Global Ophthalmic Drugs Market – Key Insights for 2023-2030

As per Triton Market Research, the Global Ophthalmic Market report is segmented by Type (Prescription Drugs Over-the-counter Drugs), Condition (Dry Eye, Infection/Inflammation/Allergies, Glaucoma, Retinal Disorders [Wet-Age Related Macular Degeneration, Dry-Age Related Macular Degeneration, Diabetic Retinopathy, Other Retinal Disorders],  Therapeutic Type (Anti-Glaucoma, Anti-Infection, Anti-Inflammatory, Anti-Allergy, Other Therapeutic Types), Delivery Method (Gels, Eye Solutions & Suspensions, Capsules & Tablets, Eye Drops, Ointments), Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies, Other Channels), and Regional Outlook (Asia-Pacific, Europe, North America, Middle East and Africa, Latin America).

The report highlights the Market Summary, Industry Outlook, Porter’s Five Forces Analysis, Market Maturity Analysis, Regulatory Framework, Market Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology and scope, Global Market Size, Forecasts & Analysis (2023-2030).

As per Triton’s research report, the global market for ophthalmic drugs is anticipated to grow with a CAGR of 6.64% in revenue over the forecasting years 2023-2030. 

Ophthalmic drugs are specific medicines used to treat eye-related disorders. Most commonly, these drugs come in the form of liquid solutions or eye drops.

An increasing vulnerability of the aging population suffering from eye disorders drives the need for ophthalmic drugs. The changing lifestyle patterns and longer exposure to screen affects eye health, causing severe damage to the eyes. In order to prevent vision impairment and avoid blindness, ophthalmic drugs are required for timely treatment.  

The healthcare authorities take initiatives to improve eye-care facilities by setting up eye clinics, introducing telemedicine, and providing patient-centric service. In addition to the above factors, innovation and deep research in the drug delivery system also influences the ophthalmic drugs market.

Since pharmaceutical products undergo a tedious approval process, managing timelines to manufacture and deliver ophthalmic drug products is a challenge for companies. Thus, complying with the regulatory norms and maintaining quality standards are factors that hamper the growth of the studied market.

According to the respective industry sources, around 85% of the ophthalmic medications are still under development, along with 20% of pipeline projects for dry eye. Thus, existing manufacturers and new entrants explore the possibilities to innovate drug formation with the help of new materials and advanced research.  This creates a tremendous opportunity for the growth of the ophthalmic drugs market.

Asia-Pacific ophthalmic drugs market is expected to witness the fastest growth in the coming years. This growth is fueled by a demographic shift in developing countries like China and India, where the aging population is constantly rising. Eye-related disorders are not limited to the elderly but across all age groups due to longer screen time on electronic gadgets. It becomes necessary to cure and treat eye diseases at an early stage with the help of ophthalmic medications. Also, the expansion in healthcare infrastructure creates a huge scope to expand the ophthalmic drugs market.

The major competitive companies in the ophthalmic drugs market are Novartis AG, Accutome Inc, AbbVie Inc, Thea Pharma Inc, Bausch Health Companies Inc, Regeneron Pharmaceuticals Inc, Sun Pharmaceutical Industries Ltd, Johnson & Johnson, Genentech Inc, and Pfizer Inc.

Alternative eye treatments like laser therapy or surgery are not a preferred option for every patient, which lowers the threat of substitutes in the studied market. However, the addition of new market players and innovation in generic drugs results in high competition within the ophthalmic market.