Antiglaucoma
• Others

Ophthalmic Drugs Disease Outlook (Revenue, USD Million, 2017 - 2028)

• Dry Eye
• Eye Allergy
• Glaucoma
• Eye Infection
• Retinal Disorders
  • Macular Degeneration
  • Diabetic Retinopathy
  • Others
• Uveitis
• Others

Ophthalmic Drugs Dosage Form Outlook (Revenue, USD Million, 2017 - 2028)

• Gels
• Eye Solutions
• Capsules & Tablets
• Eye Drops
• Ointments

Ophthalmic Drugs Route of Administration Outlook (Revenue, USD Million, 2017 - 2028)

• Topical
• Local Ocular
  • Subconjunctival
  • Intravitreal
  • Retrobulbar
  • Intracameral
• Systemic

Ophthalmic Drugs Product Type Outlook (Revenue, USD Million, 2017 - 2028)

• Prescription Drugs
• OTC Drugs

Ophthalmic Drugs Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Singapore
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia

List of Key Players of Ophthalmic Drugs Market

• Alcon
• Johnson & Johnson Services, Inc.
• Bausch Health
• Allergan
• Pfizer, Inc.
• Bayer AG
• Santen Pharmaceutical Co. Ltd.
• Genentech, Inc.
• Novartis AG
• Regeneron
• Merck & Co.
• Coherus Biosciences, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.