Ophthalmology Drugs Market - By Therapeutic Class (Anti-VEGF, Anti-Glaucoma), Indication (Dry Eye, Allergy), Route of Administration (Topical), Type (Prescription, OTC), Dosage Form (Eye Drop, Gel), Distribution Channel, Global Forecast (2023 – 2032)

Ophthalmology Drugs Industry Analysis

Ophthalmology Drugs Market size was valued at USD 33.4 billion in 2022 and is expected to reach USD 61.5 billion in 2032 with a CAGR of 6.3% from 2023 to 2032. The factors driving the market's growth are rising incidence of eye-related ailments, increased research & development initiatives for the production of ophthalmic drugs, and increased attention to the development of combination treatments.
 

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Moreover, the ageing population and changing lifestyles have increased the incidence of eye disorders such glaucoma, cataracts, and macular degeneration, which has increased the demand for efficient ophthalmic drugs to manage and cure these conditions. In addition, technological advancements in the market have led in the creation of innovative formulations and drug delivery technologies such as sustained-release formulations. These developments are intended to improve pharmacological efficacy, patient compliance, and treatment results for a variety of ocular disorders. Furthermore, collaboration between pharmaceutical companies, academic institutions, and research organizations is promoting the development of new drugs and treatment modalities.
 

Ophthalmic drugs are a class of medications created especially for the management and prevention of diseases and conditions of the eyes. These medications are used to treat inflammation, improve vision, cure infection, or slow down disease progression. Furthermore, rising spending on healthcare and awareness of eye health are projected to support the global market.
 

COVID-19 Impact

The pandemic hindered the supply chain and delayed the expansion of the healthcare sector. Numerous nations initiated nationwide lockdowns to stem the spread of COVID-19. The market for ophthalmic drugs was negatively impacted during this period. For example, in November 2021, as per Clinical Ophthalmology Journal, when pre- and post-pandemic periods were compared, it projected that visual field examinations, clinical visits, drugs released, and surgical operations decreased by 93.84%, 92.52%, 19.63%, and 72.74%, respectively, at the global level.
 

However, the resumption of treatment and diagnosis services as well as a rise in hospital visits are expected to boost demand for ophthalmic medications and stimulate market expansion. In due course, it's anticipated that the market will achieve its full potential. Moreover, leading companies are expected to increase their expenditure and R&D initiatives, which will fuel the market expansion for ophthalmology drugs.
 

For instance, in June 2022 Novartis announced the acquisition of Kedalion Therapeutics and its AcuStream technology, a novel device that enable precision dosage and accurate administration of some topical ophthalmic drugs to the eye. This acquisition expands Novartis' ophthalmic portfolio while also furthering efforts to research innovative ophthalmic technologies to meet unmet patient needs in front-of-the-eye disorders. Additionally, rising awareness, establishment of better technology, increasing cases of eye related disorders, and various strategic initiatives are expected to boost the market during the forecast period.
 

Ophthalmology Drugs Market Driving Factors

The rising prevalence of ocular disorders such as glaucoma, cataract, diabetic retinopathy, increasing healthcare expenditure and investments, rising research and development pertaining to the development of novel drugs, increasing focus on developing combination therapies, and increasing advancements in genomics and biomarker research are enabling more personalized approaches to ophthalmic treatments are propelling the market growth.
 

The World Health Organisation (WHO) estimates that approximately 2.2 billion people across the globe, are blind or have some vision impairment. Of these, 1 billion people have a condition that could be averted or is still untreated. WHO predicts that the number of individuals with vision impairment will increase by threefold by 2050, with the greatest increase in low- and middle-income nations. The increasing incidence of vision impairment along with the increasing awareness about eye care fuels the market growth. As the global population continues to age, the prevalence of age-related eye conditions such as cataracts, age-related macular degeneration (AMD), and glaucoma is rising. The aging population is more susceptible to vision impairment and related eye diseases, leading to an increased demand for ophthalmic treatments.
 

Ophthalmology Drugs Market Therapeutic Class Segmentation

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Based on therapeutic class, the ophthalmology drugs market is divided into anti-VEGF agents, anti-glaucoma drugs, anti-inflammatory drugs, anti-infective drugs, anti-allergy drugs, and other therapeutic class. The anti-VEGF agents held the major share of 33.8% in 2022. The anti-VEGF agents, including as ranibizumab (Lucentis), aflibercept (Eylea), and bevacizumab (Avastin), have the key component for the treatment of wet AMD. They inhibit VEGF, a protein that stimulates aberrant blood vessel formation in the retina, reducing leakage and bleeding in the eye and maintaining vision. This makes anti-VEGF agents a crucial advancement in eye care and contribute to the growth of the market.
 

Ophthalmology Drugs Indication Segmentation  

Based on indication, the ophthalmology drugs market is classified into dry eye, glaucoma, infection/inflammation, retinal disorders, allergy, uveitis, and other indications. The retinal disorders are subdivided into wet AMD, dry AMD, diabetic retinopathy, and other retinal disorders. The retinal disorders segment led the market and accounted for a share of 35.3% in 2022. The increasing incidence of different retinal problems has led to an increase in demand for effective therapies to protect and improve eyesight. The aging population is contributing to the rise in retinal conditions like age-related macular degeneration (AMD).
 

Additionally, an increase in diabetes prevalence drives diabetic retinopathy cases. Advancements in anti-VEGF therapies and sustained-release drug delivery systems have improved treatment outcomes, further propelling the demand for drugs targeting retinal disorders and bolstering the segment growth.
 

