20, February 2024
The prevalence of eye diseases globally is staggering, with the WHO reporting that at least 2.2 billion people have near or distant vision impairment. In about half of these cases, vision impairment can be addressed with the use of ophthalmic drugs. Highlighting this massive opportunity, Triton’s analysts predict that the Global Ophthalmic Drugs Market is set to advance at a CAGR of 6.64% in 2023-2030.
Ophthalmic medications are essential for treating eye conditions, ranging from dry eye to severe ailments like glaucoma. Moreover, innovations like telemedicine and digital health solutions in ophthalmic drug delivery are gaining traction across the Asia-Pacific region. These advancements particularly address accessibility issues in remote areas. Accordingly, our research estimates that the Asia-Pacific Ophthalmic Drugs Market is likely to grow at 7.56% CAGR over 2023-2030.
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North America, especially the US, is a major market for ophthalmic drugs due to the high prevalence of common eye disorders.
For instance,
As per Genetech, a biotechnology company, nearly 11 million people in the US have some form of age-related macular degeneration (AMD), with about 200,000 new cases of wet AMD diagnosed annually across the country.
According to Centres for Disease Control & Prevention, around 9.6 million Americans were living with diabetic retinopathy (DR) in 2021.
The International Agency for the Prevention of Blindness estimated that globally, at least 450 million children have a sight condition that needs treatment, with 90 million children living with refractive error or some form of sight loss.
Thus, the extent of eye-related diseases globally creates a massive scope for the ophthalmic drugs market, driven by an increasing prevalence of conditions such as age-related macular degeneration, blindness and vision impairment, glaucoma, diabetic retinopathy, etc.
Moreover, with longer exposure to mobile screens and laptops from a young age, a growing burden of eye diseases is inevitable. Hence, early diagnosis and treatment are crucial in preventing long-term vision impairment in children, leading to an increased focus on specialized ophthalmic drugs tailored for younger as well as old patients.
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With millions affected by eye disorders, there is a need to increase R&D activities with the approval and launch of novel therapies. In fact, the focus on biologics and gene therapy presents new avenues for addressing eye diseases at their root cause. These promising treatments offer long-term solutions rather than symptomatic relief.
Technological advancements in ophthalmic drug delivery systems, such as gels and eye drops, are revolutionizing patient care. For instance, gels that provide sustained drug release reduce the need for frequent application, enhancing treatment adherence.
Similarly, eye drops have seen innovations like multi-dose dispensers with antimicrobial features, improving safety and convenience for users. These are not only the most convenient and widely adopted delivery methods but also offer less discomfort and irritation. Strikingly, eye drops have become the fastest-growing component, with a CAGR of 6.83% over the forecast years 2023-2030.
These advancements have a profound impact on the ophthalmic drug market, making treatments more accessible, thereby improving the quality of life for patients. For example, in recent years, significant advancements have been made in gene and cell therapies, offering new therapeutic options for treating eye diseases.
Innovations such as nanoparticle-based eye drops and preservative-free formulations are leading the market growth.
January 2022 - Alcon introduced ‘SYSTANE COMPLETE’ Preservative-Free eye drops, an innovation offering an all-in-one solution for all types of dry eye.
July 2022 - Clearside Biomedical developed a microneedle and injector for suprachoroidal injection of corticosteroid triamcinolone acetonide (CLS-TA), targeting conditions like macular edema associated with noninfectious uveitis.
Current/Ongoing - ABBV-RGX-314 is being developed as a potential one-time treatment for wet AMD, diabetic retinopathy and other additional chronic retinal conditions treated with anti-VEGF. It is expected to finish the trial in 2025.
As the field of ophthalmology continues to evolve, further integration of advanced technologies is empowering manufacturers to expand the possibilities within ophthalmic drug products. By improving drug delivery methods and harnessing gene therapy’s potential, treatment for eye diseases among older patients can become more effective, less invasive, and potentially curative. Along with these innovations, the demand for eye drops, as a dosage form, is expected to dominate the ophthalmic drugs market. These advancements not only promise better outcomes for young patients but also fuel market growth.
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FAQs
The global ophthalmic drugs market generated $34547.84 million in 2022 and is expected to achieve $58681.41 million in 2030.
Q.2 What are antifungal ophthalmic drugs?Antifungal ophthalmic drugs such as fluconazole, amphotericin B, voriconazole, etc., are used for treating severe eye infections.
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