Ophthalmic Topical Therapeutics Market

There is an increasing prevalence of ophthalmic disorders such as refractive errors, dry eye, glaucoma, eye allergies, and age-related macular degeneration globally which is driving the market growth. According to the WHO in October 2021, at least 2.2 billion people globally suffer from vision impairment. The leading causes of vision impairment are refractive errors and cataract, both of which have topical ophthalmic therapeutic products available in the market. Similarly, glaucoma is a leading cause of irreversible blindness globally. According to National Glaucoma Research, over 3 million Americans have glaucoma.

According to the WHO in 2021, over 7.7 million people suffer from glaucoma globally. The most common treatment for glaucoma is prescription eye drops such as beta-blockers, prostaglandins, Rho-kinase inhibitors, and others that can keep glaucoma from getting worse. Additionally, in June 2021, the WHO stated that vision impairment is responsible for significant economic losses. It is estimated that presbyopia and myopia alone contribute to USD 25.4 billion and USD 244 billion productivity losses respectively annually. Therefore, the increasing prevalence of ophthalmic disorders is expected to continue driving market growth for the ophthalmic topical therapeutics market.

The increasing incidence of eye disorders globally is a primary driver of the Global Ophthalmic Topical Therapeutics Market Industry. Conditions such as glaucoma, dry eye syndrome, and age-related macular degeneration are becoming more prevalent, particularly in aging populations. For instance, the World Health Organization indicates that by 2024, the market is projected to reach 15.8 USD Billion, reflecting the urgent need for effective therapeutic solutions. This trend is likely to continue as the global population ages, with estimates suggesting that by 2035, the market could expand to 34.1 USD Billion, highlighting the growing demand for ophthalmic treatments.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. The North America ophthalmic topical therapeutics market accounted for the largest market share in 2022. Key factors attributed to its increasing prevalence of eye disease, rising geriatric population, and the presence of a large number of market players in the region. For instance, in March 2021, Indoco Remedies (India) launched Brinzolamide Ophthalmic Suspension 1% in the US, the first generic version of AZOPT by Teva Pharmaceuticals (Israel).

Additionally, 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.

Further, the major countries will be study are: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: OPHTHALMIC TOPICAL THERAPEUTICS MARKET BY REGION 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe ophthalmic topical therapeutics market accounted for the second-largest market share due to increasing geriatric population in the developed countries, globalization of healthcare, and rising burden of diabetes and other comorbidities. Furthermore, the Germany market of ophthalmic topical therapeutics attributed to hold the largest market share, and the France market of ophthalmic topical therapeutics is projected be the fastest growing market in the Europe region.

The Asia-Pacific ophthalmic topical therapeutics market is expected to be the fastest growing from 2023 to 2032 due to the rising increasing burden of ophthalmic disorders and rising consumer awareness, and the growing adoption of advanced technologies. Companies are entering into strategic initiatives to develop and commercialize new treatment options for patients. This, in turn, is expected to boost the ophthalmic topical therapeutics growth. For instance, in February 2020, Bridge Biotherapeutics, Inc. (South Korea) acquired an early-stage drug candidate from Konkuk University (KU) for the treatment of a back-eye disorder.

Moreover, China market of ophthalmic topical therapeutics accounted to hold the largest market share, and the India market of ophthalmic topical therapeutics is projected to be the fastest growing market in the Asia-Pacific region.

Major market players’ growth is dependent on market conditions, government support, and industry development. Thus, manufacturers are focused on expanding their geographical reach and improving their products. They primarily focus on the development of novel products. Although international players dominate the market, regional and foreign players with small market shares also have a considerable presence in the market of Ophthalmic Topical Therapeutics.

Novartis AG (Switzerland) was established through a merger of Ciba-Geigy and Sandoz. Novartis AG and its preceding companies have developed innovative products for over 250 years. The company operates through two major business segments: Innovative Medicines and Sandoz. It focuses on developing and marketing products that contribute to human progress through advances in science and health. It provides ophthalmology, neuroscience, immunology, hematology, dermatology, respiratory, cardio-metabolic, and established medicine products. The company has a strong presence in North America, Europe, Asia-Pacific, and the Middle East & Africa.

Moreover, In April 2022, Sandoz, a Novartis division, launched a generic brimonidine tartrate/timolol maleate eyedrop in the US for patients suffering from ocular hypertension, increasing its leading ophthalmic offering.