Rise in prevalence of ophthalmic disorders, growth in geriatric population, surge in demand for ophthalmic drugs, and advancements in R&D in optometry drive the growth of the global ophthalmic drugs market. However, risks associated with ophthalmic drugs and longer timeline required for the formulation of ophthalmic drugs hinder the market growth. On the contrary, surge in R&D activities by major players is expected to open lucrative opportunities in the future.
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Covid-19 scenario:
The Covid-19 pandemic and followed by lockdown has affected several drug manufacturing companies.
The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
The global ophthalmic drugs market is segmented on the basis of indication, type, dosage form, distribution channel, therapeutic class, and region. Based on indication, the retinal disorders segment held the largest share in 2019, accounting for more than one-fourth of the market. However, the glaucoma segment is estimated to manifest the highest CAGR of 6.2% during the forecast period.
On the basis of type, the prescription drugs segment dominated the market in 2019, contributing to more than three-fourths of the market. However, the over-the-counter drugs segment is projected to manifest the highest CAGR of 6.7% during the forecast period.
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The global ophthalmic drugs market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, contributing to more than one-third of the market. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 7.1% during the forecast period.
The global ophthalmic drugs market includes an in-depth analysis of the prime market players such as Alcon Inc., AbbVie Inc. (Allergen plc.), F. Hoffmann-La Roche Ltd (Genentech, Inc.), Bausch & Lomb Incorporated, Pfizer Inc., Novartis AG, Santen Pharmaceutical Co. Ltd., Regeneron Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd. (Actavis Generics), and Sun Pharmaceutical Industries Ltd.
