Ophthalmic Drugs Market

Global Ophthalmic Drugs Market Size (2024 to 2032)

The size of the global ophthalmic drugs market was worth USD 36.73 billion in 2023. The global market is anticipated to grow at a CAGR of 5.2% from 2024 to 2032 and be worth USD 58 billion by 2032 from USD 38.64 billion in 2024. 

MARKET SCENARIO

The incidence of eye diseases such as cataracts, glaucoma, diabetic retinopathy, myopic choroidal, and others is increasing worldwide. Hence, the need for related drugs and medical equipment is also fuelling. Ophthalmic drugs treat various eye diseases that cause vision problems or difficulties. In most cases, these drugs are consumed as drops or ointments. Corticosteroids, anti-inflammatory drugs, antibiotics, and beta blockers are some examples of ophthalmic drugs, and these drugs are highly effective, safer to use and reduce the probability of side effects.

MARKET DRIVERS

The growing prevalence of eye diseases primarily drives the global ophthalmic drug market growth.

The number of people suffering from various eye diseases such as age-related macular degeneration (AMD), cataracts, glaucoma, diabetic retinopathy, dry eye syndrome, retinal detachment, conjunctivitis, and others is growing significantly worldwide, which is expected to result in growth of the ophthalmic drugs market. Due to age-related macular degeneration, people who are aged above 50 years are likely to experience vision loss. According to an article published by the BrightFocus Foundation, an estimated 20 million adults have been experiencing some age-related macular degeneration in the United States. As per the same source, an estimated 288 million people are expected to suffer from age-related macular degeneration by 2040. Glaucoma is the second most significant cause worldwide, causing vision loss in people. As per the statistics published by the World Health Organization (WHO), glaucoma causes blindness in 4.5 million people. According to the National Health Portal of India, an estimated 12 million people in India are suffering from irreversible blindness caused by glaucoma, out of which 1.2 million went blind.

The increasing patient population suffering from diabetes worldwide is expected to boost the ophthalmic drug market growth. The risk of developing eye problems in diabetic patients is high. People with diabetes may suffer from various eye diseases such as diabetic retinopathy, cataracts, and glaucoma when effective disease management is lacking. In specific, diabetic retinopathy is a risky condition and can potentially result in vision loss if ignored in the early stage. To address the risk of eye diseases, diabetic patients often consume ophthalmic drugs. Likewise, the growing number of people diagnosed with diabetes is expected to fuel the demand for ophthalmic drugs. According to the statistics published by the IDF Diabetes Atlas, an estimated 537 people aged between 20 to 79 years had diabetes in 2021, which was also one in every ten people and caused USD 966 billion in health expenditure for diabetes.

The growing aging population is one of the key factors propelling the ophthalmic drugs market growth. The older people population across the world is significantly growing. According to the United Nations statistics, people 65 years or older are estimated to reach 1.5 billion by 2050. It is a known fact that the aged population is likely to be diagnosed with eye-related disorders, which is expected to support the global ophthalmic drugs market actively. The number of patients with age-related macular degeneration is rising to 288 million by 2040.

The growing patient population in developed and developing countries and the increasing healthcare spending on eye-related disorders further propel market growth. Approximately 7.32 million in the United States are projected to have primary open-angle glaucoma, from 3.15 million in 2015. Furthermore, the growing number of people suffering from glaucoma across the globe is driving the market. Nearly 90% of glaucoma cases remain undiagnosed in the country. The key market participants are putting rigorous R&D efforts into developing and manufacturing effective ophthalmic drugs and formulations, further fuelling the global market's growth rate.

MARKET RESTRAINTS

Lack of awareness among people regarding the use of ophthalmic drugs and lack of adequate health insurance coverage in some countries hamper the market growth. In addition, side effects associated with the consumption of ophthalmic drugs, such as itching in the eyes and allergy, hinder the growth rate of the ophthalmic drug market in the coming years. Furthermore, the high cost of ophthalmic drugs is projected to limit the market's growth rate. Furthermore, factors such as the availability of alternative treatment methods to ophthalmic drugs and lengthy and complex approval processes for new drugs to enter the market are estimated to inhibit the growth rate of the ophthalmic drugs market.

REPORT COVERAGE

SEGMENTAL ANALYSIS 

Global Ophthalmic Drugs Market By Therapeutic Class

Based on the therapeutic class, the anti-VEGF segment had the largest share of the global ophthalmic drugs market in 2023. The segment's domination is expected to continue during the forecast period. The segment's growth can be attributed to factors such as the rising prevalence of age-related macular degeneration, growing market participants, and the rising adoption of anti-VEGF.

On the other hand, the anti-inflammatory drugs segment is predicted to showcase a healthy CAGR during the forecast period and hold a considerable share of the worldwide market during the forecast period. This is because the growing patient counts suffering from ophthalmic conjunctivitis and the increasing number of product approvals propel the segment's growth rate.

