The global ophthalmic drugs market size was valued at USD 33.81 billion in 2022 and is expected to witness a compound annual growth rate (CAGR) of 7.80% from 2023 to 2030. Increasing research and development activities to develop and launch novel ophthalmic drugs, and various strategic initiatives anticipated by the key players are anticipated to boost the demand. Moreover, unmet needs in ophthalmology is also likely to boost to ophthalmic drugs market growth. According to the October 2021 report of World Health Organization on blindness and vision impairment, it is estimated that almost 2.2 billion people have distance or near vision impairment disorders and among them half of these cases i.e. at least 1 billion cases can be prevented with the help of appropriate treatment. The major cause of blindness and vision impairment is high age. This high prevalence is adding up the financial burden on the governments. For instance, vision impairment from myopia alone is estimated to be USD 244 billion. Thus, owing to the higher prevalence of eye-related diseases the ophthalmic drugs market is likely to witness growth opportunities.
The COVID-19 pandemic had an adverse impact on the ophthalmic drugs market. For instance, according to Clinical Ophthalmology Journal, in November 2021. In the analysis of post-pandemic and pre-pandemic data, it can be predicted that visual field checkups, clinical visits, medications released, and surgical procedures declined 93.84% ,92.52%,19.63%, and 72.74% at the time when pre and post-pandemic times were compared. Thus, the data tells that the treatment of glaucoma and other ophthalmic disorders declined significantly. However, the market is anticipated to witness a spike owing to the wide availability of COVID-19 vaccines and declining COVID-19 cases.
Rising research and development activities and spending by leading players is projected to augment ophthalmic drugs market growth during the projected period. For an instance, Alcon a leader in eye care spent USD 842 million on R&D in 2021 as compared to USD 673 million in 2020. Alcon has a wide range of products such as contact lenses, cataracts, and glaucoma products. Moreover, presence of a robust pipeline of promising candidates is likely to facilitate market growth. For instance, Nicox a novel eye therapeutics company has investigational candidate NCX 470- a novel NO donating PG analog is under its phase III trial and is expected to be marketed by 2029.
Furthermore, various strategic initiatives undertaken by leading players is expected to accelerate ophthalmic drugs market growth. For instance, in June 2022, Novartis Pharmaceuticals Corporation announced the acquisition of Kedalion Therapeutics for its novel AcuStream technology. This acquisition helped Novartis to strengthen its ophthalmic product portfolio. In addition, in June 2022 Amring Pharmaceuticals Inc. announced that its generic Timolol Maleate Ophthalmic Solution has received approval from the U.S FDA. The product approved is a preservative-free solution and is indicated in the treatment of open-angle glaucoma and ocular hypertension.
The anti-VEGF agents dominated the ophthalmic drugs market and held the largest revenue share of 32.2% in 2022. The growth of the anti-VEGF agents segment is augmented by rising demand and adoption of anti-VEGF agents, and the presence of leading market players with robust product portfolios. For instance, LUCENTIS manufactured by Genentech USA is a prescription medicine for the treatment of patients with diabetic retinopathy, AMD, and myopic choroidal neovascularization. Further, the growth of the segment is also attributed to, the strong performance of Avastin, LUCENTIS, and others. The current class of anti-VEGF medications is effective but not long-lasting, hence the focus of players on the development of therapeutics with longer action is growing. Some of the companies with promising pipeline products include Opthea, Lupin Limited, and Kodiak Sciences Inc.
Anti-inflammatory agents are projected to grow at a steady pace of 8.8% owing to factors such as increasing incidence of ophthalmic conjunctivitis and recent product approvals. For instance, in February 2022, the U.S FDA approved the first generic of Restasis single-use vials for the treatment of inflammation associated with keratoconjunctivitis sicca. Anti-inflammatory drugs are basically classified into steroids and non-steroids. Some of the anti-inflammatory drugs commercialized in the U.S. are Xibrom, Voltaren, Prolensa, Ocufen, Nevanac, Ilevro, and Bromsite.
The retinal disorder segment dominated the market and accounted for a revenue share of 35.1% in 2022 owing to factors such as the increasing prevalence of macular degeneration, and diabetic retinopathy. For instance, in 2022, According to amplify eye care, it was estimated that almost 11 million patients had some form of AMD in 2021, and is expected to reach 22 million by 2050. Moreover, the increasing sales volume of ophthalmic drugs and the presence of innovative pipeline drugs are likely to bolster segment demand. The increasing funding for developing treatments in the segment is boosting the market growth. For instance, in September 2022, Trinity Researchers received funding of USD 3.14 million for the development of treatment for the condition in collaboration with companies such as Eli Lilly and Roche.
