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The global ophthalmology therapeutics market size is estimated to grow by USD 18.15 billion at a CAGR of 6.78% between 2023 and 2028.
The prevalence of eye diseases is rising which has led to an increase in approvals for novel drugs for the treatment of various eye diseases, such as degenerative macular edema, glaucoma, dry eye syndrome, and eye infections. Market players are developing therapeutics that offer higher safety and efficacy in treating such diseases. For instance, in September 2022, Harrow Health, Inc. announced that the US FDA had approved Iheezo (chloroprocaine hydrochloride ophthalmic gel) 3% for ocular surface anesthesia. Moreover, the increase in the development of therapeutics to treat various eye diseases will contribute to market growth during the forecast period.
Technavio has segmented the market into Type, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Besides analyzing the current market scenario, our report examines historical data from 2018-2022.
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The market share growth by the prescription drugs segment will be significant during the forecast period. A prescription drug requires a prescription to be legally dispensed, unlike over-the-counter (OTC) drugs that can be obtained without any prescription. The main reason behind the control is the possible misuse of the drug or its strictly regulated use. Prescription drugs indicated for treating ophthalmologic diseases are finding significant adoption among patients with chronic ophthalmologic disorders.
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The prescription drugs segment was valued at USD 21.94 billion in 2018. In addition, prescription drugs for dry eyes are more expensive than OTC versions. Consequently, the adoption of prescription drugs is limited. However, the increasing prevalence of chronic ophthalmologic conditions and the emergence of new drugs are expected to fuel the growth of the prescription drugs segment and drive the global ophthalmology therapeutics market during the forecast period.
The major retinal diseases include age-related macular degeneration, diabetic eye disease, retinal vein occlusion, macular edema, posterior vitreous detachment, retinal dystrophy, and RPE65 mutation-associated inherited retinal disease. The high incidence of retinal disorders, as well as the presence of approved retinal disorder therapeutics, are driving the segment's growth. Furthermore, the increasing necessity of therapeutics with high efficacy and safety has led to an increase in the R&D of novel therapeutics for age-related macular degeneration. Besides, the availability of symptomatic and curative therapies for the treatment of retinal disorders will drive the growth of the retinal disorder therapeutics segment and boost the growth of the market during the forecast period.
Glaucoma is a disease that damages the optic nerve in the eye. Primary open-angle glaucoma is the most common type of glaucoma worldwide. The most commonly used glaucoma drugs are selective alpha 2 agonists such as brimonidine (0.1%, 0.15%, and 0.2%) and apraclonidine (0.5% and 1%), which reduce intraocular pressure by suppressing the production of aqueous humor. Furthermore, the percentage of people with glaucoma worldwide is expected to increase from 0.10% in 2020 to 1.12% in 2040. The disease mainly affects the elderly population. Therefore, the increasing aging population will also lead to an increase in the prevalence of glaucoma. The approval of therapeutics that treat glaucoma will further drive market growth during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. North America holds the largest share of the market, primarily due to the strong prevalence of eye diseases such as age-related macular degeneration, glaucoma, dry eye, and various eye infections.
Furthermore, the rising incidence of risk factors such as prolonged use of corticosteroids, diabetes, a family history of eye diseases, previous eye injuries or eye surgeries, and extended exposure to sunlight are also major factors responsible for the high prevalence of eye diseases in the region. Such growth in the prevalence of eye disorders has led to an increase in various initiatives that aim at making the public aware of eye diseases. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AbbVie Inc.: The company offers ophthalmology therapeutics such as VUITY which provides pilocarpine hydrochloride opthlmic solution that is used to treat age related blurry near vision in adults.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increase in the prevalence of eye diseases is the key factor driving market growth. The growing aging population is a major factor contributing to the increase in the prevalence of age-related macular degeneration. Similarly, the incidence of diabetic retinopathy, diabetic macular edema, and retinal vein occlusion, which are complications of diabetes that affect the eyes, has also increased worldwide. Retinal vein occlusion is a common vascular disorder of the retina and one of the most common causes of blindness globally. After diabetic retinopathy, it is the second-most common cause of vision loss.
Furthermore, glaucoma is another eye condition that can damage the optic nerve and lead to the development of eye diseases. It is the second-most common cause of vision loss worldwide after cataracts. However, unlike cataracts, the vision loss associated with glaucoma is largely irreversible. The prevalence of glaucoma has increased worldwide. Therefore, the rise in the prevalence of eye diseases has led to an increase in demand for ophthalmology therapeutics, thereby driving market growth during the forecast period
An increase in strategic alliances is the primary trend shaping market growth. The strategic collaborations are expected to increase the shares of the ophthalmology therapeutics market players. Market players also opt for collaborations as a business strategy to expand their product portfolios and strengthen their businesses. For instance, in July 2022, Avista Therapeutics partnered with F. Hoffmann-La Roche AG to develop novel adeno-associated virus gene therapy vectors for rare ophthalmic conditions.
Similarly, in October 2022, Charles River Laboratories International, Inc. and Nanoscope Therapeutics, Inc. announced a strategic collaboration for contract development and manufacturing of both plasmid DNA and viral vectors used in gene therapies for retinal degenerative diseases. Hence, such partnerships and collaborations among the companies offering ophthalmology therapeutics is likely to boost market growth during the forecast period.
The expiry of patents of ophthalmology therapeutics is a challenge that affects market growth. The entry of generic versions of ophthalmology drugs after patent expiry introduces increased competition. Generic drugs are often more affordable, leading to potential market share shifts as patients and healthcare providers may opt for cost-effective alternatives. The expiration of patents can lead to a decline in revenue for the original manufacturers of ophthalmology therapeutics as generic alternatives enter the market and capture a portion of sales.
Moreover, in the case of biologic ophthalmology therapeutics, the expiration of patents may open opportunities for the development and entry of biosimilar products, which are similar but not identical to the originator biologics. For instance, the patent on LUCENTIS expired in 2020 in the US, and it is expected to expire in the European Union in 2025. Thus, the expiration of patents for ophthalmology therapeutics will impede the growth of the market in focus during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ophthalmology Therapeutics Market Customer Landscape
The ophthalmology therapeutics market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
Ophthalmology Therapeutics Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 18.15 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.71 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, UK, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Adrif Vision, Alcon Inc., Aldeyra Therapeutics Inc., Alembic Pharmaceuticals Ltd., Avellino Lab USA Inc, Bausch Health Companies Inc., Bayer AG, Boehringer Ingelheim International GmbH, Charles River Laboratories International Inc., Cyagen Biosciences, ENTOD INTERNATIONAL, Eyenovia Inc., Eyeris Vision Care Pvt. Ltd., F. Hoffmann La Roche Ltd., Grevis Pharmaceuticals Pvt. Ltd., Harrow Health Inc, Johnson and Johnson, Laboratoires THEA SAS, MeiraGTx Holdings Plc., Nanoscope Therapeutics Inc., Novaliq GmbH, Novartis AG, Ocular Therapeutix Inc., Oculis Holding AG, Otsuka Holdings Co. Ltd., Oxurion N, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., SISAF LTD, Sun Pharmaceutical Industries Ltd., Surrozen Inc., Swissvision, TearSolutions Inc., Teva Pharmaceutical Industries Ltd., THINKCYTE Inc., Vee Remedies, Vision Care Inc., Visufarma, Visus Therapeutics Inc., Evotec SE, and Prestige Consumer Healthcare Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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