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The ophthalmology therapeutics market size is estimated to grow at a CAGR of 6.25% between 2022 and 2027. The ophthalmology therapeutics size of the market is forecast to increase by USD 15.72 billion. The growth of the market depends on several factors, including the increase in the prevalence of eye diseases, approval of novel therapeutics and strong drug pipeline, and strong uptake of anti-VEGF inhibitors.
This market report extensively covers market segmentation by product (retinal disorder therapeutics, glaucoma therapeutics, dry eye disease therapeutics, eye infections, and inflammation therapeutics, and other therapeutics), type (prescription drugs and OTC drugs), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increase in the prevalence of eye diseases is notably driving the market growth, although factors such as the high costs of treatment may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in the prevalence of eye diseases is notably driving the market growth. The increasing prevalence of eye diseases such as age-related macular degeneration has become a serious public health concern as it can cause irreversible blindness and visual impairment. 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. 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. Therefore, the rise in the prevalence of eye diseases has led to an increase in demand for ophthalmology therapeutics, thereby driving the ophthalmic drugs market growth over the forecast period.
The development of novel drug delivery systems is the key trend in the ophthalmic drugs market. Improper administration of the drugs to the eyes, including instilling an incorrect number of drops, has been a great challenge for researchers as it is associated with several barriers in the eye, preventing the actual dose from reaching the site of action. To overcome these challenges researchers have developed novel drug delivery systems.
An increase in focus on developing novel therapeutics and delivery systems to treat eye diseases will help reduce adverse effects, increase the bioavailability of drugs to the targeted site, and enable drugs to have a prolonged action. Several new ophthalmic delivery systems have been developed or are under development, which is safe and reliable. In addition, they help in overcoming all the barriers in the eye, which are responsible for the reduced bioavailability of drugs.
One of the major challenges impeding ophthalmic drugs market growth is the high costs of treatment. The treatment of eye diseases such as age-related macular degeneration, diabetic macular edema, and other vision-threatening retinal diseases is very expensive. For example, the cost of LUCENTIS 0.5 mg, which is used to treat wet age-related macular degeneration and retinal vein occlusion, can range from $1,950 to $2,023 per dose.
The cost of LUCENTIS 0.3 mg for the treatment of diabetic macular edema can be $1,170 per dose. The management and care of glaucoma is also expensive as it requires medications to reduce intraocular pressure as well as regular follow-up clinical visits, including visual field analysis, to monitor the efficacy of the medication and the progression of the disease. Therefore, such high costs may adversely affect patient adherence to treatment and can potentially challenge ophthalmic drugs market growth during the forecast period.
The 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 ophthalmic drugs market growth strategies.
Global Ophthalmology Therapeutics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the ophthalmic drugs market.
Sun Pharmaceutical Industries - The company offers ophthalmology therapeutics such as BromSite. Under the unified segment, the company manufactures and markets various dosage forms, including liquids, creams, ointments, gels, sprays, injectables, tablets, capsules, and others.
The ophthalmology therapeutics report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The ophthalmic drugs market share growth of the retinal disorder therapeutics segment will be significant 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 growth.
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The retinal disorder therapeutics segment was valued at USD 16.51 billion in 2017 and continued to grow until 2021. Retinal vein occlusion is a condition that results due to the blockage of the small veins that carry blood away from the retina. The condition mostly affects the elderly. Its treatment includes the injection of anti-vascular anti-VEGF such as Avastin into the eye. Another retinal disorder includes macular edema which is characterized by blurry vision near or in the center of the field of vision. Rising cases of these disorders will fuel the ophthalmic drug 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 that 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.
The COVID-19 pandemic had a negative impact on the growth of the regional market. the reopening of the supply chain and rescheduling of postponed eye treatment led to an increase in demand for ophthalmology therapeutics. Thus, the regional market is expected to witness significant growth during the forecast period.
The reports categorize the global ophthalmology therapeutics market as a part of the global pharmaceuticals market within the overall healthcare industry. The parent global pharmaceuticals market covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Ophthalmology Therapeutics Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.25% |
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Market growth 2023-2027 |
USD 15.72 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.32 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Germany, UK, France, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AbbVie Inc., Adrif Vision, Aldeyra Therapeutics Inc., Bausch Health Co Inc., Bayer AG, Eyeris Vision Care Pvt. Ltd., F. Hoffmann La Roche Ltd., Grevis Pharmaceuticals Pvt. Ltd., Novartis AG, Ocular Therapeutix Inc., Otsuka Pharmaceutical Co. Ltd., Oxurion NV, Pfizer Inc., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., Swissvision, Teva Pharmaceutical Industries Ltd., Vee Remedies, and Visufarma |
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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. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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