In addition, the infection segment is expected to experience steady growth of 8.0% during the forecast period. The growth of the infection segment is accounted for high incidences of eye infections such as conjunctivitis, swollen eye, and others. Moreover, increasing awareness of eye infections is projected to accelerate segment demand. The entry of biosimilar drugs in the segment is projected to intensify competition in the market. For instance, Polyhexanide, by SIFI for parasitic eye infection is expected to be launched in 2022 as the Biosimilar Aflibercept in the European Union.
The eye drops segment held the largest revenue share of 39.3% in 2022. The growth of the eye drop segment is governed by rising OTC availability of eye drops, patient compliance factors, and a high incidence of eye disorders. Moreover, novel product launches with formulation modifications are also anticipated to cater to segment demand. For instance, in January 2022, Alcon announced the launch of its novel systane complete preservative-free eye drop.
In addition, the presence of novel technology to enhance bioavailability and physiochemical stability is anticipated to propel segment demand. For instance, in July 2021, Bosch and Lomb announced the U.S. launch of Biotrue, hydration lubricant eye drops. This product is derived from a natural source and is preservative free.
Ophthalmic gels are applied directly to the eyelids or the periphery of the eye. Gels are available as viscous liquids that are used to treat uveitis, chronic inflammation, and cataracts. Aqueous gel formulations utilizing hydrophilic polymers and stimuli-responsive polymers remain key attractions for investment in this market. Gels enable the incorporation of pharmaceutical drugs for achieving the desired therapeutic effect and bioactivity at specific ocular sites. Increased entry of over-the-counter products in the segment is creating intense competitive rivalry.
The prescription drugs segment held the largest revenue share of 58.8% in 2022 and is to expected to maintain its dominance throughout the forecast period. The growth of the prescription drugs segment is accounted for by the rising prevalence of disorders such as AMD, and diabetes retinopathy. Moreover, improved efficacy and better safety are some of the factors that are likely to boost prescription segment demand. Some of the drugs present in this market include Lotemax gel/ointment, Zylet, Durezol, Bepreve (bepotastine besilate ophthalmic solution), and prescription artificial tears. Bepreve is an antihistamine used to treat allergic conjunctivitis. Some prescription products contain moisturizing and lubricating agents that enhance the secretion of tears temporarily. Prescription products are considered most effective for treating ophthalmic disorders and are preferred over OTC products.
Whereas, OTC drugs segment is expected to grow at a steady rate of 8.5% owing to factors such as easy patient access, the surge in e-pharmacies, and rising product launches of OTC eye drops. For instance, in April 2022 Théa Pharma Inc announced the commercial availability of iVIZIA line of OTC eye care products in the U.S. They are commercially available in various dosage forms including gels, emulsions, capsules, ointment, and eye drops. Some of the most commonly prescribed OTC products include Alaway (Bausch & Lomb, Inc.); Zaditor (Alcon, Inc.); Otrivine-Antistin (Novartis Consumer Health); Brolene (Sanofi); Golden Eye Ointment (Sigma Pharmaceuticals); GelTears (Bausch & Lomb); and Viscotears (Alcon, Inc.).
The topical route of administration has dominated the ophthalmic drugs market in 2022 and is likely to maintain its lead throughout the forecast period. The growth of the topical segment is accounted for by increasing demand for topical products due to convenient dosage, patient compliance factors, and various strategic initiatives undertaken by market players. Topical drug dosage forms generally include suspensions, solutions, and ointments. The cornea is the primary route of topical absorption that pose significant anatomical barriers. The availability of several drugs delivered via the topical route of administration is estimated to be the major driver of this segment. For instance, in October 2021, Allergan an AbbVie Inc company announced that U.S. FDA has approved VUITY for the treatment of presbyopia. Vuity is the only FDA-approved eye drop to treat various eye conditions.
Intraocular delivery route facilitates direct entry of drugs into the blood-retinal barrier and, therefore, highest peak of drug concentration can be achieved. It achieves maximum intraocular bioavailability in posterior segment tissues of the eye, such as cone-containing fovea or macula. In May 2022, Vabysmo injection was launched by Chugai Pharmaceutical Co., Ltd. for the treatment of AMD. However, this is the most invasive route of administration, involving penetration of drugs in the eye and, thus, is not free of injection-related complications.
In 2022, North America led the ophthalmic drugs market and held the largest revenue share of 39.3%. The growth of the region is accounted for a higher prevalence of eye diseases, and rising awareness about eye diseases. Moreover, increasing research and development by leading players is also anticipated to fuel regional growth. Furthermore, the presence of leading players like Alcon, Pfizer Inc, and Bausch and Lomb. For instance, in June 2022, Harrow Health Inc announced that MAXITROL and IOPIDINE 1% are commercially available in the U.S. The new guidelines by the FDA, under the Prescription Drug User Fee Act, provide a structured approach to assess the risks and benefits in clinical trials for these ophthalmic drugs.
