Ophthalmic Drugs Market Expected to Reach USD 34.3 Billion Globally by 2025; Players Entering into Co-development Agreements to Enhance Product Portfolio
Jul 27, 2017
Global ophthalmic drugs market is experiencing unprecedented dynamics as major market players are laying strong base for their R&D innovations though co-development agreements to innovate novel biological agents with reduced treatment durations, emerging market players are more focused to address the unmet medical needs in the ophthalmology space, and the generic manufacturers are widening their distribution networks of cost-effective drugs in rural areas of developing regions where the highest share of visually challenged population lives. All of these factors are anticipated to result in increased treatment penetration and compliance, thereby boosting the growth of the global ophthalmic drugs market.
The global Market for Ophthalmic Drugs was valued at USD 24.4 billion in 2016 and is estimated to reach USD 34.3 billion by 2025 at a CAGR of 4.0% from 2017 to 2025.
Geographically, the ophthalmic drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the global market for ophthalmic drugs in 2016, which is attributed to persistent rise in visually impaired population in the region, directly impacting the rising adoption of newly developed therapeutics in ophthalmology in the region. The region is expected to continue to dominate the market in the forecast period due to the increase in prevalence of ocular diseases. The market is witnessing significant transformations due to changing Medicare policies in the U.S., higher pricing of branded specialty drugs, and the rising patient pool for eye diseases. Among the disease indication segment, retinal disorders are expected dominate the market and among the therapeutic class segment, the anti-VEGF agents are expected to grow at a higher CAGR during the forecast period of 2017-2025.
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Europe is considered as the second largest market for ophthalmic drugs in 2016. Large number of major key players are actively involved in development of the existing ophthalmic drugs, due to increase in demand for the treatment of eye diseases such as glaucoma, cataract, and diabetic retinopathy. Also, the new drug approvals by the European Union for the treatment of eye disorders boosts the growth of the ophthalmic drugs market in Europe. According to the Ophthalmology Times magazine, glaucoma commonly leads to uveitis, occurring in about 20% of patients suffering from glaucoma and as a result it is anticipated to propel growth of the Europe ophthalmic drugs market.
The ophthalmic drugs market in Asia Pacific is anticipated to expand at the considerable growth rate during the forecast period. Several ophthalmology companies in order to expand their business operations are exploring new markets, especially in the Asia Pacific region, to increase their revenue and market share. China, India, and Malaysia are some of the lucrative markets in these regions and offer immense growth opportunities. Large consumer base coupled with rising health care expenditure and a paradigm shift observed in patients’ inclination toward improved health care facilities offers tremendous growth prospects in emerging countries such as China and India, driving the ophthalmic drugs market in the Asia Pacific region during the forecast period.
The Latin America, and the Middle East & Africa are relatively smaller markets. There is an increasing incidence of age related macular degeneration, and diabetic retinopathy, in Latin American countries such as Brazil and Mexico, owing to rising prevalence of diabetic population, and ageing population. In the Latin America ophthalmic drugs market, Brazil is expected to grow at highest CAGR. Various pharmaceutical companies are entering the lucrative Latin America market, owing to growing patient pool of eye diseases, and favorable government policies, in the region, which is expected to drive the growth of the ophthalmic drugs market in the region, during the forecast period.
The major players in the Ophthalmic drugs market are – Santen Pharmaceutical Co., Ltd., Novartis AG, Regeneron Pharmaceuticals, Inc., Valeant Pharmaceuticals International, Inc., ALLERGAN, Pfizer Inc., Genentech, Inc. (F. Hoffmann-La Roche Ltd.), Shire, Bayer AG, Aerie Pharmaceuticals, Inc., and others.
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Name: Rohit Bhisey
Organization: Transparency Market Research
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