Ophthalmic Drug Market Size Worth $73.57 Billion By 2032 | CAGR: 8.20%

The global ophthalmic drug market size is expected to reach USD 73.57 billion by 2032, according to a new study by Polaris Market Research. The report “Opthalmic Drug Market Share, Size, Trends, Industry Analysis Report, By Drug Class (Anti-VEGF Agents, Anti-glaucoma, Anti-inflammatory, Antiallergy, Others); By Disease; By Route of Administration; By Product Type; By Dosage Form; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Ophthalmic drugs play a crucial role in the treatment of a range of eye diseases, including cataracts, glaucoma, diabetic retinopathy, myopic choroidal, and others. Notably, glaucoma, according to the World Health Organization (WHO), stands as the second leading cause of blindness worldwide. The market offers a variety of ophthalmology medications, such as cefazolin, gentamicin, EDTA, bevacizumab, and more. Furthermore, the anticipation of market growth is bolstered by factors such as enhanced healthcare infrastructure, government initiatives aimed at raising global health awareness, and increased investments in the development of advanced drug types.

The market revenue share is expected to grow during the forecast period due to factors like the increasing global elderly population, a rising number of glaucoma patients in both developed and developing countries, and higher healthcare spending on eye-related diseases.

The ophthalmic drugs market experienced adverse effects due to the COVID-19 pandemic. For instance, as reported in the Clinical Ophthalmology Journal in November 2021, an analysis of data from pre-pandemic and post-pandemic periods revealed a substantial decline in various aspects of eye care. Visual field checkups, clinical visits, medication releases, and surgical procedures saw reductions of 93.84%, 92.52%, 19.63%, and 72.74% when comparing the pre-pandemic and post-pandemic times. This data indicates a significant decrease in the treatment of glaucoma and other ophthalmic disorders during the pandemic. However, the market is expected to rebound as COVID-19 vaccines become widely available and the number of COVID-19 cases continues to decline.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Opthalmic Drug devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Opthalmic Drugs throughout the forecast period.

Opthalmic Drug Market Report Highlights

• In 2022, the Anti-inflammatory segment dominated the market, capturing the largest share of revenue. This can be attributed to the increasing number of patients seeking treatment for ocular allergies and inflammation. Concurrently, the Anti-VEGF segment is expected to show a significant CAGR over the forecast period. This growth is propelled by the escalating prevalence of retinal disorders, including conditions like diabetic retinopathy and age-related macular degeneration, among others. Furthermore, the rising rate of diagnosis for these conditions within the population is fueling the demand for anti-VEGF therapy across various regions.
• The Semisolid segment dominated the market share throughout the forecast period. This segment is anticipated to achieve a higher Compound Annual Growth Rate (CAGR), mainly due to the increasing number of approvals and product launches. These approvals encompass a range of products, including ointments, suspensions, gels, and others. The growing utilization of ointments, particularly in the treatment of inflammatory conditions, infections, and dry eye, has contributed to their rising popularity due to their enhanced effectiveness. Furthermore, the segment's growth is further propelled by the intensified efforts of key industry players to secure approvals and introduce a wider array of products.
• In 2022, North America held the top position as the largest market. This dominance is influenced by a higher prevalence of eye diseases in the region and an increasing awareness of these conditions among the population. Moreover, the continuous research and development endeavors by key industry players are anticipated to contribute to the further growth of the region. Additionally, North America benefits from the presence of major players such as Pfizer Inc., Alcon, and Bausch and Lomb, which further bolster its market position.
• The global key market players include es, Inc., Genentech, Inc. (F. Hoffmann-La Roche Ltd), Merck & Co., Inc., Nicox, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc.

Polaris Market Research has segmented the Opthalmic Drug market report based on disease, drug class, route of administration, dosage form, product type, and region:

Opthalmic Drug, Disease Outlook (Revenue - USD Billion, 2019 - 2032)

• Glaucoma
• Dry Eye
• Retinal Disorders
• Eye Allergy
• Eye Infection
• Others

Opthalmic Drug, Drug Class Outlook (Revenue - USD Billion, 2019 - 2032)

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

Opthalmic Drug, Route of Administration Outlook (Revenue - USD Billion, 2019 - 2032)

• Systemic
• Topical
• Local Ocular

• Subconjunctival
• Intravitreal
• Retinal Disorders
• Retrobulbar
• Intracameral

 Opthalmic Drug, Dosage Form Outlook (Revenue - USD Billion, 2019 - 2032)

• OTC Drugs
• Prescription Drugs

Opthalmic Drug, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Semisolid
• Liquid
• Solid

Opthalmic Drug, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Ophthalmic Drug Market Report Scope