Asia Pacific is expected to be the fastest-growing region with a CAGR of 9.6%. The growth of the Asia pacific region is attributed to the presence of a large patient pool, high disease prevalence, and the emergence of local companies. The Asia Pacific region has the highest patient base, however, the treatment rate is the lowest in the region. Moreover, various strategic initiatives undertaken by market players are also expected to boost regional growth. For instance, in June 2020 Otsuka Pharmaceutical Co., Ltd., and Senju Pharmaceutical Co., Ltd. announced the launch of a combination ophthalmic solution, AILAMIDE for the treatment of ocular hypertension and glaucoma.
Key players are adopting strategies such as new product development, merger & acquisition, and partnership to increase their market share. For instance, in May 2022 Brim Biotechnology Inc announced a collaboration with Ora Inc to boost the development of regenerative peptide BRM 421 for dry eye disease. Some of the prominent players in the ophthalmic drugs market include:
Pfizer Inc.
Alcon
Novartis AG
Bausch Health Companies Inc.
Merck & Co., Inc
Regeneron Pharmaceuticals Inc
Allergan (AbbVie Inc)
Bayer AG
Genentech, Inc. (F. Hoffmann-La Roche Ltd)
Nicox
Coherus Biosciences, Inc.
Report Attribute |
Details |
Market size value in 2023 |
USD 38.44 billion |
Revenue forecast in 2030 |
USD 65.55 billion |
Growth rate |
CAGR of 7.80% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Drug Class, disease, route of administration, dosage form, product type, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia; India; China; Japan; Australia; South Korea; Singapore; Brazil; Mexico; Argentina; Saudi Arabia; UAE; South Africa |
Key companies profiled |
Novartis AG; Pfizer Inc.; Alcon; Allergan(AbbVie Inc); Merck & Co., Inc.; Bayer AG; Genentech, Inc.; Bausch Health Companies Inc.; Santen Pharmaceutical Co. Ltd.; Genentech, Inc (F. Hoffmann-La Roche Ltd); Coherus Biosciences, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, route of administration, dosage form, product type, and region:
Drug Class Outlook (Revenue, USD Million, 2018 - 2030)
Antiallergy
Anti-inflammatory
Non-steroidal drugs
Steroidal drugs
Anti-VEGF Agents
Anti-glaucoma
Others
Dry Eye
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Eye Allergy
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Glaucoma
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Eye Infection
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Retinal Disorders
Retinal Disorder Treatment Market, By Type,
Macular Degeneration
Diabetic Retinopathy
Retinal Disorder Treatment Market, By Dosage Type,
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Uveitis
Gels
Eye Solutions & Suspensions
Capsules & Tablets
Eye Drops
Ointments
Others
Dosage Form Outlook (Revenue, USD Million, 2018 - 2030)
Gels
Eye Solutions & Suspensions
Capsules and Tablets
Eye Drops
Ointments
Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)
Topical
Local Ocular
Retinal Disorders
Subconjunctival
Intravitreal
Retrobulbar
Intracameral
Systemic
Product Type Outlook (Revenue, USD Million, 2018 - 2030)
Prescription Drugs
OTC Drugs
Regional Outlook (Revenue, USD Million, 2018- 2030)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
Australia
South Korea
Singapore
Latin America
Brazil
Mexico
Argentina
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
b. The global ophthalmic drugs market size was estimated at USD 35.81 billion in 2022 and is expected to reach USD 38.44 billion in 2023.
b. The global ophthalmic drugs market is expected to grow at a compound annual growth rate of 7.8% from 2023 to 2030 to reach USD 65.55 billion by 2030.
b. North America dominated the ophthalmic drugs market with a share of 39.3% in 2023 driven by a high disease burden, rising consumer awareness regarding the advantages of ophthalmic drugs, proactive government measures, technological advancements, and improvements in healthcare infrastructure.
b. Some of the major companies in the ophthalmic drugs market include Bausch & Lomb, Inc.; Novartis AG; Pfizer, Inc.; Regeneron Pharmaceuticals Inc., Merck & Co., Inc.; AbbVie Inc; Bayer AG; Johnson & Johnson Private Limited.; Santen Pharmaceutical Co., Ltd., and Genentech, Inc.
b. Key factors that are driving the ophthalmic drugs market growth include the rising prevalence of eye diseases and disorders along with the presence of a robust pipeline of molecules.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for COVID-19 as a key market contributor.
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