Ophthalmic topical therapeutics medications are formulations that are especially used to treat eye-related ailments and diseases. The medications are often available in solid, liquid, and semi-solid forms for application over the eyelids or conjunctiva. Over the last 100 years, innovations in ophthalmic therapy have boosted effectiveness and healed nearly all cases of visual impairment.
The ophthalmic topical therapeutics market is expected to be driven by the rise in geriatric population and the increasing prevalence of ophthalmic disorders. However, the ophthalmic topical therapeutics market is likely to be restrained by the lack of awareness regarding eye disorders. On the other hand, the growing number of topical drugs in the pipeline is expected to create lucrative growth opportunities for players operating in the ophthalmic topical therapeutics market.
MRFR recognizes the following companies as the key players in the global ophthalmic topical therapeutics market— Santen pharmaceutical co., Ltd. (Japan), Sun Pharmaceutical Industries Ltd (India), Novartis AG (Switzerland), AbbVie (US), Bausch & Lomb Incorporated (US), Amneal Pharmaceuticals., LLC (US), Teva Pharmaceutical Industries Ltd. (Israel), Alcon (Switzerland), Akorn Operating Company LLC (US), and Viatris Inc. (US).
The global ophthalmic topical therapeutics market has been segmented based on product type, disease type, dosage form, and distribution channel.
On the basis of product type, the market is segmented into artificial tears, anti-allergy, antibiotic drops, anti-inflammatory, antiglaucoma, and others. The antiglaucoma segment held the majority share in the market in 2022. The rise in geriatric population and the increasing prevalence of ophthalmic disorders helps this segment to grow further.
Based on disease type, the global ophthalmic topical therapeutics market has been segmented into dry eye, eye allergy, glaucoma, eye infection, retinal disorders, uveitis, and others. The glaucoma segment dominated the market in 2022. The growing technological advancements and rising incidence of glaucoma helps the segment to propel.
On the basis of the dosage form, the market is segmented into eye drops, gels, ointments, and others. The eye drops segment held the largest market share in 2022. Eye drops are used to lubricate dry eyes and help maintain moisture on the outer surface of the eyes. Such eyedrops are useful to treat dry eyes that result from aging, certain medications, a medical condition, eye surgery, or environmental factors, such as smoky or windy conditions.
Based on distribution channel, the global ophthalmic topical therapeutics market has been segmented into hospital pharmacies, drug stores, online pharmacies, and others. The drug stores segment dominated the market in 2022. The increasing prevalence of eye disease, rising geriatric population, and the presence of a large number of market players are the key factors contributing to the growth of this segment.
The global ophthalmic topical therapeutics market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe ophthalmic topical therapeutics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The ophthalmic topical therapeutics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World ophthalmic topical therapeutics market comprises of Middle East, Africa, and Latin America.
The increasing prevalence of ophthalmic diseases is driving the market demand for ophthalmic topical therapeutics in North America. Factors such as an increase in the geriatric population, advancements in research and development in optometry, and the increase in the use of ophthalmic drugs in hospital pharmacies are expected to augment the demand for ophthalmic topical therapeutics in the US. Moreover, the aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors.
An increasing number of initiatives undertaken by various public and private organizations, including product launches, mergers, acquisitions, and collaboration, are further driving the market growth in Europe. For instance, in 2019, Novartis (Switzerland) announced a strategic agreement with Takeda Pharmaceutical Company Limited (Japan) to acquire Xiidra. Xiidra is the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease.
Moreover, owing to the rising increasing burden of ophthalmic disorders and rising consumer awareness are the major factors driving the market growth in the Asia-Pacific region. Companies are entering into strategic initiatives to develop and commercialize new treatment options for patients.
Furthermore, the growing prevalence of ophthalmic diseases with a lack of a general practitioner system, irregular follow-up, and high rates of refractive eye surgery are the major factors driving the growth of the market in the rest of the world. As per the article published in the International Agency for the Prevention of Blindness in Saudi Arabia, around 8000 children have functional low vision in 2020.
Key Findings of the Study