The global market for ophthalmic drugs is competitive in nature and is anticipated to witness a healthy competition throughout the forecast period, states a new market research study by Transparency Market Research. The increasing number of players entering the market and the growing focus of players on research and development activities are some of the major factors that are projected to enhance the competitive level throughout the forecast period. Some of the leading players operating in the ophthalmic drugs market across the globe are Valeant Pharmaceuticals International, Inc., Pfizer Inc., Aerie Pharmaceuticals, Inc., ALLERGAN, Shire, Genentech, Inc., Santen Pharmaceutical Co., Ltd., Novartis AG, Bayer AG, and Regeneron Pharmaceuticals, Inc. The development of new products and innovations are further anticipated to encourage the growth of the global market in the next few years. Furthermore, the enhancement of the distribution network is likely to generate growth opportunities for market players in the next few years.
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According to the market research study by Transparency Market Research, in 2016, the global market for ophthalmic drugs was worth US$24.4 bn and is estimated to reach a value of US$34.3 bn by the end of 2025. Moreover, the market is projected to register a healthy 4.0% CAGR between 2017 and 2025.
Development of Novel Techniques to Encourage Growth of North America Market
Among the regional segments, North America is anticipated to witness high growth and attain a leading position throughout the forecast period. The high growth of this region can be attributed to the rising advent of advanced novel techniques and products and the increasing cost of therapies. In addition to this, the rapid development of the healthcare sector is another major factor, which is predicted to encourage the growth of the ophthalmic drugs market across North America in the near future. North America is further followed by Europe, thanks to the presence of a large number of players operating in this region. Furthermore, Asia Pacific is anticipated to register a healthy growth in the next few years, thanks to the increasing contribution from India, China, and Malaysia.
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The global market for ophthalmic drugs has been classified on the basis of disease indication into dry eye, allergy, retinal disorders, uveitis, glaucoma, infections and inflammations, and others. Among these, the retinal disorders segment is anticipated to witness high growth and attain a leading position in the global market in the next few years. The high growth of this segment can be attributed to the rising number of patients who are seeking long-term treatment. Furthermore, the dry eye segment is anticipated to remain in the second position in the next few years, owing to the changing environmental conditions and several ill-effects of rising air pollution on eyes.
Increasing Incidences of Eye Disorders to Encourage Market Growth
According to the research study, the global ophthalmic drugs market is anticipated to witness substantial growth throughout the forecast period, states a TMR analyst. The rising instances of eye diseases and the consequent visual impairment are the key factors that are projected to encourage the growth of the global market in the next few years. In addition to this, the rising prevalence of intraocular eye disorders, including glaucoma, cataract, diabetic retinopathy, and age-related macular degeneration are further predicted to enhance the growth of the market in the near future. With several growth opportunities, the market players are estimated to focus and invest heavily on research and development activities, which are likely to result in innovations on treatment methods an enhance the mechanism of drug action. This is projected to accelerate the growth of the ophthalmic drugs market in the coming years.
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