Ophthalmic Drugs Market worth $32.78 Billion by 2030

Ophthalmic Drugs Market Snapshot

“The Ophthalmic Drugs Market is estimated to increase at a CAGR 6.26% from $ 15.63 Billion in 2023 to $ 32.78 Billion by 2030.”

Ophthalmic drugs are pharmaceuticals designed to treat and prevent eye diseases and disorders, reducing inflammation, improving vision, treating infections, and delaying illness progression. The global market is expected to benefit from increased healthcare spending and awareness of eye health.

Ophthalmic drug administration involves administering medication to the eyes, typically in the form of eye drops, to treat various ocular diseases like glaucoma, dry eye, bacterial infections, and eye trauma. However, applying medication topically to the cornea presents challenges.

Ophthalmic anti-infectives are injected or administered into the eyes, available in eyedrop, gel, or ointment form. These drugs can eradicate infectious agents or prevent their spread, making them a valuable tool in healthcare.

The ophthalmology industry is experiencing profitable potential due to gene and stem cell therapies and technological advancements. Pharmaceutical companies are investing in R&D to create new medications with improved delivery systems and therapeutic efficacy.

However, the availability of affordable generics, high drug side effects risk, strict regulatory requirements, and high research costs are expected to hinder industry expansion.

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Key Takeaways

In the future years, the disease-specific market share of the retinal disorder sector will increase. This segment formerly held a dominant market share, accounting for around 34% of sales.

Drug class-wise, the anti-vascular endothelial growth factor category will command a higher market share because it has historically dominated the market and earned the highest revenue (31%).

In terms of dosage, the eyedrop category led the market in 2022 and brought in almost 35% of global revenue.

The topical route is expected to dominate the administration market, accounting for 62% of revenue in 2022, while prescription medications by-products, accounting for 59% of total revenue, are expected to hold a larger share.

Growth Drivers

The global demand for ophthalmic medications has increased due to government initiatives to raise awareness about healthcare. Companies in the industry focus on offering ophthalmic pharmaceutical combinations for various disorders.

The global increase in the elderly population, particularly age-related macular degeneration, will likely increase demand for these products. The use of these medications to treat retinal disorders will contribute to a healthy revenue stream in the coming years.

The global increase in the elderly population is expected to further drive demand for these medications.

The market for ophthalmic medications is expected to grow in the coming years due to the availability of various drugs for glaucoma treatment and prevention. North America is experiencing an increase in ophthalmic medication use due to increased government awareness.

These medications are effective in treating dry eye conjunctivitis, age-related conditions like diabetic retinopathy and macular degeneration. The rise in vision impairment cases is also expected to boost the market in the near future.

Restraints

The global market for ophthalmic medications is expected to be hindered by strict laws and regulations, such as the Code of Federal Regulations, the United States Pharmacopeia, and FDA guidelines.

In March 2022, the FDA announced that eye dispensers are now subject to device regulations, governing both the medicine and the device as a single product, potentially limiting market expansion.

Ophthalmic Drugs Market Segment Analysis

The retinal problem sector, once leading with a 33% revenue share, is expected to grow in the coming years due to the increased use of appellant medications for retinal illnesses, especially following the COVID-19 pandemic. The rise in cases and sales of various retinal illnesses has fueled market expansion, indicating a potential future for this sector.

The anti-vascular endothelial growth factor category is expected to dominate the market, generating the highest revenue (31%). Clinical investigations into developing anti-inflammatory medications for illness cures will also contribute to market growth during the forecast period.

Competitive Landscape of the Ophthalmic Drugs Market Analysis

• Thermo Fisher Scientific
• Merck KGaA (Germany)
• Danaher Corporation (US)
• Becton DickinsonmCompany (US)
• Lonza Group (Switzerland)
• Sartorius AG (Germany)

New Developments in Ophthalmic Drugs Market

January 17, 2023- Thermo Fisher Scientific Expands Single-Use Technology in China

Thermo Fisher Scientific announced the opening of an 80,000 m2 current good manufacturing practices (cGMP) facility in Hangzhou, China. “The facility leverages single-use technologies in both drug substance and drug product manufacturing with the flexibility to support a wide range of production scales and volumes,” said Paul Jorjorian, vice president and general manager, biologics, pharma services, Thermo Fisher Scientific.

Jorjorian calls this facility “a strategic addition to Thermo Fisher’s global pharma services network.” It’s designed to serve a broad geographic region. As Jorjorian said, it “can address the needs of organizations for biologics and sterile medicine development and manufacturing capabilities in the Asia-Pacific region.”

In May 2022, Alcon signed an agreement to acquire EYSUVIS (loteprednol etabonate suspension) pharmaceutical eye drops from Kala Pharmaceuticals, Inc. This acquisition will enhance Alcon’s current offering in the large and currently growing dry eye segment.

In April 2022, Sandoz launched generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution, an AB-rated generic equivalent to AbbVie’s COMBIGAN, to lower the eye pressure in patients with ocular hypertension (high eye pressure) in the United States.

In March 2022, Théa Pharma acquired seven branded ophthalmic products from Akorn Operating Company LLC to strengthen its position as a significant provider of products developed to satisfy the demands of eye care specialists across the United States.

In January 2022, Sun Pharma Canada Inc. launched Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator, to treat dry eye disease in Canada.  

Regional Analysis of Global Ophthalmic Drugs Industry

In 2022, the North American market held the largest market share at 38.23%. The region's strong healthcare infrastructure and high consumer awareness are expected to drive sales of ophthalmic medications.

The demand for these medications is expected to rise alongside the rise in ocular illness incidence in the Asia Pacific region. Additionally, the rising consumer awareness will support market expansion in the region.

The FDA's new guidelines under the Prescription Drug User Fee Act offer a methodical approach to evaluating eye medications' benefits and drawbacks in clinical trials, with the UK being the fastest-growing market in Europe.

Segments Covered in the Ophthalmic Drugs Market Report

Segment by Disease

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

Segment by Drug Class

• Anti-Allergy
• Anti-Inflammatory
• Antiglaucoma
• Anti-VEGF Agents

By Dosage        

• Eye Solutions
• Gels
• Capsules
• Eye Drops
• Ointments

By Administration

• Systematic
• Topical Local Ocular

Market by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
• Middle East
• Africa
• Latin America

Frequently Asked Questions

What is the meaning of Ophthalmic Drugs?

"Ophthalmic solution" is a term sometimes used to describe liquid eye drops. These eye drops are used to treat conditions, including eye infections, eye allergies and corneal ulcers. Before using an ophthalmic solution, speak with an eye care professional.

What are some applications of Ophthalmic Drugs?

Ophthalmic preparations are specific dose forms for topical, intraocular, periocular, or combined use with an ophthalmic device.

What is the expected growth rate of the Ophthalmic Drugs market over the next 7 years?

The Ophthalmic Drugs Market is estimated to increase at a CAGR 6.26% from $ 15.63 Billion in 2023 to $ 32.78 Billion by 2030.

Who are the major players in the Ophthalmic Drugs market and what is their market share?

Thermo Fisher Scientific, Merck KGaA (Germany), Danaher Corporation (US), Becton Dickinson Company (US), Lonza Group (Switzerland), Sartorius AG (Germany), are prominent players operating and dominating in the market.

Who are the top 3 Ophthalmic Drugs Market Key Vendors?

Thermo Fisher Scientific, Merck KGaA (Germany), Danaher Corporation (US), are key players in the Ophthalmic Drugs market.

Which geographical areas dominate the worldwide market for Ophthalmic Drugs?

North America region are emerging as the top regional markets for Ophthalmic Drugs solutions.