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Classified in: Health, Science and technology, Covid-19 virus
Subject: MRR

The Global Ophthalmic Drugs Market to Surpass USD 47 Billion Mark by 2027 | DelveInsight


The ophthalmic drugs market is experiencing optimistic market growth as a result of an increase in the global burden of the geriatric population, increasing cases of various eye disorders and problems such as cataracts, glaucoma, eye allergies, infections, and others, increasing clinical trials and product development activities in the ophthalmic drugs arena across the globe, which is expected to result in appreciable revenue growth of the ophthalmic drugs market during the forecast period (2022?2027).

LAS VEGAS, Feb. 1, 2023 /PRNewswire/ -- DelveInsight's Ophthalmic Drugs Market Insights report provides the current and forecast market analysis, individual leading ophthalmic drugs companies' market shares, challenges, ophthalmic drugs market drivers, barriers, and trends, and key ophthalmic drugs companies in the market.

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Key Takeaways from the Ophthalmic Drugs Market Report

To read more about the latest highlights related to the ophthalmic drugs market, get a snapshot of the key highlights entailed in the Global Ophthalmic Drugs Market Report

Ophthalmic Drugs Overview

An ophthalmic drug is injected into the eye, most commonly as an eye drop formulation. Topical formulations are used to treat a variety of eye diseases. These conditions may include dry eye, glaucoma, bacterial eye damage, and bacterial infections. Glaucoma is the world's second leading cause of blindness, according to WHO. Cefazolin, gentamicin, EDTA, bevacizumab, and other ophthalmology medications are on the market. Other factors expected to drive market growth in the coming years include improved healthcare infrastructure, supportive government initiatives to raise health awareness among people worldwide, and increased investment in the development of advanced drug types.

Ophthalmic Drugs Market Insights

North America dominated the global ophthalmic drugs market in 2021 and will continue to do so through the forecast period of 2022?2027. This dominance is attributed to the rising prevalence of eye disorders such as cataracts, diabetic retinopathy, and other eye-related disorders, as well as the growing geriatric population.

Along with the growing patient population affected by eye disorders, product development activities are expected to boost demand for ophthalmic drugs in the region in the coming years. In April 2022, Novartis' Sandoz expanded its eye drug offerings by acquiring Allergan's popular ocular hypertension medication. Sandoz launched the generic version of AbbVie's Combigan, a combination eye drop used to treat high eye pressure, as the most-dispensed branded combination glaucoma medication in the United States. As a result of the interplay of various factors, such as the presence of a large patient population, as well as product launches by key market players in the region, the North American ophthalmic drugs market is expected to grow during the forecast period.

To know more about why North America is leading the market growth in the ophthalmic drugs market, get a snapshot of the Ophthalmic Drugs Market Outlook 

Ophthalmic Drugs Market Dynamics

The growing global geriatric population is one of the primary drivers of the ophthalmic drugs market. Cataracts, age-related macular degeneration (AMD), glaucoma, diabetic retinopathy, presbyopia, allergies, and infections, among others, are the leading causes of vision loss in the elderly, and each of these conditions can be treated or slowed with appropriate ophthalmic drugs if detected early. Because of such physical changes with age, an increase in the elderly population can be directly linked to an increase in the population suffering from various ophthalmic diseases. As a result, the growing geriatric population, which requires more medications, will drive the market demand for ophthalmic drugs during the forecast period (2022?2027)

However, certain side effects associated with the use of eye drops, gels, and ointments and the government's strict regulatory guidelines, cause delays in product approvals, which may act as a restraint on the growth of the ophthalmic drugs market.

Additionally, during the COVID-19 pandemic, the ophthalmic drugs market was moderately impacted. During the early stages of the pandemic, the sale of ophthalmic drugs was hampered by the imposition of strict lockdown rules, as well as disruptions in the manufacturing and supply of the drugs. Furthermore, during the pandemic, COVID-19 patients were given priority in terms of diagnosis and treatment, resulting in a decrease in the number of diagnoses and treatments for various ophthalmic conditions such as cataracts, dry eyes, glaucoma, macular degeneration, conjunctivitis, and others, which in turn resulted in a decrease in demand for ophthalmic drugs, negatively impacting the growth of the ophthalmic drugs market.

However, with the ease of lockdown restrictions, an increase in resources and a supply chain, the administration of the vaccine to the public, the incorporation of telemedicine and e-commerce, and the increasing number of ophthalmic disease diagnose through telehealth, demand for ophthalmic drugs is up and expected to grow during the forecast period of 2022?2027.

Get a sneak peek at the ophthalmic drugs market dynamics @ Ophthalmic Drugs Market Dynamics Analysis

Report Metrics

Details

Coverage

Global

Study Period

2019?2027

Base Year

2021

Ophthalmic Drugs Market CAGR

~5%

Projected Ophthalmic Drugs Market Size by 2027

USD 47.7 Billion

Key Ophthalmic Drugs Companies

Novartis AG, Pfizer Inc., Abbvie, Inc., F. Hofmann-La Roche Ltd., Thea Pharma Inc., Bausch Health Companies Inc., Alcon, Viatris Inc., Regeneron Pharmaceuticals, Inc., Bayer AG, Santen Inc., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Amring Pharmaceuticals Inc., Merck & Co. Inc., Coherus Biosciences, Nicox, Akorn Operating Company LLC, Senju Pharmaceutical Co., Ltd, Adenovir Pharma, among others

 

Ophthalmic Drugs Market Assessment

Which MedTech key players in the ophthalmic drugs market are set to emerge as the trendsetter explore @ Ophthalmic Drugs Companies 

Table of Contents 

1

Report Introduction

2

Executive summary

3

Regulatory and Patent Analysis

4

Key Factors Analysis

5

Porter's Five Forces Analysis

6

COVID-19 Impact Analysis on Ophthalmic Drugs Market

7

Ophthalmic Drugs Market Layout

8

Global Company Share Analysis ? Key 3-5 Companies

9

Ophthalmic Drugs Market Company and Product Profiles

10

Project Approach

11

About DelveInsight

 

Interested in knowing the ophthalmic drugs market by 2027? Click to get a snapshot of the Ophthalmic Drugs Market Trends

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About DelveInsight

DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance. Get hassle-free access to all the healthcare and pharma market research reports through our subscription-based platform PharmDelve.

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Contact Us

Shruti Thakur 
[email protected] 
+1(919)321-6187
https://www.delveinsight.com/medical-devices

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