Ophthalmic Drugs Market – Highlights
Global
Ophthalmic Drugs Market is expected to grow at a CAGR 6.0% during the forecast
period of 2017 to 2023.
Owing to the rising cases of eye diseases, the
demand for an effective treatment option has also been escalating. In the
recent years, various new and existing marketers have come up with effective
drugs. For instance, in November 2017, Bausch & Lomb, a U.S.-based company,
received the FDA approval for Vyzulta (latanoprostene bunod ophthalmic
solution). The drug is designed for the reduction of intraocular pressure in
patients with glaucoma or ocular hypertension.
A number of factors such as rising prevalence of
eye diseases, growing awareness, huge research funding in ophthalmology, unmet
medical needs, rising competition among market players, improving regulatory
framework, aging population, and increasing government assistance, are a few
factors propelling the growth of the global ophthalmic drugs market. According
to the 2017 statistics suggested by the World Health Organization (WHO), the
chronic eye disease is the main cause of vision loss, globally.
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However, the high cost associated with a diagnosis
of eye diseases, side effects of available treatment options, and lack of
healthcare insurance may hamper the growth of the market.
Key Players
Some of the key players in the global ophthalmic
drugs market are, Santen Pharmaceutical Co., Ltd., Shire Plc, Sun
Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Valeant
Pharmaceuticals International, Inc., and others.
Segmentation
The Global Ophthalmic Drugs Market is segmented on
the basis of indication, drug class, type of dosage, product, distribution
channel.
On the basis of indication, the market is
classified as glaucoma, retinal disorders, inflammation/infection, dry eye,
allergies, uveitis, and others.
On the basis of the drug class, the market is
classified as antiallergy, anti-VEGF agents, anti-inflammatory, antiglaucoma,
and others. The anti-inflammatory class is further segmented into nonsteroidal
drugs and steroidal drugs.
On the basis of type of dosage, the market is
classified as eye drops, eye solutions, ointments, capsules and tablets, and
gels.
On the basis of the product, the market is
classified as prescription drugs and OTC drugs.
On the basis of the distribution channel, the
market is classified as hospital pharmacies, online pharmacies, drug stores,
and others.
Regional Analysis
The Americas dominates the ophthalmic drugs market
owing to the presence of patient population, rising prevalence of eye diseases,
well-developed technology, high healthcare expenditure, and the presence of the
leading players. According to the glaucoma research foundation, in the United
States, more than 120,000 are blind because of glaucoma. This accounts for 9 to
12% of all the cases of blindness. It is also reported that over 3 million
Americans have glaucoma, but only a few of them know they have it. It is also
reported that glaucoma accounts for more than 10 million visits to physicians
each year.
In November 2017, Bausch & Lomb, a U.S.-based
company, received the FDA approval for Vyzulta (latanoprostene bunod ophthalmic
solution). The drug is designed for the reduction of intraocular pressure in
patients with glaucoma or ocular hypertension. In December 2017, Rhopressa
(netarsudil ophthalmic solution) by Aerie Pharmaceuticals has also received the
FDA approval for the treatment of glaucoma or ocular hypertension.
Europe holds the second position in the ophthalmic
drugs market. It is expected that the government support towards research and
development expenditure, increasing competition among marketers, and amendments
in reimbursement policies in healthcare are likely to drive the European
market.
Asia Pacific is the fastest growing ophthalmic
drugs market owing to a huge patient pool, increasing demand, and development
in healthcare technology.
The Middle East and Africa hold the lowest share of
the global ophthalmic drugs market due to low development, lack of technical
knowledge, and poor medical facilities.
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