Ophthalmic
Therapeutics/Drugs Market study is providing you with the up-to-date,
actionable market information and projections with the latest impact of the
Covid 19 outbreak. It offers all the requisite data to support tactical
business decisions and come up with strategic growth plans. This study also
proposes a comprehensive insight into the development policies and plans in
addition to manufacturing processes and cost structures.
The global ophthalmic
therapeutics/drugs market size is expected to value at USD 35.7 billion by
2025. The market is subject to witness a substantial growth due to the rising
occurrence of eye diseases like presbyopia, macular degeneration, and retinal
vascular disease, particularly in geriatric population. Increasing focus on
research and development in ophthalmic therapeutics and drugs by private bodies
due to rising occurrence of ocular disorders, are driving factors for growth of
the market. Globally, the ophthalmic therapeutics/drugs industry is predicted
to grow at CAGR of 5.1% in forecast period, providing numerous opportunity for
market players to invest for research and development in the market.
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Cataract is the one of the
primary cause of blindness. Other types of disorders such as retinal vascular
disease, glaucoma, and age-associated macular degeneration can also lead to
blindness. Thus, rise in the number of initiatives and programs taken by
governmental agencies in order to prevent and completely eliminate such
disorders by facilitating essential treatment for patients, thus significantly
contributing to the growth of ophthalmic drugs market in recent years. Furthermore,
recent research & development activities in various regions across the
globe are expected to escalate demand of the ophthalmic therapeutics industry.
For example, Ocular Therapeutix i.e. OTX-TP, a drug product also known as
travoprost insert, is still under development and is considered as vital to
cure glaucoma and ocular hypertension.
Increasing number of drugs
including Azopt, Lumigan, Retaine MGD, and Vigamox, are anticipated to boost
growth of the market during the forecast period. Additionally, rise in the
number of drug manufactures due to increasing demand on global-scale is
attributed to sustained market growth. The ocular diseases are majorly
categorized into different types such as dry eyes, glaucoma, inflammation
around retina, retinal disorders, and uveitis. The retinal disorder is one of
the fastest growing segment in the ophthalmic therapeutics market with highest
revenue generation in last couple of years. Increasing prevalence of the
retinal disorders in credited to factors such as unavailability of specialized
treatment and increasing occurrence of age-associated macular degeneration
(AMD). The rental disorders are further divided into wet & dry
age-associated macular degeneration, and retinal vascular disease. Rise in the
incidence related to age-associated macular degeneration (AMD) in aged
population is a major concern among healthcare professionals.
Antiglaucomas are one of
the commonly utilized drugs available in the market. They are broadly
categorized into two types such as topical drugs and systemic drops. Increasing
popularity of antiglaucomas is directly credited adoption of novel therapies
with unique mechanism of action. Furthermore, development of drugs such as
timolol, metipranolol, epinephrine, dipivefrin, brimonidine, latanoprost,
bimatoprost, pilocarpine, and carbachol to cure ocular disorders similar to
glaucoma, are augmenting demand of ophthalmic therapeutics industry.
Application of the
ophthalmic therapeutics and drug delivery methods varies in accordance with the
nature and extent of the eye disease or disorder. Specialized ophthalmic
therapeutics and drug delivery methods are required for diseases such as
diabetic retinopathy and age-related macular degeneration (AMD), as they
directly affect tissues at the back of the eye (BOTE).
The market is divided into
regional market segment such as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to the rise in the adoption of latest technologies in medical sciences and
existence well-established healthcare infrastructure. Asia-Pacific region is
predicted to hold major market share in the ophthalmic therapeutics/drugs
market with massive growth in forecast period. Countries such as India, China
and Japan are leading market in Asia Pacific with recent improvements in
healthcare infrastructure, rise in clinical needs, increase in personal
expenditure, easy accessibility of effective medical treatments, and rise in
healthcare consciousness among individuals.
The key players in the
ophthalmic drugs industry are Novartis AG, Allergan Plc, Santen Pharmaceutical
Corporations, Pfizer Incorporations, Merck & Company, Incorporations, and
Genentech Incorporations.
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