The anti-glaucoma drugs segment is forecasted to hold a substantial share of the global market during the forecast period owing to the increasing number of people suffering from glaucoma. In addition, the growing aging population is more prone to suffer from glaucoma and increasing efforts from the key market participants to bring new products to the market further promote the growth of the anti-glaucoma segment.

Global Ophthalmic Drugs Market By Product Type

Based on the product type, the prescription drugs segment is expected to capture the largest market share of the global ophthalmic drugs market during the forecast period. The growing preference towards prescription drugs from patients and the increasing incidence of various eye diseases promote the segment's growth.

The OTC drugs segment is predicted to witness a robust growth rate during the forecast period owing to the loss of patent exclusivities of effective drugs and a substantial increase in the generic perforation of ophthalmic drugs. In addition, the low cost of these drugs makes it more affordable for a vast patient base in low and middle-economic countries to bolster the segment growth globally.

Global Ophthalmic Drugs Market By Distribution Channel

The independent pharmacies and drug stores segment accounted for the largest share based on the distribution channel, with 63.0% of the total share in 2023.

During the forecast period, the online pharmacies segment is estimated to register a healthy growth rate.

Global Ophthalmic Drugs Market By Disease Indications

Based on disease indications, the retinal disorders segment captured the largest market share in 2023, and the domination of the segment is expected to continue over the forecast period. The growing patient count suffering from age-related macular degeneration and diabetic retinopathy is one of the significant factors contributing to segmental growth. One in every three diabetic patients suffers from diabetic retinopathy. In addition, increasing investments by the key market participants to conduct R&D to develop innovative drugs for retinal disorders is another potential factor fuelling the segment's growth rate.

However, the glaucoma segment is anticipated to grow at the highest CAGR over the forecast period owing to the rising prevalence of glaucoma among people.

On the other hand, the infection segment is predicted to showcase a healthy CAGR in the coming years. Factors such as the rising incidence of eye infections and increasing awareness among people regarding eye infections are propelling segmental growth.

Global Ophthalmic Drugs Market By Dosage Form

Based on the dosage form, the Liquid Ophthalmic drug market sub-category is expected to retain its lead in the forecast period. It is predicted to grow with the highest CAGR in the forecast period. Increasing R&D for new drug delivery approaches that involve nanoparticles, dangerous, and dendrimers are pushing the segment.

Global Ophthalmic Drugs Market By Technology

Based on technology, the biologics segment is expected to have the largest share of the ophthalmic drugs market.

REGIONAL ANALYSIS

Geographically, the North American ophthalmic drugs market captured the most significant share of the global market in 2023. During the forecast period, the domination of the North American region is expected to continue. A considerable population of the North American region is suffering from various eye diseases, which is one of the major factors promoting regional market growth. In addition, the presence of key market participants in the North American region is another major factor fuelling the market growth. In 2023, the U.S. accounted for a significant share of the North American region, followed by Canada.

The European ophthalmic drugs market held the second most significant share of the global market in 2023 and is predicted to hold a substantial share of the global market during the forecast period. The rising demand for cosmetic procedures such as LASIK and the presence of several international market participants and small-sized eye care centers primarily drives the growth of the European market. In addition, the growing aging population in European countries and increasing awareness among people regarding eye care are further expected to boost European market growth. As a result, France occupied a significant share of the European market in 2023.

The Asia Pacific ophthalmic drugs market is the fastest-growing regional market and is expected to witness the highest CAGR during the forecast period. The growth of the APAC region growth is attributed to the improved healthcare infrastructure and a growing substantial patient population suffering from eye-related problems. Development of breakthrough medicines for the treatment of eye disorders.

The Latin American ophthalmic drugs market is anticipated to occupy a considerable share of the global market during the forecast period.

The ophthalmic drugs market in MEA is expected to showcase a moderate CAGR during the forecast period.

KEY MARKET PARTICIPANTS

Some promising companies dominating the global ophthalmic drugs market 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.

RECENT MARKET DEVELOPMENTS

• In December 2022, Novartis sold five of its ophthalmic drugs to a Canadian company called Harrow.
• In a deal worth USD 130 million plus USD 45 million as milestone payments. This deal will likely heal in Q1 2023, with Novartis still having rights to products outside the U.S.
• In March 2022, the FDA announced that eye drops, and other ophthalmic drugs are no longer considered drugs and would be treated as drug-device combinations.
• In December 2019, Lumibird agreed to buy Ellex's laser and ultrasound units in a deal worth 100 million Australian dollars. This acquisition was anticipated to develop cutting-edge technologies that can be used to diagnose and treat ocular diseases. 
• In July 2016, Abbott received FDA approval for their intraocular lens called Tecnis Symfony.

 DETAILED SEGMENTATION OF THE GLOBAL OPHTHALMIC DRUGS MARKET INCLUDED IN THIS REPORT

This market research report on the global ophthalmic drugs market has been segmented and sub-segmented based on the therapeutic class, distribution channel, product type, disease indications, technology, dosage form, end-user, and region.

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
• Solid
• Semisolid
• Multi-compartment
• Others

By Technology

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

By Region

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