(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The global ophthalmic disease therapeutics market size was valued at USD 33.56 billion in 2022 and is projected to reach a valuation of USD 35.57 billion in 2023. The market is expected to reach USD 54.87 billion by 2030 with a CAGR of 6.4% during the forecast period. Ophthalmic disease therapeutics are drugs and therapies which are used to treat various ocular conditions such as glaucoma, dry eye disease, retinal diseases, and others. Increasing number of R&D activities by the market players to develop new therapies and drugs is projected to aid market development. Fortune Business Insights shares this information in its report titled“Ophthalmic Disease Therapeutics Market”, 2023-2030.
Industry Development :
September 2022- Santen Pharmaceutical Co., Ltd. and UBE received an approval from the U.S. FDA for Omlonti (omidenepag isopropyl ophthalmic solution) 0.002% eye drops. The eye drops are used for reduction of elevated IOP in patients with primary open-angle glaucoma or ocular hypertension.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.4% |
| 2030 Value Projection | USD 54.87 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 33.56 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 180 |
Key Takeaways from the Ophthalmic Disease Therapeutics Market :
The growing prevalence of ophthalmic conditions such as glaucoma, retinal diseases, dry eye disease, and others among the population is one of the major factors for this market. The market demand is being driven by an increase in clinical trials and pipeline candidates for novel drugs and therapies. Due to the growing popularity of the liquid segment among patients, it led the market in 2022. North America had the largest proportion and produced USD 13.79 billion in revenue in 2021.
Driving factor:
Prevalence of Various Ophthalmic Conditions to Propel the Product Demand
Prevalence of ophthalmic conditions such as glaucoma, retinal diseases, dry eye disease, and others in the population is anticipated to drive the ophthalmic disease therapeutics market growth. As per the article published by the American Academy of Ophthalmology (AAO), there are about 30 millions of Americans who suffer from glaucoma. Out of which, 2.7 million Americans are aged 40 years or older. There is rising awareness of ocular conditions due to increasing number of initiatives carried out by various healthcare agencies, government bodies, and market players.
However, high costs of biologics and overall costs of the treatment are expected to limit the market growth.
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Segmentation :
Anti-inflammatory to Lead Due to Increase in the Number of Ocular Allergies and Inflammation
On the basis of drug class, the market is divided into anti-inflammatory, anti-infectives, anti-VEGF, anti-glaucoma, and others. Anti-inflammatory held the largest share in the year 2022 due to increase in the number of patients suffering and undergoing the treatment for ocular allergies and inflammation.
Semisolid to Lead the Segment Due to Increasing Number of Approvals
As per dosage form, the market is divided into liquid, solid, and semisolid. Semisolid segment to have a highest CAGR over the forecast period due to rising number of approvals and launches of products such as ointment, suspensions, gels, and others. Liquid segment dominated the segment in 2022 due to increasing adoption among the patient population owing to various benefits such as easy to use, increased time period of contact between the product and the substance, increased solubility, and others.
Retinal Diseases to Lead the Segment Due to Rising Prevalence of Retinal Diseases
On the basis of disease indication, the market is divided into glaucoma, dry eye disease, retinal diseases, allergy & infections, and others. Retinal diseases held the largest share in the year 2022 due to rising prevalence of retinal diseases such as diabetic macular edema, macular degeneration, and diabetic retinopathy.
Retail & Online Pharmacies to Lead the Segment Due to Rising Number of Patients in Ophthalmology Clinics
On the basis of distribution channel, the market is divided into hospital pharmacies and retail & online pharmacies. Retail & online pharmacies dominated the segment in the year 2022 with a highest CAGR due to rising number of patient visits to ophthalmology clinics for the treatment of various ophthalmic.
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Regional insights :
North America to Lead Market Share Due to Occurrence of Various Ophthalmic Disorders
North America is expected to have a high ophthalmic disease therapeutics market share due to growing occurrence of various ophthalmic disorders along with higher diagnosis and treatment rate. There are favorable environment and support offered for the research and development of various innovative drug to cure ophthalmic diseases along with growing approval of new drugs. In February 2021, Akorn Operating Company LLC received the U.S. FDA approval for Loteprednol Etabonate Ophthalmic Gel, 0.5% for treating post-operative inflammation and pain after ocular surgery.
Europe to have a substantial growth due to rising launch of biologics and biosimilar intended for the treatment of various eye diseases and emphasis on the proper management of ophthalmic conditions. In September 2022, F. Hoffmann-La Roche Ltd. gained the approval of European Commission (EC) for faricimab also known as Vabsymo to treat visual impairment owing to Diabetic Macular Edema (DME) and neovascular age-related macular degeneration.
Competitive Landscape
Regeneron Pharmaceuticals Inc. to Lead the Market with its Range of Product Portfolio
The market is consolidated with a few ophthalmic disease therapeutics players by providing range of prescription products and OTC products. Increasing sales of the EYLEA in the U.S. by Regeneron Pharmaceuticals Inc. is contributing to the increase in the market share. In 2021, Regeneron Pharmaceuticals Inc. augmented its R&D expenses for EYLEA by around 41.6% in 2021 compared to 2020. The direct R&D expenditure for EYLEA in 2021 was around USD 102.2 million and it was USD 72.2 million in 2020. Santen Pharmaceutical Co. Ltd. is increasing its focus on approval and introduction of the products globally with strategic mergers and acquisitions.
The Report Lists the Key Companies in the Ophthalmic Disease Therapeutics Market:
Regeneron Pharmaceuticals Inc. (U.S) AbbVie Inc. (U.S.) Santen Pharmaceutical Co. Ltd. (Japan) Novartis AG (Switzerland) Bayer AG (Germany) F. Hoffmann-La Roche Ltd. (Switzerland) Viatris Inc. (U.S.)
FAQ :
What is the market size for Ophthalmic Disease Therapeutics Market?
The global ophthalmic disease therapeutics market size was valued at USD 33.56 billion in 2022 and is projected to reach a valuation of USD 35.57 billion in 2023. The market is expected to reach USD 54.87 billion by 2030 with a CAGR of 6.4% during the forecast period.
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Some major points from Table of Content:
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Market Trends
Key Insights Prevalence of Major Ophthalmic Diseases, in Key Countries/ Region, 2022 Pipeline Analysis, Key Players Patent Snapshot, Key Players Recent Industry Developments Such as Partnerships, Mergers & Acquisitions Regulatory Scenario for Key Countries Reimbursement Scenario for Key Countries Impact of COVID-19 on the Market
Global Ophthalmic Disease Therapeutics Market Analysis, Insights and Forecast, 2019-2030 Market Analysis, Insights and Forecast – By Drug Class Anti-inflammatory Anti-infectives Anti-VEGF Anti-glaucoma Beta Blockers Prostaglandins Analogs Alpha Adrenergic Agonists Carbonic Anhydrase Inhibitors Combination Drugs Others
Others
Market Analysis, Insights and Forecast – By Dosage Form Market Analysis, Insights and Forecast – By Disease Indication Glaucoma Open Angle Glaucoma Angle Closure Glaucoma Others
Dry Eye Disease Retinal Diseases Diabetic Macular Edema (DME) Macular Degeneration (AMD) Diabetic Retinopathy (DR) Retinal Vein Occlusion (RVO)
TOC Continued...
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