Ophthalmic Drugs Market Size was valued at USD 33.09 billion in 2022. The Ophthalmic Drugs market is projected to grow from USD 35.18 Billion in 2023 to USD 67.63 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.32% during the forecast period (2023 - 2032). Rising eye disorders and Upsurge in Clinical and Research Activityare the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The primary reason for boosting market growth is the increased prevalence of eye-related ailments such as Glaucoma, dry eye disease, and other eye-related disorders. For instance, it has been noted that dry eye disease has become the fifth most common ocular condition among women and the ninth most common among men in the United States, according to a Frontiers in Medicine article published in December 2021 with the title "Estimated Annual Economic Burden of Dry Eye Disease Based on a Multi-Center Analysis in China: A Retrospective Study." Additionally, the American Journal of Ophthalmology published a survey titled "Patient-Reported Burden of Dry Eye Disease in the United States: Results of an Online Cross-Sectional Survey" in August 2020 revealed that DED prevalence in the United States ranges from 5% to 15% and rises with age. Thus, it is predicted that the prevalence of dry eye illnesses will propel market expansion in the nation. In addition, the World Health Organization said in October 2021 that around 2.2 billion people worldwide have a near or distant visual impairment, of which roughly 1 billion instances can be averted or might have been prevented in 2020. Due to the rising prevalence of vision impairment cases worldwide, there is a greater need for effective treatments and medications, predicted to enhance demand for ophthalmic pharmaceuticals and spur market expansion. Thus, this factor is driving the market CAGR.
Moreover, businesses' increased emphasis on R&D initiatives and expanding adoption of different business strategies, including mergers and acquisitions, collaborations, and partnerships, are anticipated to boost expansion in the market under study. For instance, Alcon and Kala Pharmaceuticals, Inc. struck a contract in May 2022 for Alcon to purchase EYSUVIS (loteprednol etabonate solution) prescription eye drops. With this purchase, Alcon will better serve the substantial and rapidly expanding dry eye market. Thus, this aspect is anticipated to accelerate the Ophthalmic Drugs market revenue globally.
Based on Dosage Form, the Ophthalmic Drugs market segmentation includes Eye Drops, Eye Ointments, Eye Solutions, Gels, Capsules & Tablets, and others. The Eye Drops Ophthalmic Drugs segment held the majority share in 2022, contributing around ~65-67% concerning the Ophthalmic Drugs market revenue. The expanding OTC availability of eye drops, patient compliance considerations, and eye illnesses' prevalence all influence the market's growth. In addition, it is predicted that new product introductions with altered formulations would meet market demand. For instance, Alcon announced the release of their cutting-edge Systane Complete preservative-free eye drop in January 2022.
The Ophthalmic Drugs market segmentation, based on Product Type, includes Prescription Drugs and OTC drugs. The Prescription Drug segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2032. The increase in conditions like AMD and diabetic retinopathy is responsible for the prescription medicine market's expansion. Improved safety and efficacy are two more variables that might increase demand in the prescription market. Lotemax gel/ointment, Zylet, Durezol, bepreve (bepotastine besylate ophthalmic solution), and prescription artificial tears are a few of the medications offered in this market. Antihistamine Bepreve is used to treat allergic conjunctivitis. Several pharmaceutical medicines have lubricating and moisturizing ingredients that temporarily increase tear production. Hence, rising advancements in Ophthalmic Drugs positively impact market growth.
Figure 1: Ophthalmic Drugs Market by Product Type, 2022 & 2030 (USD billion)Â 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Drug Class has bifurcated the Ophthalmic Drugs market data into Antibiotics, Anti-Inflammatory, Anti-Glaucoma and others. The Anti-Glaucoma segment dominated the market in 2022 and is projected to be the faster-growing segment during 2023-2032. This is mostly attributable to the rising adoption rate and significant presence of major international industry players with wide product ranges. Latanoprost, Brimonidine, Pilocarpine, and Bimatoprost had strong commercial results, which fueled the sector expansion.
Based on Indication, the Ophthalmic Drugs industry has been segmented into Glaucoma, Retinal Disorder, Dry Eye, Eye Allergy and others. Retinal Disorder held the largest segment share in 2022, owing to the rapid adoption of advanced Ophthalmic Drugs surgery products, because of things like diabetic retinopathy and the rising frequency of macular degeneration. For instance, in 2022, it was predicted that over 11 million people had some AMD, which is expected to reach 22 million by 2050, according to amplified eye care. Also, the availability of cutting-edge pipeline pharmaceuticals and the rising sales volume of ophthalmic medications are projected to support segment demand. The market is expanding due to increased financing for developing therapies. For instance, Trinity Researchers won USD 3.14 million in funding in September 2022 to work with organizations like Eli Lilly and Roche to discover a therapy for the illness.
Based on Distribution Channels, the Ophthalmic Drugs industry has been segmented into Hospital Pharmacies, Drug stores, Online pharmacies and Others. Hospital pharmacies held the largest segment share in 2022, owing to the rapid adoption of advanced Ophthalmic Drugs surgery products and the availability of skilled medical staff. Moreover, increasing government initiatives to improve the healthcare infrastructure and the growing number of Ophthalmic Drugs surgeries will boost the market growth.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America Ophthalmic Drugs market accounted for USD 8.51 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Increased eye illness prevalence and growing public knowledge of eye ailments are factors in the Region's growth. Also, it is projected that increased research and development by major firms would support regional prosperity. Also, there are notable players like Bausch and Lomb, Pfizer Inc., and Alcon present. For instance, Harrow Health Inc. said in June 2022 that MAXITROL and IOPIDINE 1% are now sold commercially in the United States. The Prescription Drug User Fee Act's new FDA guidelines offer a systematic method for weighing the risks and advantages of these ophthalmic medicines in clinical studies. Further, the Germany Ophthalmic Drugs market held the largest market share, and the U.K. Ophthalmic Drugs market was the fastest-growing market in the European Region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: OPHTHALMIC DRUGS MARKET SHARE BY REGION 2022 (%)Â 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe is expected to increase at the second-highest rate throughout the predicted period. The market is expanding due to increased demand for cutting-edge healthcare facilities and increased knowledge of the prevention and treatment of eye illness. The presence of significant manufacturers operating in the area and the increase in R&D efforts in the healthcare industry to create innovative ophthalmic medications further contribute to the market's expansion.
