Ophthalmic Drugs Market

The global ophthalmic drugs market size was valued at USD 36.65 billion in 2020 and is projected to surpass USD 59.85 billion by 2028 registering at a CAGR of 6.5% during the forecast period, 2021–2028. The growth of the market is attributed to the rising awareness related to eye disease, advancing technology implementation in drugs for better results, and increasing incidences of eye disorders.

Ophthalmic anti-infective products consist of eye drops, ointments, or gel, which are primarily applied to eliminate infectious agents or prevent their spread in and around eyes. As per the World Health Organization (WHO) report in 2021, there are nearly 2.2 billion people suffering from vision impairment. Among these, preventive action can be taken on 1 billion people having vision impairment. These 1 billion people include visual impairment caused by cataracts (65.2 million), unresolved refractive errors (123.7 million), corneal opacity (4.2 million), diabetic retinopathy (3 million), glaucoma (6.9 million), trachoma (2 million) and imminent visual impairment due to the unspecified presbyopia (826 million). According to the 2019 study, the International Agency for the Prevention of Blindness stated that nearly 80 million people are likely to have glaucoma by the end of 2020. Furthermore, the number is expected to increase and reach up to 111 million by 2040. Therefore, there is an increasing demand for better drugs to control the disease.

Due to the COVID–19 pandemics, the ophthalmic drugs market is expected to get hampered, as the lockdown is being imposed by governments of every major economy that lead to shut the manufacturing units worldwide. As hospitals are packed with COVID-19 patients, the number of people visiting to eye clinics or hospitals are reduced significantly and only emergency treatments are being performed. However, several studies are conducted to examine the relationship between the increasing cases of COVID-19 among patients having eye-related disorders. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that 31.6% of patients with COVID-19 had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis in China. This presents a key aspect for the market development during the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing geriatric population is fueling the cases of ophthalmic disorders, as most of the population comes under the age of 50 to 60 years are widely caused by cataracts and uncorrected refractive errors. This is expected to boost the market.
• Formation of new rules and regulations from government bodies encouraging for the development of new drugs for eye diseases are estimated to propel the ophthalmic drugs market.
• Ongoing development of drugs by medical institutes and approval of new laboratory methods is expected to boost the market growth in coming future.
• Lack of health insurance covering all types of contact lenses especially in developing countries are the major challenges facing the ophthalmic drugs market.
• Increasing expenditures and high cost investment in the treatment process are likely to hamper the market growth.
• Increasing collaboration among major healthcare companies to develop advanced drugs for the better treatment procedures related to eye disorders, is projected to expand the market growth during the forecast period.

Scope of the Report

The report on the global ophthalmic drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Over the counter drugs segment is expected to grow at a rapid pace

Based on types, the global ophthalmic drugs market is bifurcated by prescription drugs and over the counter (OTC) drugs. The OTC drugs segment is expected to expand at rapid pace during the forecast period owing to the easy availability and wide accessibility of the drugs. Moreover, wide approval of the OTC drugs, which are more safety and efficacy profiles along with higher price of ophthalmic drugs are anticipated to upsurge the segment growth. In July 2020, Alcon’s Pataday received the US Food and Drug Administration (FDA) approval for OTC for the treatment of eye allergy. The improvement of this OTC ophthalmic treatment is expected to boost the segment growth in the coming years.

Anti-VEGF segment is projected to expand at a considerable CAGR

On the basis of drugs classes, the market is segregated by anti-inflammatory, anti-VEGF agents, anti-glaucoma, anti-allergy, and others. The anti-inflammatory segment is further bifurcated into steroidal drugs and nonsteroidal drugs. Anti-VEGF segment is projected to expand at a considerable CAGR due to the increasing adoption rate of the drug types and existing of robust product portfolio in the segment. The segment growth is fueled by strong commercialization in the market of Macugen (pegaptanib), Lucentis (ranibizumab), and Avastin (bevacizumab).

The anti-inflammatory segment is projected to hold a considerable market share in the coming years due to the rise in prevalence of hypersensitivity reactions and allergic conjunctivitis. Moreover, rising such cases lead to increase in demand for anti-inflammatory drugs such as scleritis, uveitis, edema, and cystoid macular. Ongoing clinical studies by several healthcare companies to develop improved anti-inflammatory drugs for dry eye disease is expected to boost the segment growth. For example, in August 2019, OKYO Pharma Ltd. has completed pre-clinical studies and discovered that OK-113 depicted potent anti-inflammatory activity in an experimental model of dry eye disease in mice.

Eye drops segment is expected to expand a robust CAGR

On the basis of dosages, the global ophthalmic drugs market is segmented into capsules & tablets, eye solutions, eye drops, ointments, and gels. The eye drops segment is expected to expand a robust CAGR during the forecast period owing to the ease of use and strong patient compliance as wide availability of the dosage in the market. Furthermore, the segment is likely to be driven by the improvement of eye drops for the treatment of rare eye disorders with low prevalence. For example, Dompé U.S. had gained FDA approval for Oxervate (cenegermin) for treating in August 2018. It is a neurotrophic keratitis medication administered as a topical eye drop. Additionally, the use of sophisticated technology for ophthalmic medication delivery is expected to expand the segment growth by improving physicochemical stability and bioavailability. Sun Pharmaceutical Industries Ltd. has launched cyclosporine ophthalmic solution 0.09 (CEQUA) in the US in October 2019 for patients with keratoconjunctivitis sicca.

