North America Ophthalmic Drugs Market

North America Ophthalmic Drugs Market Size (2023 to 2028)

As per our research report, the North America Ophthalmic Drugs market was valued at around USD 12.80 billion in 2023. It is further expected to grow at a CAGR of 4.7% to reach USD 16.03 billion by 2028. It captures 35% of the global market.

The growth of the North American ophthalmic drugs market is projected to be fuelled by the increase in the prevalence of eye disorders and eye infections among people, increasing healthcare expenditure; therefore, the majority of people over 65 ages suffer from eye diseases such as cataracts, diabetic retinopathy, glaucoma, and many more diseases, thus, increase in the disorders is leading to raise the demand for the drugs and the treatments that improve the market growth.

On the other hand, the growing population with the rise in the elderly growing population as the percentage of the elderly population present in Canada and U.S. is 18 percent, and 19.9 percent respectively are significantly contributing the ophthalmic drugs market. In addition, the increase in the new innovations and advancements in the technology in ophthalmology for the production of drugs and other medications to treat eye infections is expected to propel the market growth. Also, the growing trend and the popularity among the people for adoption spectacles and contact lenses positively impact the market growth.

Furthermore, the ophthalmic devices market is very competitive within the market players in which few major players dominate the market by the introduction of the new product in the market by adopting various market strategies such as mergers, acquisition, and collaboration are the factors that are driving the growth of the ophthalmic drugs market. Moreover, rise in the initiatives and fundings from the government and non-government firms in research activity for the development of the drugs as well as the increase in the awareness and importance of the visual impairment among the people for controlling the injuries and infections related to eye are projected to fuel the market growth of the ophthalmic drugs.

However, an increase in the high costs of ophthalmic devices and the treatment due to the side effects of the ophthalmic drugs, such as itchiness in or around the eye, limits the market's growth. Also, due to the lack of awareness among the people about the visual impairment with strict rules and regulations and the approval process for the drug approval, these processes consume lots of time. Therefore, the procedures are very tedious, which makes the entry of the product very difficult.

This research report on the North American ophthalmic drugs market has been segmented and sub-segmented into the following categories.

By Therapeutic Class:

• Anti-inflammatory Drugs  
  • Nonsteroidal Anti-inflammatory Drugs
  • Steroids
• Anti-infective Drugs            
  • Anti-fungal Drugs
  • Anti-bacterial Drugs
  • Others
• Anti-glaucoma Drugs          
  • Alpha Agonist
  • Beta-Blockers
  • Prostaglandin Analogs
  • Combined Medication
  • Others
• Anti-allergy Drugs
• Anti-VEGF Agents
• Others    

By Product Type:

• Prescription Drugs             
• Over-the-Counter Drugs 

By Distribution Channel:

• Hospital Pharmacies
• Online Pharmacies
• Independent Pharmacies & Drug Stores

By Disease Indications:    

• Dry Eye     
• Glaucoma
• Infection/Inflammation     
• Retinal Disorders  
  • Wet Age-related Macular Degeneration
  • Dry Age-related Macular Degeneration
  • Diabetic Retinopathy
  • Others
• Allergy      
• Uveitis      
• Others

By Dosage Form:

• Liquid Ophthalmic Drug Forms        
• Solid Ophthalmic Drug Forms          
• Semisolid Ophthalmic Drug Forms
• Multi-compartment Drug Delivery Systems               
• Other Ophthalmic Drug Forms    

By Technology:

• Biologics   
• Cell Therapy           
• Gene Therapy       
• Drug Delivery         
• Small molecule      
• Others     

By Country:

• The United States
• Canada
• Rest of North America

Geographically, North America held the largest share in the global ophthalmic drugs market in 2020, and it is estimated to register significant growth during the forecast period. The regional market growth is attributed to the proliferation of chronic diseases and the rising prevalence of ophthalmic diseases among people in this region. Also, the availability of advanced healthcare facilities, favorable reimbursement policies, and growing healthcare spending contribute to the regional market growth.

The U.S. ophthalmic drugs market is anticipated to hold a significant share in the North American ophthalmic drugs market during the forecast period. The market growth is expected to be driven by the increase in the new developments and innovations in the technology and an increase in the initiatives and raising awareness among the people about visual impairment.

The Canadian ophthalmic drugs market is predicted to register a healthy CAGR during the forecast period. In Canada, it is estimated that more the 5.50 million have an eye disease, and 5.59 million Canadians have lost eyesight. According to the National Institute of Health moreover, 14 million people are visually impaired. In addition, more than 11 million have uncorrected visual impairments, which resulted in the higher adoption of ophthalmic drugs and treatments, driving the market growth.

KEY MARKET PLAYERS:

Companies playing a dominant role in the North America Ophthalmic Drugs Market profiled in this report are Carl-Zeiss AG, Ellex Medical Lasers Ltd., Hoya Corporation, Novagali Pharma S A, Abbott Medical Optics, Inc., Essilor International S.A. Other players in the market include Insight Vision Inc., Nidek Co.Ltd, Topcon Corporation, and Ziemer Ophthalmic Systems AG.