With a CAGR of 9.6%, Asia Pacific Ophthalmic Drugs market is predicted to have the greatest growth. The availability of a sizable patient pool, high illness prevalence, and the rise of local businesses are all credited with expanding the Asia-Pacific area. The Asia Pacific area has the largest patient population but the lowest treatment rate. Furthermore, several market participants' strategic actions are anticipated to foster regional expansion. For instance, Otsuka Pharmaceutical Co., Ltd. and Senju Pharmaceutical Co., Ltd. announced the release of AILAMIDE in June 2020 as a combined ophthalmic solution for treating Glaucoma and ocular hypertension. Moreover, China's Ophthalmic Drugs market held the largest market share, and the India Ophthalmic Drugs market was the fastest-growing market in the Asia-Pacific region.
Ophthalmic Drugs Key Market Players & Competitive Insights
Leading market players invest a lot of money in R&D to expand their product portfolios, which will spur further market growth for cervical fusion. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their presence. In order to grow and remain in a market that is becoming more and more competitive, Ophthalmic Drugs industry competitors must provide affordable products.
Manufacturing locally to cut operational costs is one of the main business tactics the Ophthalmic Drugs industry uses to serve customers and increase the market sector. The Ophthalmic Drugs industry has recently given medicine some of the most important advantages. The Ophthalmic Drugs industry has provided medicine with some of the most significant benefits in recent years. The Ophthalmic Drugs markets major players such as Alcon, Johnson & Johnson Services Inc., Bausch Health, Allergan, Pfizer Inc., Bayer AG, Santen Pharmaceutical Co. Ltd., Genentech Inc., Novartis AG, Merck & Co.; others are working on expanding the market demand by investing in research and development activities.
A worldwide pharmaceutical company with offices in Basel, Switzerland, and Cambridge, Massachusetts, the United States, is known as Novartis AG. One of the biggest pharmaceutical firms in the world, Novartis was the fourth largest by sales in 2022 and has consistently been rated in the top five globally. The acquisition of Kedalion Therapeutics by Novartis Pharmaceuticals Company for its ground-breaking AcuStream technology was announced in June 2022. Novartis was able to expand its line of ophthalmic products thanks to this purchase.
Amring improves patients' quality of life and promotes community health by offering dependable, inexpensive, and safe drugs. Amring Pharmaceuticals Inc. announced in June 2022 that the U.S. FDA had approved their generic Timolol Maleate Ophthalmic Solution.
Key Companies in the Ophthalmic Drugs market include
• Alcon
• Johnson & Johnson Services Inc.
• Bausch Health
• Allergan
• Pfizer Inc.
• Bayer AG
• Santen Pharmaceutical Co. Ltd.
• Genentech Inc.
• Novartis AG
• Merck & Co
Ophthalmic Drugs Industry Developments
April 2022:An AB-rated generic version of AbbVie's COMBIGAN, Sandoz, a Novartis business, introduced its generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%. Patients in the United States with ocular hypertension (high eye pressure) will benefit from reduced eye pressure.
March 2022:Seven branded ophthalmic medications were purchased by Théa Pharma from Akorn Operating Company LLC. The agreement strengthens Théa's position as a leading supplier of goods created to meet the needs of eye care professionals all around the United States.
May 2022:To treat dry eye illness, Brim Biotechnology Inc. and Ora Inc. have joined forces to further the development of the regeneration peptide BRM 421.
Eye Drops
Eye Ointments
Eye Solutions
Gels
Capsules & Tablets
Others
Prescription Drug
OTC Drug
Anti-Inflammatory
Anti-Glaucoma
Others
Glaucoma
Retinal Disorder
Dry Eye
Eye Allergy
Others
Hospital pharmacies
Drug stores
Online pharmacies
Others
Ophthalmic Drugs Regional Outlook
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
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 33.09 billion |
| Market Size 2023 | USD 35.18 billion |
| Market Size 2032 | USD 67.63 billion |
| Compound Annual Growth Rate (CAGR) | 6.32% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Alcon, Johnson & Johnson Services Inc., Bausch Health, Allergan, Pfizer Inc., Bayer AG, Santen Pharmaceutical Co. Ltd., Genentech Inc., Novartis AG, Merck & Co  |
| Key Market Opportunities | The Increasing incidences and prevalence of eye-related disorders are anticipated to fuel market growth. |
| Key Market Dynamics | Boosting funding for the creation of new medications An increase in funding for ophthalmic medication research |
Frequently Asked Questions (FAQ) :
The global Ophthalmic Drugs market size was valued at USD 33.09 Billion in 2022.
The global Ophthalmic Drugs market is projected to grow at a CAGR of 6.32% during the forecast period, 2023-2032.
North America had the largest share in the global Ophthalmic Drugs market
The key players in the market are Alcon, Johnson & Johnson Services Inc., Bausch Health, Allergan, Pfizer Inc., Bayer AG, Santen Pharmaceutical Co. Ltd., Genentech Inc., Novartis AG, and Merck & Co.
The Anti-Glaucoma category dominated the Ophthalmic Drugs market in 2022.
Retinal Disorder had the largest share in the global Ophthalmic Drugs market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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