Ophthalmic Drugs Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Feb 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Ophthalmic Drugs market size is expected to be worth around US$ 70.5 billion by 2030, according to a new report by Vision Research Reports.

The global Ophthalmic Drugs market size was valued at US$ 36.7 billion in 2020 and is anticipated to grow at a CAGR of 6.4% during forecast period 2021 to 2030.

Growth Factors

The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and , is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.

Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.

Investors are increasingly funding companies to support the clinical development of novel treatments for eye diseases thereby fueling the market growth. For instance, in February 2019, Oyster Point Pharma, Inc. received USD 93 million series B financing from Invus Opportunities, Flying L Partners, New Enterprise Associates (NEA), Versant Ventures, and Vida Ventures. The company’s product candidates include OC-01 and OC-02 in a Phase 2b clinical trial.

In addition, increasing development and approval of new laboratory methods is expected to boost the market growth. For instance, in July 2020, Quest Diagnostics received emergency Use Authorization (EUA) from the U.S. FDA for a laboratory technique that was developed for extracting viral RNA. This new technique was designed to expand the testing capacity of COVID-19 molecular tests.

Report Highlights

The Anti-VEGF (Vascular Endothelial Growth Factor) segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 31.1% in 2020, due to the high adoption rate and presence of global market players with extensive product portfolio. The segment growth is fueled by strong commercial performances of Lucentis (ranibizumab), Avastin (bevacizumab), and Macugen (pegaptanib).

In addition, several companies are undergoing clinical studies to develop a new anti-inflammatory drug for dry eye disease, thereby boosting the market growth. For instance, in August 2019, OKYO Pharma Ltd. completed pre-clinical studies and found that OK-113 showed potent anti-inflammatory activity in an experimental model of dry eye disease in mice. The preclinical efficacy data of OK-113 is expected to start in 2020 for dry eye disease.

The retinal disorders segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 33.5% in 2020. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period. For instance, in 2017, Graybug Vision, Inc. initiated a phase 1/2 trial of GB-102 for the treatment of wet age-related macular degeneration (AMD). GB-102 is a novel injectable depot formulation of sunitinib malate.

Furthermore, increasing cases of COVID-19 and COVID-19 related eye disorders is anticipated to propel the market growth. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that in China 31.6% of patients with COVID-19 had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis.

The topical route of administration segment dominated the market for ophthalmic drugs and accounted for the largest revenue share 62.2% in 2020 and is estimated to continue the dominance over the forecast period. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period.

Moreover, the increasing launch of new products to replace existing formulations is anticipated to accelerate the market growth. For instance, in October 2019, PreserVision AREDS 2 Formula mini-gel eye vitamins was launched by Bausch + Lomb for the treatment of moderate to advanced AMD in the U.S.

The eye drops segment dominated the ophthalmic drugs market and accounted for the largest revenue share of 34.6% in 2020. The segment was driven by the ease of usage and high patient compliance. In addition, the development of eye drops for the treatment of rare eye diseases with low prevalence yet has a devastating impact on patients is expected to drive the market. For instance, in August 2018, Dompé U.S. received U.S. FDA approval for Oxervate (cenegermin) for treating. It is a topical eye drop therapy used for the treatment of neurotrophic keratitis.

In addition, the presence of advanced technology for ophthalmic drug delivery in order to improve physicochemical stability and bioavailability is anticipated to boost the market growth. For instance, in October 2019, Sun Pharmaceutical Industries Ltd. launched CEQUA (cyclosporine ophthalmic solution 0.09) in the U.S. for patients with keratoconjunctivitis sicca. CEQUA is delivered with nanomicellar (NCELL) technology to increase the bioavailability and physicochemical stability of cyclosporine in order to improve ocular tissue penetration.

The prescription drugs segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 59.9% in 2020. Improved safety and efficacy profiles and higher price of ophthalmic drugs and are expected to propel market growth. The OTC segment is positioned to demonstrate a strong growth rate over the forecast period. The availability of OTC products to increase patient access is expected to accelerate market growth in the near future.

For instance, in July 2020, the U.S. FDA has approved Alcon’s Pataday (olopatadine hydrochloride ophthalmic solution 0.7%) for OTC to treat eye allergy. Formerly, it was prescribed under the name of Pazeo. The development of this OTC ophthalmic solution is expected to increase the number of patients for Pataday's product portfolio.

North America dominated the market and accounted for the largest revenue share of 39.9% in 2020 driven by the presence of excellent healthcare infrastructure and high consumer awareness. Furthermore, the presence of key players such as Pfizer, Inc., and Alcon in this region is expected to further enhance the market growth. For instance, in February 2020, Alcon received approval from the U.S. FDA for Pataday Once Daily Relief and Pataday Twice Daily Relief for sale OTC in the U.S. The Pataday brand is indicated for itch relief and eye allergies.

Asia Pacific is estimated to be the fastest-growing region in the market over the forecast period. The increasing burden of ophthalmic disorders and rising consumer awareness are expected to drive the market growth in Asia Pacific. Local companies are entering into strategic initiatives to develop and commercialize new treatment options for patients. This, in turn, is expected to boost the market growth. For instance, in February 2020, Bridge Biotherapeutics, Inc. acquired an early-stage drug candidate from Konkuk University (KU) for the treatment of a back-eye disorder. The drug candidate is an inhibitor of a target protein, which is currently undisclosed.

Key Players

  • Alcon

  • Johnson & Johnson Services, Inc.

  • Bausch Health

  • Allergan

  • Pfizer, Inc.

  • Bayer AG

  • Santen Pharmaceutical Co. Ltd.

  • Genentech, Inc.

  • Novartis AG

  • Regeneron

  • Merck & Co.

  • Coherus Biosciences, Inc.

Market Segmentation

  • Drug Class Outlook

    • Antiallergy

    • Anti-VEGF Agents

    • Anti-inflammatory

      • Nonsteroidal Drugs

      • Steroidal Drugs

    • Antiglaucoma

    • Others

  • Disease Outlook

    • Dry Eye

    • Eye Allergy

    • Glaucoma

    • Eye Infection

    • Retinal Disorders

      • Macular Degeneration

      • Diabetic Retinopathy

      • Others

    • Uveitis

    • Others

  • Dosage Form Outlook 

    • Gels

    • Eye Solutions

    • Capsules & Tablets

    • Eye Drops

    • Ointments

  • Route of Administration Outlook 

    • Topical

    • Local Ocular

      • Subconjunctival

      • Intravitreal

      • Retrobulbar

      • Intracameral

    • Systemic

  • Product Type Outlook 

    • Prescription Drugs

    • OTC Drugs

  • Regional Outlook

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

      • Singapore

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • UAE

      • Saudi Arabia

The Ophthalmic Drugs market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Ophthalmic Drugs market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Ophthalmic Drugs market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ophthalmic Drugs market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ophthalmic Drugs market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Ophthalmic Drugs capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Ophthalmic Drugs by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ophthalmic Drugs market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ophthalmic Drugs market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ophthalmic Drugs market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Ophthalmic Drugs industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Ophthalmic Drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ophthalmic Drugs market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ophthalmic Drugs market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ophthalmic Drugs market. These factors have benefited the growth of the global market for Ophthalmic Drugs. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ophthalmic Drugs. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Ophthalmic Drugs are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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