Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Disease (Dry Eye, Eye Allergy, Glaucoma, Eye Infection), By Drug Class, By Dosage Form, By Route Of Administration, By Product Type, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global ophthalmic drugs market size was valued at USD 36.7 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Increasing awareness regarding eye-related diseases and rising advancements in technologies are some of the major factors expected to accelerate market growth.

The rising prevalence of eye-related disorders, such as diabetic retinopathy, macular degeneration, and presbyopia is expected to boost market growth over the forecast period. For instance, according to the National Eye Institute, the projected number of U.S. citizens suffering from AMD is estimated to increase from 2.07 million in 2030 to 5.44 million in 2050. In the case of diabetic retinopathy in the U.S., the total number of cases is projected to be 14.6 million in 2050.

In addition, ophthalmic pharmaceutical companies are entering into strategic initiatives, such as collaborations, acquisitions, and partnerships, to expand their product pipeline with new clinical-stage candidates, which is expected to boost the market. For instance, in November 2019, Aerie Pharmaceuticals, Inc. acquired Avizorex Pharma, S.L., an ophthalmic pharmaceutical company in Spain that involved in the development of products for dry eye disease. Avizorex Pharma, S.L. has completed a Phase 2a clinical trial of AVX-012 for treatment of dry eye disease subjects in early 2020 with its lead product candidate. The acquisition was expected to expand Aerie’s footprint in ophthalmology.

Gene therapies are beneficial in the diagnosis and treatment of hereditary ophthalmic diseases, neurovascular retinal disorders, and retinoblastoma. Therefore, there is a need for further research to optimize and expand the applications of gene therapy across ophthalmic indications. In December 2017, Spark Therapeutics received FDA approval for the first gene therapy drug for ophthalmic use, Luxturna (voretigene neparvovecrzyl). This drug was indicated for retinitis pigmentosa and Leber’s congenital amaurosis. Luxturna is likely to enjoy the first-mover advantage in the gene therapy space, a major factor driving the market for ophthalmic drugs.

Drug Class Insights

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.

Disease Insights

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.

Route of Administration Insights

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.

Dosage Form Insights

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.

Product Type Insights

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.

Regional Insights

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 Companies & Market Share Insights

Key companies are focusing on the research and development of novel drugs to combat the rising prevalence of eye disorders. For instance, in June 2020, Novartis received label update approval from the U.S. FDA for Beovu (brolucizumab). The update included additional safety information related to retinal vascular occlusion and retinal vasculitis. This is expected to help physicians in making informed decisions on the use of Beovu. Some of the prominent players in the ophthalmic drugs market include:

• 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.

Ophthalmic Drugs Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global ophthalmic drugs market report on the basis of drug class, disease, route of administration, dosage form, product type, and region:

• Drug Class Outlook (Revenue, USD Million, 2017 - 2028)

  • Antiallergy

  • Anti-VEGF Agents

  • Anti-inflammatory

    • Nonsteroidal Drugs

    • Steroidal Drugs

  • Antiglaucoma

  • Others

• Disease Outlook (Revenue, USD Million, 2017 - 2028)

  • Dry Eye

  • Eye Allergy

  • Glaucoma

  • Eye Infection

  • Retinal Disorders

    • Macular Degeneration

    • Diabetic Retinopathy

    • Others

  • Uveitis

  • Others

• Dosage Form Outlook (Revenue, USD Million, 2017 - 2028)

  • Gels

  • Eye Solutions

  • Capsules & Tablets

  • Eye Drops

  • Ointments

• Route of Administration Outlook (Revenue, USD Million, 2017 - 2028)

  • Topical

  • Local Ocular

    • Subconjunctival

    • Intravitreal

    • Retrobulbar

    • Intracameral

  • Systemic

• Product Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Prescription Drugs

  • OTC Drugs

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • 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