Visiongain has released a new report titled ophthalmic drugs 2023-2033. It includes Ophthalmic Drugs Profiles and Forecast Market Segment Type (Prescription Drugs, Over-the-Counter Drugs), Market Segment by Distribution Channel (Hospital Pharmacy, Pharmacy, Online Pharmacy), Market Segment by Indications ( retinal disorders, infection/inflammation/allergy, dry eye, glaucoma), market segment by route of administration (topical, parenteral) plus COVID-19 impact analysis and recovery pattern analysis (“V-shaped”, “W” shaped, “U” shaped, “L” shaped), Profiles of major companies, region and countries.
The Ophthalmic Drugs Market was valued at USD 29.07 Billion in 2022 and is projected to grow at a CAGR of 6.39% during the forecast period 2023-2033.
Increase in the prevalence of diabetes
According to information provided by the International Diabetes Federation, 537 million people (aged 20-79) worldwide have diabetes. There will be over 640 million diabetes patients worldwide by 2030 and over 780 million by 2045. Adults with diabetes represent 3 out of 4 people living in low- and middle-income countries. Nearly one in two people (240 million) with diabetes have no diagnosis. 6.7 million people died from diabetes. Diabetes accounted for 9% of all adult healthcare costs, or at least US$966 billion. However, the market will be significantly constrained by a shortage of skilled labor and a high failure rate of target drug molecules. However, expiring branded drug patents and disruption in the ophthalmic drug supply chain due to the effects of COVID-19 are factors that may limit the growth of the ophthalmic drug market in the future.
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How has COVID-19 had a significant positive impact on the Ophthalmic Drugs Market?
The COVID-19 outbreak has highlighted the need to modify the healthcare system so that patients in rural areas can easily receive medical care. Future health care planners should take into account the decentralization of the health system to the primary care level and the use of teleophthalmology. The coronavirus disease outbreak has created strong growth potential for the ophthalmic drugs market. Numerous reports of eye redness and irritation in COVID-19 patients raise the possibility that conjunctivitis is an ocular symptom of a novel coronavirus infection. The government has also placed a strong emphasis on drug discovery and development, which is positively impacting the ophthalmic drug market. Many companies have increased their R&D spending.
How will this report help you?
Visiongain’s 233-page report provides 104 charts and 169 charts/graphs. Our new study is suitable for anyone requiring in-depth business analyzes of the Ophthalmic Drugs market, along with detailed analysis of market segments. Our new study will help you to assess the entire global and regional Ophthalmic Drugs Market. Obtain financial analysis of the overall market and different segments including type of services, distribution channel, indications and route of administration, company size and capture higher market share. We believe there are strong opportunities in this growing ophthalmic drug market. Find out how to use the existing and upcoming opportunities in this market to generate revenue in the near future. Moreover, the report will help you improve your strategic decision-making, enabling you to set growth strategies, strengthen analysis of other market players and maximize business productivity.
What are the current market drivers?
Increased frequency and occurrence of eye-related conditions
The prevalence of glaucoma is increasing rapidly, which is expected to increase the global demand for innovative medicines. For example, the BrightFocus Foundation reported in June 2021 that open-angle glaucoma, the most common type, affects 2.7 billion adults in the United States aged 40 or older. Glaucoma affected more than 80 billion people worldwide in 2020, and that number is expected to rise to more than 111 billion by 2040. Rising incidence of eye problems is driving excess demand for drugs and opening up new new monetary opportunities for companies that offer ophthalmic drugs. .
Presence of potent emerging drugs in the pipeline
Pharmaceutical companies engage in strategic actions, including partnerships, acquisitions, and collaborations, to increase the number of clinical-stage leads in their product pipeline. Avizorex Pharma, SL, a Spanish ophthalmic pharmaceutical company engaged in the development of treatments for dry eye disease, was acquired by Aerie Pharmaceuticals, Inc. in November 2019. The phase III trial of ARVN003 (microdose pilocarpine ophthalmic solution) for the treatment of presbyopia was approved by the Center for Drug Evaluation, China National Medical Products Administration, in September 2021. (CDE, NMPA).
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Where are the market opportunities?
Increase in the geriatric population
According to the report published in ‘The Lancet’ titled ‘Aging and Vision Loss: Looking to the Future’ in 2021 indicates that visual impairment has become a prominent public health issue as the world’s population ages. One billion people in the world in 2020 suffer from presbyopia or distance vision disorders. This number is expected to increase significantly by 2050. Later in life (>60 years) it is more common for conditions such as cataracts, glaucoma, age-related macular degeneration, diabetic retinopathy and presbyopia lead to visual impairment. As a result, the ophthalmic drugs market will witness significant growth over the forecast period.
Competitive landscape
Major players operating in the ophthalmic drugs market are AbbVie Inc., Bayer AG, Bausch & Lomb Incorporated, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc. , Santen Pharmaceutical Co., Ltd. and Teva Pharmaceutical Industries Ltd. among other leading players. These major players operating in this market have adopted various strategies including mergers and acquisitions, R&D investments, collaborations, partnerships, regional business expansion and new product launches.
RECENT DEVELOPMENTS
- In September 2021, AbbVie and REGENXBIO Inc. collaborated to develop and commercialize RGX-314. RGX-314 is a promising gene therapy for the treatment of wet age-related macular degeneration, diabetic retinopathy and other chronic retinal disorders.
- In June 2022, Santen Pharmaceutical Co., Ltd. received approval to manufacture and market DIQUAS LX Ophthalmic Solution 3% in Japan.
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