Ophthalmic Drugs Market Size, Share, Trends, Growth, Report 2021-2030
The global Ophthalmic Drugs market size is expected to be worth around US$ 70.5 billion by 2030, according to a new report by Vision Research Reports.
The global Ophthalmic Drugs market size was valued at US$ 36.7 billion in 2020 and is anticipated to grow at a CAGR of 6.4% during forecast period 2021 to 2030.
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The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and , is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.
Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.
Investors are increasingly funding companies to support the clinical development of novel treatments for eye diseases thereby fueling the market growth. For instance, in February 2019, Oyster Point Pharma, Inc. received USD 93 million series B financing from Invus Opportunities, Flying L Partners, New Enterprise Associates (NEA), Versant Ventures, and Vida Ventures. The company’s product candidates include OC-01 and OC-02 in a Phase 2b clinical trial.
In addition, increasing development and approval of new laboratory methods is expected to boost the market growth. For instance, in July 2020, Quest Diagnostics received emergency Use Authorization (EUA) from the U.S. FDA for a laboratory technique that was developed for extracting viral RNA. This new technique was designed to expand the testing capacity of COVID-19 molecular tests.
Scope of The Report
Market Size in 2021
USD 39.46 billion
Revenue Forecast by 2030
USD 70.5 billion
Growth rate from 2022 to 2030
CAGR of 6.4%
2022 to 2030
Drug Class, Disease, Dosage Form, Route of Administration, Product Type, Region
Alcon; Johnson & Johnson Services, Inc.; Bausch Health; Allergan; Pfizer, Inc.; Bayer AG; Santen Pharmaceutical Co. Ltd.; Genentech, Inc.; Novartis AG; Regeneron; Merck & Co.; Coherus Biosciences, Inc.
The Anti-VEGF (Vascular Endothelial Growth Factor) segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 31.1% in 2020, due to the high adoption rate and presence of global market players with extensive product portfolio. The segment growth is fueled by strong commercial performances of Lucentis (ranibizumab), Avastin (bevacizumab), and Macugen (pegaptanib).
In addition, several companies are undergoing clinical studies to develop a new anti-inflammatory drug for dry eye disease, thereby boosting the market growth. For instance, in August 2019, OKYO Pharma Ltd. completed pre-clinical studies and found that OK-113 showed potent anti-inflammatory activity in an experimental model of dry eye disease in mice. The preclinical efficacy data of OK-113 is expected to start in 2020 for dry eye disease.
The retinal disorders segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 33.5% in 2020. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period. For instance, in 2017, Graybug Vision, Inc. initiated a phase 1/2 trial of GB-102 for the treatment of wet age-related macular degeneration (AMD). GB-102 is a novel injectable depot formulation of sunitinib malate.
Furthermore, increasing cases of COVID-19 and COVID-19 related eye disorders is anticipated to propel the market growth. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that in China 31.6% of patients with COVID-19 had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis.
The topical route of administration segment dominated the market for ophthalmic drugs and accounted for the largest revenue share 62.2% in 2020 and is estimated to continue the dominance over the forecast period. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period.
Moreover, the increasing launch of new products to replace existing formulations is anticipated to accelerate the market growth. For instance, in October 2019, PreserVision AREDS 2 Formula mini-gel eye vitamins was launched by Bausch + Lomb for the treatment of moderate to advanced AMD in the U.S.
The eye drops segment dominated the ophthalmic drugs market and accounted for the largest revenue share of 34.6% in 2020. The segment was driven by the ease of usage and high patient compliance. In addition, the development of eye drops for the treatment of rare eye diseases with low prevalence yet has a devastating impact on patients is expected to drive the market. For instance, in August 2018, Dompé U.S. received U.S. FDA approval for Oxervate (cenegermin) for treating. It is a topical eye drop therapy used for the treatment of neurotrophic keratitis.
In addition, the presence of advanced technology for ophthalmic drug delivery in order to improve physicochemical stability and bioavailability is anticipated to boost the market growth. For instance, in October 2019, Sun Pharmaceutical Industries Ltd. launched CEQUA (cyclosporine ophthalmic solution 0.09) in the U.S. for patients with keratoconjunctivitis sicca. CEQUA is delivered with nanomicellar (NCELL) technology to increase the bioavailability and physicochemical stability of cyclosporine in order to improve ocular tissue penetration.
The prescription drugs segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 59.9% in 2020. Improved safety and efficacy profiles and higher price of ophthalmic drugs and are expected to propel market growth. The OTC segment is positioned to demonstrate a strong growth rate over the forecast period. The availability of OTC products to increase patient access is expected to accelerate market growth in the near future.
For instance, in July 2020, the U.S. FDA has approved Alcon’s Pataday (olopatadine hydrochloride ophthalmic solution 0.7%) for OTC to treat eye allergy. Formerly, it was prescribed under the name of Pazeo. The development of this OTC ophthalmic solution is expected to increase the number of patients for Pataday's product portfolio.
North America dominated the market and accounted for the largest revenue share of 39.9% in 2020 driven by the presence of excellent healthcare infrastructure and high consumer awareness. Furthermore, the presence of key players such as Pfizer, Inc., and Alcon in this region is expected to further enhance the market growth. For instance, in February 2020, Alcon received approval from the U.S. FDA for Pataday Once Daily Relief and Pataday Twice Daily Relief for sale OTC in the U.S. The Pataday brand is indicated for itch relief and eye allergies.
Asia Pacific is estimated to be the fastest-growing region in the market over the forecast period. The increasing burden of ophthalmic disorders and rising consumer awareness are expected to drive the market growth in Asia Pacific. Local companies are entering into strategic initiatives to develop and commercialize new treatment options for patients. This, in turn, is expected to boost the market growth. For instance, in February 2020, Bridge Biotherapeutics, Inc. acquired an early-stage drug candidate from Konkuk University (KU) for the treatment of a back-eye disorder. The drug candidate is an inhibitor of a target protein, which is currently undisclosed.
Key Market Trends
The Anti-glaucoma Drug Segment under Drug Class is Expected to Hold a Significant Share in the Ophthalmic Drugs Market During the Forecast Period
Glaucoma is a group of eye diseases that affect the optic nerve, which is essential for proper vision; excessively high pressure in the eye is often the cause of this group of diseases.
The anti-glaucoma drug segment is expected to witness significant growth in the ophthalmic drugs market over the forecast period owing to the factors such as the increasing prevalence of glaucoma coupled with a rising geriatric population who are more prone to develop glaucoma, which is one of the leading cause of blindness in older adults.
The prevalence of glaucoma is increasing rapidly, which is expected to increase the demand for anti-glaucoma drugs around the world, thus boosting high growth in the segment. For instance, according to the June 2021 report of the BrightFocus Foundation, it has been observed that the most prevalent type of glaucoma, open-angle glaucoma, affects 2.7 million people aged 40 years or above in the United States. Additionally, as per the same source, glaucoma affected over 80 million individuals worldwide in 2020, which is projected to rise to over 111 million by 2040. Thus, with the increasing burden of glaucoma among the population, the demand for anti-glaucoma drugs is expected to increase, further fueling market growth. Also, according to the World Population Ageing Highlight 2020 report published by the United Nations, the global geriatric population is increasing rapidly around the world, and in 2020, about 727 million people of age 65 years or more were living across the world, which was about 9.3% of the total global population. As per the same source, this number is projected to rise to about 1.5 billion people by 2050, accounting for 16% of the global population. Thus, the increasing aging population will significantly impact the studied segment’s growth over the years and is expected to drive the growth in the ophthalmic drugs market.
Similarly, according to the research study published by Cureus, in November 2020, titled “Epidemiology of Glaucoma: The Past, Present, and Predictions for the Future”, it has been observed that Glaucoma is the second leading cause of blindness after cataracts. It develops due to a combination of vascular, genetic, anatomical, and immunological factors and is considered a serious health problem since it can result in irreversible blindness. As per the same study, it was estimated that approximately 57.5 million people around the world were affected by primary open-angle glaucoma (POAG), and 76 million people were suffering from glaucoma in 2020. In addition, this number is projected to reach 111.8 million by 2040. Thus, the increasing number of glaucoma cases in the population is expected to increase the demand for effective anti-glaucoma drugs, which is further expected to increase the market growth over the forecast period.
In addition, with the growing burden of glaucoma, the companies are increasing their focus on developing novel drugs and products for treating patients with glaucoma, which is expected to increase the product launches, thereby propelling the market growth. For instance, in February 2021, Santen Pharmaceutical Korea Co., Ltd. launched glaucoma and ocular hypertension treatment, the EYBELIS Ophthalmic Solution 0.002%, in South Korea after listing in Korea’s national health insurance. Santen Pharmaceutical and Ube Industries, Ltd have filed for the ophthalmic solution’s marketing approval in other Asian countries. Also, in September 2020, Micro Labs USA launched two products, Dorzolamide 2% and Dorzolamide-Timolol 22.3-6.8 mg/mL, for the treatment of glaucoma in the United States.
Therefore, due to the above-mentioned factors, the anti-glaucoma drugs segment is expected to hold a significant market share in the studied market.
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Rising Frequency and Occurrence of Eye-related Conditions
Glaucoma prevalence is rapidly rising, which is predicted to raise global demand for innovative medications. For instance, the BrightFocus Foundation reported in June 2021 that open-angle glaucoma, the most common type, affects 2.7 billion adults in the United States who are 40 years of age or older. Glaucoma affected more than 80 billion people globally in 2020, and that number is expected to increase to more than 111 billion by 2040. Increased incidences of eye associated issues cause an excessive call for drugs and opens up new monetary possibilities for corporations that offer ophthalmic drugs.
Presence of Strong Emerging Pipeline Drugs
Pharmaceutical companies are engaging in strategic measures, including as partnerships, acquisitions, and collaborations, to increase the number of clinical-stage prospects in their product pipeline. Avizorex Pharma, S.L., a Spanish ophthalmic pharmaceutical company engaged in the development of treatments for dry eye illness, was acquired by Aerie Pharmaceuticals, Inc. in November 2019. The Phase III trial of ARVN003 (pilocarpine microdose ophthalmic solution) for the treatment of presbyopia was approved by the Center for Drug Evaluation, China National Medical Products Administration, in September 2021. (CDE, NMPA).
Rise in Geriatric Population
According to the report published in “The Lancet” named “Ageing and vision loss: looking to the future” in 2021 states that vision impairment has become a prominent public health concern as the world's population ages. One billion people worldwide in 2020 have presbyopia or impaired distance vision. This number is projected to rise significantly by 2050. In later life (>60 years), it is more common for conditions including cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and presbyopia to cause vision impairment. As a result, the market for ophthalmic drugs will experience significant growth over the forecast period.
- Johnson & Johnson Services, Inc.
- Bausch Health
- Pfizer, Inc.
- Bayer AG
- Santen Pharmaceutical Co. Ltd.
- Genentech, Inc.
- Novartis AG
- Merck & Co.
- Coherus Biosciences, Inc.
- Drug Class Outlook
- Anti-VEGF Agents
- Nonsteroidal Drugs
- Steroidal Drugs
- Disease Outlook
- Dry Eye
- Eye Allergy
- Eye Infection
- Retinal Disorders
- Macular Degeneration
- Diabetic Retinopathy
- Dosage Form Outlook
- Eye Solutions
- Capsules & Tablets
- Eye Drops
- Route of Administration Outlook
- Local Ocular
- Product Type Outlook
- Prescription Drugs
- OTC Drugs
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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