(MENAFN- GlobeNewsWire - Nasdaq) The increasing prevalence of the geriatric population will contribute to the ophthalmic drugs market's growth. The presence of significant market players will also contribute to the market's development during the forecast period.Newark, Sept. 03, 2024 (GLOBE NEWSWIRE) -- According to The Brainy Insights, the ophthalmic drugs market is characterized by a variety of Pharmaceutical products used to treat eye conditions, including both prescription and over-the-counter medications. The market is expanding due to an increase in the prevalence of ocular diseases and technological advancements in drug development. The global ophthalmic drugs market was valued at USD 37.17 billion in 2023 and grew at a CAGR of 6.2% from 2024 to 2033. The market is expected to reach USD 67.83 billion by 2033.
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The Brainy Insights reports that recent developments in the ophthalmic drugs market include the introduction of novel drug delivery systems and the development of biologic agents. These advancements aim to improve efficacy and patient adherence, with a focus on personalized treatments and long-acting formulations.
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.2% |
| 2023 Value Projection | USD 37.17 Billion |
| Market Size in 2033 | USD 67.83 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Segments Covered | Indication, Drug Class, Dosage Form and Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
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The indication segment is divided into dry eye, allergies, infection, retinal disorders, glaucoma, and others. The glaucoma segment dominated the market, with a market share of around 38% in 2022. Glaucoma can affect individuals from any age group. However, it is most common in elders, and the increasing geriatric population will drive the segment's growth. The drug class segment is divided into anti-allergy, anti-glaucoma, anti-inflammatory, anti-VEGF agents, anti-allergy and others. The anti-VEGF segment dominated the market, with a market share of around 39% in 2022. These drugs are highly effective as they are known to prevent blindness due to blockage in the optic nerve. The dosage form segment is divided into gels, capsules and tablets, eye drops, eye solutions and suspensions, and ointments. The eye drops segment dominated the market, with a market share of around 43% in 2022. Eye drops are the most known and highly accessible ophthalmic drugs, driving the segment's growth. They are easy to use and offer instant relief to the patient. They are available over the counter as well. The distribution channel segment is divided into hospital pharmacies, drug stores, online pharmacies, and others. The drug stores segment dominated the market, with a market share of around 40% in 2022. Over-the-counter ophthalmic drugs are available at nearby drug stores across regions, given their easy accessibility and affordability offered by these platforms. The increasing presence of retail drug store chains has increased their accessibility across regions.
Market Dynamics:
Drivers:
1. Increasing Incidence of Eye Disorders: The rising incidence of eye diseases such as glaucoma and macular degeneration is a primary driver of market growth.
2. Aging Population: The global increase in the elderly population is contributing to a higher prevalence of age-related eye conditions.
3. Technological Innovations: Ongoing advancements in drug delivery technologies and formulation improvements are fueling market expansion.
4. Rising Awareness: Enhanced awareness about eye health and new treatment options is leading to increased demand for ophthalmic drugs.
Restraints:
1. High Costs: The cost associated with advanced ophthalmic drugs can be a barrier to market growth.
2. Regulatory Challenges: Stringent regulations and lengthy approval processes can delay the introduction of new drugs to the market.
3. Side Effects: Potential adverse effects and complications from ophthalmic treatments can impact patient compliance and market acceptance.
Opportunities:
1. Emerging Markets: Growth opportunities exist in developing regions with expanding healthcare access and increasing investments in healthcare infrastructure.
2. Innovative Therapies: The development of novel therapies, including gene and cell-based treatments, presents significant opportunities.
3. Strategic Collaborations: Partnerships between pharmaceutical companies and research organizations can drive innovation and market growth.
Market Advancements:
1. Advanced Drug Delivery Systems: Brainy Insights highlights advancements in drug delivery systems, such as sustained-release formulations and implants, which enhance the effectiveness of treatments.
2. Biologics and Gene Therapy: There is growing interest in biologics and gene therapies for treating complex eye diseases, which are expected to transform the market.
3. Integration of Digital Health: The integration of digital health technologies, including telemedicine and remote monitoring, is improving patient access to ophthalmic care.
Regional Segmentation Analysis:
1. North America: The largest market due to advanced healthcare infrastructure, high incidence of eye disorders, and significant R&D investments.
2. Europe: Strong market presence driven by a large patient base and robust healthcare systems.
3. Asia-Pacific: Rapidly growing market due to increasing healthcare access, rising awareness, and a large population base.
4. Latin America: Expanding market driven by improving healthcare facilities and rising healthcare expenditures.
5. Middle East and Africa: Emerging market with growth potential due to ongoing improvements in healthcare infrastructure and rising awareness about eye health.
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The number of people with eye diseases has increased due to sedentary lifestyles and prolonged use of laptops and mobile devices. To put this into perspective, in the US, 3.17 million people have had cataract surgery, and in 2021, 537 million people are predicted to have diabetic retinopathy. These numbers are expected to rise over time. Geriatric populations are growing in India and China, with almost 18% of the Chinese population expected to be over 60 in 2020. The incidence of eye problems rises along with the ageing population. The need for ophthalmic medications to treat these disorders rises when these factors are considered.
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