Asia-Pacific region owing to increase in prevalence glaucoma and rise in awareness regarding ophthalmic drugs. According to a new report published by Allied Market Research, titled, Ophthalmic Drugs Market by Indication, Type, Dosage Form, Distribution Channel, and Therapeutic Class: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global ophthalmic drugs market was valued at $36.49 billion in 2019, and is projected to reach $58.13 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027
Alarming increase in prevalence of ophthalmic disorders across the globe, advancements in research and development for manufacturing of combinational therapies for the treatment of ophthalmic disorder, and surge in geriatric population are expected to notably contribute toward the growth of the global ophthalmic drugs market during the forecast period
The eye is one of the most sensitive organs of the human body. Ophthalmic drug formulations are designed for the treatment of eye diseases such as cataract, glaucoma, color blindness, diabetic macular edema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD).
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The implementation of lockdown due to COVID-19 outbreak has delayed the treatment for ophthalmic disorder up to six months; thereby, having a minimal negative impact on the market. Due to COVID-19 pandemic, many hospitals across the globe, were restructured to increase the hospital capacity for the patient diagnosed with COVID-19. This leads to cancellation of many non-essential surgical procedures. Also, the quality of care toward the patients other than COVID-19 decreased.
Key Findings Of The Study
By indication, the retinal disorders segment was the highest contributor to the ophthalmic drugs market in 2019
By type, the prescription drugs segment dominated the market in 2019 and is expected to continue this trend throughout the review period
By dosage form, the liquid ophthalmic drug forms segment led the market in 2019
By distribution channel, the hospital pharmacies segment led the market in 2019
By therapeutic class, the anti-inflammatory segment will exhibit considerable growth from 2020 to 2027
By region, North America garnered largest revenue share in 2019, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.
Key Market Segments
By Indication
Dry Eye
Glaucoma
Infection/Inflammation/Allergy
Retinal Disorders
Wet Age-related Macular Degeneration
Dry Age-related Macular Degeneration
Diabetic Retinopathy
Others
Others
By Type
Prescription Drugs
Over-the-counter Drugs
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.