Retinal disorder segment is estimated to upsurge in the market considerably

In terms of diseases, the global ophthalmic drugs market is divided into retinal disorders, glaucoma, dry eye, eye allergy, uveitis, and eye infection. The retinal disorders segment is further segmented into diabetic retinopathy, macular degeneration, and others. The retinal disorder segment is estimated to exhibit a high CAGR during the forecast period due to the increasing elderly population, rising prevalence of macular degeneration, and surging sale of ophthalmic drug for the treatment of retinal disease. Moreover, the extensive product portfolio and increasing number of sales of ophthalmic drugs for retinal disorders are another factors to fuel the segment growth. For example, in 2017, Graybug Vision, Inc. started a phase 1/2 trial of GB-102, which was a novel injectable depot formulation of sunitinib malate for the treatment of wet age-related macular degeneration.

However, the glaucoma segment is also expected to register substantial growth during the forecast period owing to increase in the prevalence of glaucoma related eye disorders, high demand for the need for ophthalmic drug, and ongoing awareness campaign series by government about the prevention and treatment of glaucoma. 

Topical segment is projected to grow at a robust growth rate

Based on Administration Routes, the market is segregated as local ocular, systemic, and topical. The local ocular segment is further classified as intravitreal, intracameral, retrobulbar, and sub-conjunctival. The topical segment is projected to register a robust growth rate nearly 62% during the forecast period. One of the primary factors propelling the segment is due to the presence of strong product pipeline and increasing sales volume of ophthalmic medications for retinal disorders.

North America is anticipated to constitute a key market share

In terms of regions, the global ophthalmic drugs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share in the coming years owing to the presence of strong healthcare infrastructure and increasing consumer awareness in the regional population. In addition, the presence of major players such as Pfizer and Alcon in the region is expected to further promote the regional market growth.

On the other hand, the market of Asia Pacific is projected to grow exponentially during the forecast period. As per the Clinical and Experimental Vision and Eye Research, India, 2018, India is one of the top three pharmaceutical markets and the sixth-largest market in terms of market growth in the world. Increased number of middle-class households, advanced medical infrastructure, and the increasing demand for health insurance in the country are playing a significant role in fueling the regional market growth. According to the National Health Policy (NHP), 2019 in India, the leading cause of blindness is glaucoma in which approximately 12 million people have been infected and nearly 1.2 million people have been suffered from blindness due to the disease. Additionally, more than 90% of eye disease caused by glaucoma remain undetected in the country.
 

Segments

Segments Covered in the Report
The global ophthalmic drugs market has been segmented on the basis of
Types

• Prescription Drugs
• OTC Drugs

Drug Classes

• Anti-inflammatory
  • Steroidal Drugs
  • Nonsteroidal Drugs
• Anti-VEGF Agents
• Anti-glaucoma
• Anti-allergy
• Others

Dosages

• Capsules & Tablets
• Eye Solutions
• Eye Drops
• Ointments
• Gels

Diseases

• Retinal Disorders
  • Diabetic Retinopathy
  • Macular Degeneration
  • Others
• Glaucoma
• Dry Eye
• Eye Allergy
• Uveitis
• Eye Infection

Administration Routes

• Local Ocular
  • Intravitreal
  • Intracameral
  • Retrobulbar
  • Sub-conjunctival
• Systemic
• Topical

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Johnson & Johnson Services, Inc.
• Alcon
• Santen Pharmaceutical Co. Ltd
• Allergan
• Pfizer, Inc.
• Bausch Health
• Bayer AG
• Genentech, Inc.
• Regeneron, Merck & Co.
• Coherus Biosciences, Inc.
• Novartis AG

Competitive Landscape

Some of key players in the ophthalmic drugs market are Johnson & Johnson Services, Inc.; Alcon; Santen Pharmaceutical Co. Ltd; Allergan; Pfizer, Inc.; Bausch Health; Bayer AG; Genentech, Inc.; Regeneron, Merck & Co.; Coherus Biosciences, Inc.; and Novartis AG.

Most of these companies are largely investing in R&D programs to come up with innovative products to treat the eye diseases. For example, in June 2020, Novartis has been received approval from the U.S. FDA for Beovu (brolucizumab) related to label update. New composition of ophthalmic solution was launched by a Japan-based company, Senju Pharmaceutical Co. Ltd, for the treatment of glaucoma and ocular hypertension. Such new drug developments are expected to boost the market during the forecast period. Moreover, in April 2020, Ocular Therapeux, Inc. has completed the Phase III clinical trial to evaluate the safety and effectiveness of DEXTENZA in the treatment of allergic conjunctivitis. It is freestanding and bio-absorbable therapy, which is performed using an ear tube inserted in an office setting. It is a one-time treatment designed to release the corticosteroid dexamethasone to the ocular surface and it is lasted for 30 days.