Ophthalmology Drugs Route of Administration Segmentation

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Based on route of administration, the ophthalmology drugs market is divided into topical, local ocular (intravitreal), and other routes of administrations. The topical segment held the greatest market share of 68.8%in 2022. The market includes medications that are available as topical therapies for a variety of eye ailments as topical drugs are convenient to use and can be self-administered by patients, reducing the need for injections or surgical interventions in many cases.
 

In addition, topical ophthalmic drugs target the specific site of action, such as the cornea, conjunctiva, or intraocular structures, allowing for localized drug delivery and minimizing systemic side effects.  Increasing incidence of ocular conditions like glaucoma, conjunctivitis, and dry eye syndrome drives demand for these easy-to-use treatments. Technological advancements in drug formulations and preservative-free options have also contributed to the growth of topical medications in the market.
 

Ophthalmology Drugs Product Segmentation  

Based on product, the ophthalmology drugs market is categorized into prescription and OTC. Prescription drugs accounted for 61.9% of the market in 2022, and it is anticipated that this segment would continue to dominate the market during the forecast period. The increase in conditions like AMD and diabetic retinopathy is responsible for the prescription medicine market's growth. Ophthalmic conditions often require specialized treatment plans tailored to the individual patient's diagnosis, severity of the disease, and medical history. Prescription drugs allow for personalized and targeted therapies to address specific eye conditions effectively. Additionally, the growing aging population contributes to the increased need for prescription drugs to manage age-related eye diseases effectively.
 

Ophthalmology Drugs Dosage Form Segmentation

Based on dosage form, the ophthalmology drugs market is divided into eye drops, eye solutions and suspensions, capsules & tablets, gels, ointments, and other dosage forms. The eye drops segment held the largest revenue share of 37.8%, in 2022. Eye drops allow for localized drug delivery to the ocular surface, targeting specific eye structures, such as the cornea, conjunctiva, or intraocular tissues, where the medication is needed. The expanding OTC availability of eye drops, and the prevalence of eye diseases all influence the eye drop segment market 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 innovative systane complete preservative-free, lubricant eye drop in January 2022.
 

Ophthalmology Drugs Distribution Channel Segmentation

Based on distribution channel, the ophthalmology drugs market is classified into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies held the largest segment share in 2022. Hospitals serve as major treatment centres for complex eye conditions and surgeries, increasing the demand for ophthalmology drugs. Additionally, the availability of a wide range of specialized medications in hospital pharmacies facilitates efficient treatment of various eye diseases. Collaborations between pharmaceutical companies and hospitals further contribute to the segment's expansion, ensuring access to the latest ophthalmology drugs.
 

Ophthalmology Drugs Regional Analysis

North America ophthalmology drugs market accounted for highest revenue in 2022 and is anticipated to grow at 6.0% during the forecast period. North America has a significant prevalence of ophthalmic conditions, including age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and dry eye syndrome. The aging population, changing lifestyle, and the increasing prevalence of chronic diseases like diabetes contribute to the high incidence of these conditions. The need for effective treatments drives the demand for ophthalmology drugs in the region.
 

Moreover, North America is a hub for technological advancements and research in the field of ophthalmology. The region has a well-established pharmaceutical industry, academic institutions, and research organizations focused on developing innovative ophthalmology drugs. Advancements such as gene therapies, sustained-release drug delivery systems, and personalized medicine are further expected to drive the growth of the market.
 

Ophthalmology Drugs Industry Leaders

The prominent players in ophthalmology drugs market are AbbVie, Inc., Alcon Vision LLC, Bausch Health Companies, Inc., Bayer AG, Coherus BioSciences, F. Hoffmann-La Roche Ltd., Novartis Pharmaceuticals Corporation, Pfizer, Inc., Regeneron Pharmaceuticals, Inc., Santen, Inc., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches to maintain a competitive edge in the industry.
 

Ophthalmology Drugs Market Industry News:

• In April 2022, Sandoz, a Novartis company, introduced its generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%, it has AB-rated generic equivalent to AbbVie’s COMBIGAN, to reduce eye pressure in patients with ocular hypertension (high eye pressure) in the USA.
   
• In January 2022, Akorn, Inc. entered into an agreement to sell seven branded ophthalmic products to Théa. Théa is Europe's foremost independent pharmaceutical firm in ophthalmology. The latter increased its commercial presence in the U.S. as part of the acquisition, and supported the projected growth and launches of more products in the U.S.
   

The ophthalmology drugs market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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Market Size, Therapeutic Class

• Anti-VEGF agents
• Anti-glaucoma drugs 
• Alpha agonist
• Beta blockers
• Prostaglandin analogs
• Combined medication
• Other anti-glaucoma drugs
• Anti-inflammatory drugs
• Steroids
• NSAID
• Anti-infective drugs
• Anti-bacterial drugs
• Anti-fungal drugs
• Other anti-infective drugs 
• Anti-allergy drugs
• Other therapeutic class

Market Size, By Indication

• Dry eye
• Glaucoma
• Infection/inflammation
• Retinal disorders 
• Wet AMD
• Dry AMD
• Diabetic retinopathy
• Other retinal disorders
• Allergy
• Uveitis
• Other indications

Market Size, By Route of Administration

• Topical
• Local ocular (intravitreal)
• Other routes of administration

Market Size, By Product

• Prescription
• OTC

Market Size, By Dosage Form

• Eye drops
• Eye solutions and suspensions
• Capsules and tablets
• Gels
• Ointments
• Other dosage forms

Market Size, By Distribution Channel

• Hospital pharmacies
• Retail pharmacies
• Online pharmacies

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europ 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America 
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa 
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa