Summary

The Ophthalmic Drugs Market is expected to register a CAGR of nearly 4.6% during the forecast period.

The market for ophthalmic drugs is expected to be affected by the COVID – 19 outbreak which is majorly attributed to the lockdown being followed by major countries. The visits to eye clinics or hospitals have reduced drastically and only emergency procedures are being performed.​ As most of the ophthalmic drugs are prescription drugs and without the visit to the doctor one cannot buy the drugs and hence the market is likely to see a decrease due to the pandemic

The major factors attributed to the growth of the ophthalmic drugs market include the increasing incidence and prevalence of eye-related disorders, rising R and D activities pertaining to the development of novel drugs, and increasing focus on developing combination therapies.

The increasing prevalence of eye diseases is increasing the demand for ophthalmic drugs, globally. In many developed and developing countries, eye conditions have already emerged as potential threats to their people's visual perception. The increase in the prevalence of diabetes in various countries has led to the introduction of diabetes treatment. Glaucoma, an eye disease known for centuries, remains on the public health agenda because of the difficulty in finding it early and the need for long-term treatment.

According to the World Health Organization, in 2021, it was estimated that around 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that can be prevented. The 1 billion people include those with limited or severe visual impairment due to unresolved refractive error (123.7 million), cataract (65.2 million), glaucoma (6.9 million), corneal opacities (4.2 million ), diabetic retinopathy (3 million), and trachoma (2 million), and imminent visual impairment caused by unspecified presbyopia (826 million).The increasing geriatric population is further aggravating the prevalence of ophthalmic disorders, and the foremost causes of vision impairment are uncorrected refractive errors and cataracts. Most people with vision impairment are over the age of 50 years.

Hence, the rising incidence of eye-related disorders is projecting a great impact on the growth of market studied.

Key Market Trends

The Anti-glaucoma Drug Segment under Drug Class is Expected to Account for the Fastest Growth in the Forecast period

The number of people with major eye diseases is increasing across the world, and vision loss is becoming a major public health concern.​ As per the International Agency for the Prevention of Blindness, 2019, it has been estimated that by the end of 2020 there will be approximately 80 million people with glaucoma, an increase of about 20 million since 2010. Furthermore, a figure that is set to rise to 111 million by 2040 with the increasing prevalence, unless improved screening and effective treatment strategies are successful.​ therefore there is an increasing need for better drugs to control the disease.

Moreover, every year January is celebrated as Glaucoma Awareness Month globally to create awareness about glaucoma diagnosis and treatment. The growing awareness of the disease is boosting the market growth. In June 2020, Senju Pharmaceutical Co., Ltd. and Otsuka Pharmaceutical Co., Ltd. launched a new combination ophthalmic solution for the treatment of glaucoma and ocular hypertension, AILAMIDE Combination Ophthalmic Suspension in Japan. Such launches in the segment boost its growth in the forecast period.

The Asia-Pacific Segment is Expected to Account for the Fastest Growth Rate

The ophthalmic drugs market is expanding and growing, globally. The market has been witnessing exponential growth in the Asia-Pacific region. Glaucoma and tear substitute (for dry eye) drugs are the leading products in Asia-Pacific. India is likely to be among the top three pharmaceutical markets by incremental growth and the sixth-largest market, globally, in absolute size, according to the Clinical and Experimental Vision and Eye Research, India, 2018. Increase in the number of middle-class households, advancement in medical infrastructure, and the increasing penetration of health insurance in the country are likely to play a significant role in influencing this growth. According to the National Health Policy (NHP), 2019 in India, glaucoma is the leading cause of blindness in which at least 12 million people have been infected and about 1.2 million people have been blinded by the disease. More than 90% of cases of glaucoma remain undetected in the country.

According to World bank data 2018, the percentage of older population above 65 years increased from 21.24% in 2008 to 27.58% in 2018, and as per United Nations, Japan has 51 persons aged 65 years or over per 100 persons. Moreover, the prevalence of glaucoma increases with age. Thus, the rising prevalence of glaucoma and an increase in healthcare expenditure are spurring the growth of the ophthalmic drugs market in the region.

Competitive Landscape

The market studied is composed of a combination of both small and large firms. Most of the big companies are focusing on research and development to bring innovative products to the market. Some of the major players in the ophthalmic drugs market are Aerie Pharmaceuticals Inc., Abbive (Allergan), Bausch Health, Bayer AG, F. Hoffmann-La Roche Ltd, Hoya Corporation, Novartis AG, Pfizer Inc., and Regeneron Pharmaceuticals Inc.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence and Prevalence of Eye-related Disorders
4.2.2 Rising R and D Pertaining to the Development of Novel Drugs
4.2.3 Increasing Focus on Developing Combination Therapies
4.3 Market Restraints
4.3.1 Loss of Patent Protection for Popular Drugs
4.3.2 Lack of Health Insurance in the Developing Countries
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Drug Class
5.1.1 Anti-glaucoma Drug
5.1.2 Dry eye Drug
5.1.3 Ophthalmic Anti-allergy/Inflammatory
5.1.4 Retinal Drug
5.1.5 Anti-infective Drugs
5.1.6 Other Drugs
5.2 By Product Type
5.2.1 OTC Drug
5.2.2 Prescription Drug
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Aerie Pharmaceuticals Inc.
6.1.2 Abbive (Allergan)
6.1.3 Bausch Health Companies Inc.
6.1.4 Bayer AG
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 Hoya Corporation
6.1.7 Novartis AG
6.1.8 Pfizer Inc.
6.1.9 Regeneron Pharmaceuticals Inc.
6.1.10 Santen Pharmaceutical Co. Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS