A new market study, titled “Ophthalmic Drugs Market Research Report - Forecast to 2023” has been featured on Market Research Future (MRFR)
The global ophthalmic drugs market is witnessing rapid increase over the past few years, mainly due to the rising prevalence of eye-related diseases & disorders. Also, discoveries of several breakthrough medicines are significant driving forces leading the growth of the market. Recent advances in medical technologies such as AMPPLIFY technology that demonstrates higher delivery of a drug into ocular tissues are escalating the market on the global platform.
An eminent research firm Market Research Future (MRFR) states that the global ophthalmic drugs market size had reached USD 29.46 BN in 2018, and the market valuation would further appreciate at around 5.1% CAGR during the forecast period (2019 to 2025). Substantial R&D investments into drug discoveries are another major tailwind pushing the market growth excellently, bringing about novel medicines to treat various ophthalmic diseases. Furthermore, recent development & commercialization of several drugs boost the market growth.
Also, the improving regulatory framework fosters market growth to an extent. The prevalence of eye-related diseases and disorders, alongside the growing incidences of chronic diseases such as neurovascular or diabetes that affect the eyesight, is rising continually. Moreover, coronary, and other retina-related diseases led by the rising numbers of lifestyle diseases such as diabetes are growing too. All these factors are doubling the size of the ophthalmology industry, creating tremendous market demand.
Conversely, factors such as the lengthy approval process for new drug applications, clinical trials, and final approval are impeding the growth of the market significantly. Nevertheless, the demand for sophisticated medications by physicians as well as patients, would, in turn, support the market growth throughout the forecast period.
Global Ophthalmic Drugs Market – Segments
The report has been segmented into five major dynamics.
By Dosage Form : Eye Drops, Ointments, Solutions, Gels, Capsules & Tablets, and others.
By Product Type : Prescription Drug and OTC Drug.
By Drug Class : Antibiotics, Anti-Inflammatory, Anti-Glaucoma, and others.
By Indication : Glaucoma, Retinal Disorder, Dry Eye, Eye Allergy, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Ophthalmic Drugs Market – Regional Analysis
North America leads the global ophthalmic drugs heading with the presence of the many major players and a large patient population suffering from eye diseases. Moreover, the availability of well-developed technology and high healthcare expenditures, alongside the rising prevalence of eye diseases in the region, drives the market growth significantly.
Also, the growing demand for eye care led by the increasing numbers of patients suffering from chronic diseases such as diabetes, neurovascular, and different eye disorders impacts market growth positively. Additionally, augmenting demand for the minimally invasive & technologically advanced treatments, alongside the governmental support for R&D funding are expected to drive the regional market growth, commutatively.
Europe's ophthalmic drugs market is proliferating rapidly. The burgeoning pharmaceutical industry in the region is a major driving force behind the regional market. Besides, factors such as well-penetrated healthcare sectors, a growing number of advanced treatment facilities, and increasing healthcare expenditures in the region are supporting the regional market growth. The European ophthalmic drugs market is expected to demonstrate healthy growth during the review period.
The Asia Pacific ophthalmic drugs market is growing rapidly, mainly due to the development of breakthrough medicines for the treatment of eye diseases. Besides, the rising prevalence of various eye diseases among the growing population, and large unmet needs, offer many growth opportunities for the market players.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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