The global ophthalmic suspension market is expected to exhibit a strong 6.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report profiles the leading players in the global ophthalmic suspension market to provide readers with a clear picture of the major drivers and restraints affecting the market growth over the forecast period.
The global ophthalmic suspension market is also analyzed with respect to its segmentation in order to pinpoint the leading segments likely to drive the market’s progress over the coming years. Ophthalmic suspension consists of antibiotics, corticosteroids, or a mixture of the two, and is used to treat various eye-related disorders.
Ophthalmic equipment penetrate the aqueous humor to reach the inner reaches of the eye and bring about comprehensive healing. Increasing technological development in the healthcare sector has led to the formulation of more effective and safer ophthalmic suspensions in recent years, which is likely to remain a key driver for the global ophthalmic suspension market over the forecast period.
The increasing ease of formulating risk-free ophthalmic medical devices is likely to be a major driver for the global ophthalmic suspension market over the forecast period, as the eye is one of the most delicate organs in the body and is prone to infection or injury at the slightest provocation.
Competitive Analysis:
Leading players in the global ophthalmic suspension market include Novartis AG (Alcon), Pfizer Inc., Bausch & Lomb Inc., Valeant, Genentech Inc., Bayer AG, Falcon Group, Merck & Co. Inc., and Allergan.
In February 2019, Bausch & Lomb announced that its LOTEMAX SM gel, a formulation used to ease post-operative pain and inflammation in and around the eyes, has received FDA clearance. The new product provides up to twice the penetration into the aqueous humor than the previous incarnation. New product development is likely to remain a promising avenue for players in the global ophthalmic suspension market over the forecast period.
Segmentation:
The global ophthalmic suspension market is segmented on the basis of type (content), application, end user, and region.
- By Content, the global ophthalmic suspension market is segmented into NSAIDs, steroids, antifungal medication, antibacterial medication, and antibiotics.
- By Application, the ophthalmic suspension market is segmented into bacterial infections, retinal disorders, glaucoma, allergies, diabetic eye disease, and others. The bacterial infection segment is further segmented into conjunctivitis, scleritis, and others. Retinal disorders are further segmented into macular degeneration, branch retinal vein occlusion, central retinal vein occlusion, congenital x-linked retinoschisis, and others. Glaucoma and bacterial infections are likely to remain the leading application segments of the global ophthalmic suspension market over the forecast period, followed by retinal disorders and diabetic eye disease.
- By End use, the global ophthalmic suspension market is segmented into hospitals, eye clinics, pharmacies, and others.
Regional Analysis
The market for ophthalmic suspension is not just restricted to one area or region. Over the years, this market has successfully established its hold on the world map. Some of the areas where it dominates are Americas, Europe, Asia Pacific and Rest of the World.
Out of all the aforementioned the American region has an edge above the others and governs the regional landscape. It is because of the surge of eye disease cases in this region and higher demand & acceptance of ophthalmic suspension.
Europe comes second in line after America and its growth can be entirely attributed to the rapid technological advancements and higher investment margins by the players of that area. Asia Pacific too is expected to grow considerably in the forecast period.
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