Global ophthalmic drugs market reach around USD 37,700 million by 2026, at a CAGR of 4.6% from 2020 to 2026.
NEW YORK, UNITED STATES, August 24, 2020 /EINPresswire.com/ — Facts and Factors has authored “Ophthalmic Drug Market By Type (Over-the-Counter Drugs and Prescription Drugs), By Drug Class (Anti-inflammatory Drugs, Anti-Infective Drugs, Anti-Allergic Drugs, Anti-Glaucoma Drugs, and Others), By Disease Indication (Inflammation/ Infection, Retinal Disorders, Dry Eye, Glaucoma, Allergies, and Others), By Distribution Channel (Online Sales, Retail Pharmacies, Hospital Pharmacies, and Others), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”. Based on our analysis, the global ophthalmic drugs market in 2019 is over USD 27,000 million and is expected to reach around USD 37,700 million by 2026. The anticipated CAGR for the global ophthalmic drugs market is around 4.6% from 2020 to 2026.
Ophthalmic drugs, also referred to as eye medications, are solid, liquid, or semi-solid formulations that are intended to apply on the eyelids and conjunctiva. The drugs are certain emulsions, ointments, and/or active pharmaceutical ingredient(s).
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High prevalence of ocular disease cases likely to bolster the ophthalmic drug market
The visual impairment incidences have been surging considerably worldwide irrespective of the age group. This challenging situation has urged drug manufacturers and pharmaceutical companies to design and supply effective medications against this rapidly spreading disorder. Hence, the introduction of novel effective ophthalmic drugs bolsters the global ophthalmic drug market. Exposure to air and water pollution poses a greater risk to the eyes. Thus, surging the demand for the drugs and propelling the global ophthalmic drug market.
Ophthalmic drugs-associated side effects expected to hamper the ophthalmic market
Eye treatment involves a risky operation and has various side effects. In some cases, ophthalmic drugs fail to maintain the intraocular pressure of the eye while treatment. In most of the cases, the medicine may cause internal burning in the eye and/or temporary blurred vision. Owing to these attributes, the ophthalmic drugs market enters the declining phase.
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Anti-infective drug class leads the global ophthalmic drug market
The anti-infective drug category, from the past few years, has been holding the dominating position in the global ophthalmic market. In 2019, the category accounts for more than one-third of the market share in terms of revenue. However, the anti-glaucoma drugs are projected to augment at a relatively faster CAGR throughout the forecast period.
Over-the-counter drug type accounts for higher sales and revenue share
Based on the type segment, ophthalmic drugs are categorized into prescription drugs and over-the-counter drugs. Among both, over-the-counter drug type holds around two-third share in the overall sales and revenue. However, the prescription drug category is anticipated to grow at higher CAGR between 2020 and 2026.
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Retail pharmacies expect better sales and revenue share during the forecast period
Despite the consecutive decline in the volume sales, the revenue generated by retail pharmacies is thrusting at a considerable rate. Based on the forecast, the drug category is likely to follow the same revenue growth trend. However, the hospital pharmacies category holds the leading position in the global market revenue generation.
Key market players
Some of the key players driving the global ophthalmic drugs market are Santen Pharmaceutical Co. Ltd., Bayer AG, ALLERGAN, Novartis AG, Pfizer Inc., Genentech Inc., Oxurion NV, Bausch Health Companies Inc., and Regeneron Pharmaceuticals Inc., among others.
In February 2019, Bausch Health Companies Inc.procures the patent medicine EM-100 investigational eye drop designed by Eton Pharmaceuticals EM-100 for the treatment of itching associated with the allergies in eyes.
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The global ophthalmic drugs market is segmented as:
Global Ophthalmic Drugs Market: Type Segmentation Analysis
Global Ophthalmic Drugs Market: Drug Class Segmentation Analysis
Non-Steroidal Anti-Inflammatory Drugs
Global Ophthalmic Drugs Market: Disease Indication Segmentation Analysis
Global Ophthalmic Drugs Market: Distribution Channel Segmentation Analysis
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