The global ophthalmic drugs market is projected to grow at a significant CAGR of around 5% during the forecast period. the market growth is attributed to the increasing prevalence of various eye disorders that increase the demand for efficient treatment and hence drives the growth of the global ophthalmic drugs market.
Geographically, the global ophthalmic drugs industry is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America is expected to hold a significant share in the global market during the forecast period. This is attributed to the presence of well-established healthcare infrastructure in the region. In addition, the increased prevalence of ophthalmic disorders, rising prevalence of chronic diseases. The leading causes of blindness in the region include cataract, diabetic retinopathy (DRP), damaged cornea, macular degeneration, glaucoma, refractive errors, and others.
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Besides, the geriatric population plays a vital role in expanding the market size as this population pool is at increased risk of acquiring eye disorder. According to the Statistics Times, the population of North America as of 2017 was 582.4 million. Half the population of North America is over 40 years of age due to an increase in the average life expectancy of people. As the elder people are more susceptible to cataracts and other eye-related problems and creates scope for the market growth.
Whereas, the market in Asia-Pacific is driven by numerous factors including increasing government initiatives such as the National Programme for Control of Blindness. As per the estimation of the International Diabetes Federation (IDF) in 2018, 382 million people had diabetes globally, and by 2035, this number was predicted to rise to 592 million. 80% of this population lives in under-developed and developing countries, and of the total, more than 60% live in Asia, with almost one-third in China.
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Major increases in the prevalence of diabetes have occurred in developing countries including India and China due to rapid and ongoing socio-economic transition and will likely lead to further rise. According to the International Diabetes Federation, in 2018, 79% of adults with diabetes were living in developing and under-developed countries some of which leads to diabetic retinopathy. Also, the World Health Organization states that China had the largest number with 8 million blind and 75 million visually impaired individuals. Thus, these factors altogether create opportunities for market growth.
Current Market Trends Covered in the Global Ophthalmic Drugs Market Report:
- Increased investments by the government concerning the early diagnosis and treatment of diseases is likely to positively affect the ophthalmic drug industry during the forecast period.
- The Asia-Pacific region will register a significant growth rate in the market during the forecast period.
- Novel product launches and the geographical expansion will be the key growth strategy adopted by the key players to sustain in the market.
Global Ophthalmic Drugs Market – Segmentation
By Indication
- Dry Eye
- Eye Allergy
- Glaucoma
- Eye Infection
- Retinal Disorders
- Others
By Drug Class
- Anti-Glaucoma Drugs
- Anti-Allergy Drugs
- Anti-Inflammatory Drugs
- Anti-Vascular Endothelial Growth Factor (Anti-VEGF) Agents
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