Ophthalmic Drugs Market Size Projected to Rise Lucratively during 2024 to 2030: Grand View Research Inc.

 Ophthalmic Drugs Market Growth & Trends

The global ophthalmic drugs market size is expected to reach USD 65.55 billion by 2030, garnering a CAGR of 7.80% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about ophthalmic disorders and the surge in demand for ophthalmic drugs are the factors propelling the market growth. Moreover, an increase in the prevalence of eye diseases such as age-related macular degeneration, cataract, dry eye, diabetic retinopathy, glaucoma, and others are anticipated to boost the demand for ophthalmic drugs.

According to BrightFocus Foundation in 2021, it is estimated that over 3 million Americans are living with glaucoma, and, among them over 2.7 million patients were affected by the most common type of glaucoma i.e. open-angle glaucoma. Moreover, 3.3 million people are affected by blindness and low vision in the U.S. Some of the major risk factors for glaucoma and blindness are, higher age, family history, thin cornea, and high eye pressure. This creates a wide population base for ophthalmic drugs, thereby, ensuring lucrative growth.

Furthermore, ocular therapeutic and drug delivery companies are receiving funding to expedite R&D for advancements in technologies to develop novel drugs, which is likely to fuel market growth. For instance, in June 2020, Re-Vana Therapeutics received USD 3.25 million in pre-series A funding from Qubis, ExSight Ventures, LLC, Clarendon Fund Managers, Visionary Ventures, and Techstart Ventures LLP. The funding is expected to boost the development of Re-Vana Therapeutics’ EyeLief & OcuLief biodegradable technologies that can be used for a small molecule as well as biologics delivery.

Moreover, the rising geriatric population is the key driver for the ophthalmic drugs market growth. According to Safe Eyes America, the most common risk factors for ophthalmic diseases are high age, family history, diabetes, and high blood pressure. For instance, as per AMERICA’s HEALTH RANKINGS senior report 2021 it was estimated that more than 54 million adults of age more than 65 live in the U.S., and that population accounted for 16.5% of the total population. According to Macular Degeneration Research AMD is the leading reason for blindness in U.S. people over the age of 60.

Ongoing regulatory approvals for ophthalmic products are likely to support market growth. For instance, in June 2022 Santen Pharmaceutical Co., Ltd announced that it has got marketing and manufacturing approval for the dry eye disease treatment DIQUAS LX ophthalmic solution in Japan. This solution is the improved formulation that has reduced dosing frequency and improved patient compliance.

Request a free sample copy or view report summary: Ophthalmic Drugs Market Report

Ophthalmic Drugs Market Report Highlights

• Anti-VEGF agents segment held the largest share in 2022 owing to their rising demand and lesser adverse effects
• Retinal disorders held the largest market share in 2022 owing to the rising prevalence of age-related macular degeneration and diabetic retinopathy
• The topical route of administration dominated the market in 2022 owing to factors such as the benefits of the topical route as it delivers the drug to the targeted site and ease of use
• The eye drops segment is expected to hold the largest share in 2022 owing to rising demand for eye drops, high patient compliance, and availability of OTC products
• Asia Pacific is expected to exhibit the fastest growth over the forecast period due to advancements in healthcare infrastructure, increasing demand for eye products, and a large patient pool

Access Press Release@ https://www.grandviewresearch.com/press-release/global-ophthalmic-therapeutics-drug-market

Ophthalmic Drugs Market Segmentation

Grand View Research has segmented the global ophthalmic drugs market report based on drug class, disease, route of administration, dosage type, product type, product, and region:

Ophthalmic Drugs Drug Class Outlook (Revenue, USD Billion, 2018 - 2030)

• Anti-allergy
  • Anti-inflammatory
  • Non-steroidal drugs
• Steroidal drugs
• Anti-VEGF Agents
• Anti-glaucoma
• Others

Ophthalmic Drugs Disease Outlook (Revenue, USD Billion, 2018 - 2030)

• Dry Eye
  • Gels
  • Eye Solutions & Suspensions
  • Capsules & Tablets
  • Eye Drops
  • Ointments
• Allergies
  • Gels
  • Eye Solutions & Suspensions
  • Capsules & Tablets
  • Eye Drops
  • Ointments
• Glaucoma
  • Gels
  • Eye Solutions & Suspensions
  • Capsules & Tablets
  • Eye Drops
  • Ointments
• Eye Infection
  • Gels
  • Eye Solutions & Suspensions
  • Capsules & Tablets
  • Eye Drops
  • Ointments
• Infection
  • Gels
  • Eye Solutions & Suspensions
  • Capsules & Tablets
  • Eye Drops
  • Ointments
• Retinal Disorders
  • Retinal Disorder Treatment Market, By Type,
    • Macular Degeneration
    • Diabetic Retinopathy
  • Retinal Disorder Treatment Market, By Dosage Type,
    • Gels
    • Eye Solutions & Suspensions
    • Capsules & Tablets
    • Eye Drops
    • Ointments
  • Uveitis
    • Gels
    • Eye Solutions & Suspensions
    • Capsules & Tablets
    • Eye Drops
    • Ointments
  • Others

Ophthalmic Drugs Dosage Form Outlook (Revenue, USD Billion, 2018 - 2030)

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

Ophthalmic Drugs Route of Administration Outlook (Revenue, USD Billion, 2018 - 2030)

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

Ophthalmic Drugs Product Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Prescription Drugs
• OTC

Ophthalmic Drugs Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Branded Drugs
• Generic Drugs

Ophthalmic Drugs Regional Outlook (Revenue, USD Billion, 2018- 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Norway
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Australia
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait

List of Key Players of Ophthalmic Drugs Market

• Pfizer Inc.
• Alcon
• Novartis AG
• Bausch Health Companies Inc.
• Merck & Co., Inc
• Regeneron Pharmaceuticals Inc
• Allergan (AbbVie Inc)
• Bayer AG
• Genentech, Inc. (F. Hoffmann-La Roche Ltd)
• Nicox
• 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.