Ophthalmic Drugs Market Size Worth $65.6 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 10, 2022 /PRNewswire/ -- The global ophthalmic drugs market size is expected to reach USD 65.6 billion by 2030, garnering a CAGR of 7.7% from 2022 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.

Key Industry Insights & Findings from the report:

• Anti-VEGF agents segment held the largest share in 2021 owing to their rising demand and lesser adverse effects.
• Retinal disorders held the largest market share in 2021 owing to the rising prevalence of age-related macular degeneration and diabetic retinopathy.
• The topical route of administration dominated the market in 2021 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 2021 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.

Read 150-page full market research report, "Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class, By Disease (Dry Eye, Glaucoma), By Dosage Form, By Route of Administration, By Product Type (Prescription, OTC), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Ophthalmic Drugs Market Growth & Trends

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.

Ophthalmic Drugs Market Segmentation

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

Ophthalmic Drugs Market - Class Outlook (Revenue, USD Million, 2018 - 2030)

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

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

• Dry Eye
• Gels
• Eye solutions & suspensions
• Capsules & Tablets
• Eye drops
• Ointments
• Eye Allergy
• 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
• 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 Market - Dosage Form Outlook (Revenue, USD Million, 2018 - 2030)

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

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

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

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

• Prescription Drugs
• OTC Drugs

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

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Singapore
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

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.

Check out more related studies published by Grand View Research:

• Topical Drugs Market - The global topical drugs market size is expected to reach USD 217.79 billion by 2030, according to a new report by Grand View Research Inc. The industry is expected to grow at a CAGR of 10.1% from 2022 to 2030. The key factors contributing to the industry growth include the increased prevalence of skin disorders coupled with strategic collaborations between key players. The increasing prevalence of skin infections, such as psoriasis, atopic dermatitis, and eczema, coupled with the rising demand for eye and ear therapies is expected to drive the demand for transdermal or dermal medicines during the forecast period. For instance, in October 2021, AbbVie Inc. received FDA approval for Vuity, a pilocarpine HCl ophthalmic solution for treating presbyopia.
• Non-steroidal Anti-inflammatory Drugs Market - The global non-steroidal anti-inflammatory drugs market is expected to reach USD 31.29 billion by 2030, expanding at a CAGR of 5.36% during the forecast period, according to a new report by Grand View Research, Inc. Nonsteroidal anti-inflammatory drugs are drugs that are primarily used to relieve inflammation and pain, as well as to lower elevated body temperature. The high prescription rate of non-steroidal anti-inflammatory drugs (NSAIDs) for relief of symptoms of painful periods, headaches, fever, arthritis, sprains, strains, and other types of chronic pain is expected to drive the market during the forecast period.
• Platelet Rich Plasma Market - The global platelet rich plasma market size is expected to reach USD 1.94 billion by 2030, registering a CAGR of 15.11% from 2022 to 2030, according to a new report by Grand View Research, Inc. Rising number of cosmetic surgeries, increasing national and international sporting events, and extending research in plasma-based therapies are fueling the industry growth. Furthermore, R&D activities and regulatory approvals of platelet rich plasma (PRP) based treatments are key market drivers.

Browse through Grand View Research's  Pharmaceuticals Industry Research Reports.

About Grand View Research

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