Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class (Steroidal drugs, Anti-VEGF Agents), By Disease, By Dosage Form, By Route of Administration, By Product Type, By Drug Type, By Region, And Segment Forecasts, 2025 - 2030

Ophthalmic Drugs Market Size & Trends

The global ophthalmic drugs market size was estimated at USD 38.20 billion in 2024 and is projected to grow at a CAGR of 8.5% from 2025 to 2030. The market growth is attributed to rising eye disease prevalence, advancement in drug delivery, and an increasing focus on research for the development of novel therapeutics in the market. Moreover, increasing investment by public and private organizations is further propelling the growth of the market. For instance, in July 2023, the National Eye Institute announced a funding of USD 2.5 million for over 5 years to advance the glaucoma treatment research at Missouri University of Science and Technology.

Eye diseases include a wide spectrum of morbidities impacting various components of the visual system and function. The increase in the prevalence of eye-related disorders, such as macular degeneration, diabetic retinopathy, and presbyopia, is one of the major factors driving the growth of the overall ophthalmic drug market. The increasing prevalence of these conditions is expected to boost the market. As  per WHO, in 2023, approximately 2.2 billion people were visually impaired globally. Moreover, according to a  study, “Global incidence and risk factors for glaucoma,” published by the Journal of Global Health in November 2024, in 2022, the worldwide incidence rate of Primary Open-Angle Glaucoma (POAG) was 23.46 cases per 10,000 person-years for individuals aged 40 to 79. Between 1990 and 2019, there was a notable rise in this rate, increasing from 5.51 cases per 10,000 person-years in the 40 to 44 age group to 64.36 cases per 10,000 person-years in the 75 to 79 age group. This rising prevalence of eye conditions significantly increases the demand for effective ophthalmic drugs over the forecast period.

The growing geriatric population is anticipated to increase the number of people with eye conditions. According to the United Nations, the share of individuals aged 65 and older is growing more rapidly than that of younger populations. As a result, the percentage of the global population in this age group is anticipated to increase from 10% in 2022 to 16% by 2050. By that year, it is estimated that the number of people aged 65 and above will be twice that of children under the age of 5 and nearly equal to the number of children under 12. Presbyopia, cataracts, glaucoma, and AMD become more common as people get older. This growing adult population, coupled with the increasing prevalence of conditions such as diabetes, significantly increases the risk of various eye conditions, thereby contributing to market growth. According to the WHO, the population of individuals diagnosed with diabetes increased from 200 million in 1990 to 830 million by 2022. Some eye disorders, such as glaucoma, refractive error, and retinal degeneration, including retinitis pigmentosa, are also influenced by genetics. Another non-modifiable risk factor associated with an increased risk of acquiring some eye disorders is ethnicity.

Market Concentration & Characteristics

Market growth stage is high, and pace of the market growth is accelerating. The market is characterized by a high degree of innovation owing to the rapid advancements in drug delivery. The emergence of gene therapies as a potent drug-delivery mechanism is one of the strongest drivers of the market. For instance, EYLEA HD (aflibercept), a higher-concentration formulation approved in 2023, allows for extended dosing intervals of up to 16 weeks for AMD and DME, reducing the burden of frequent intravitreal injections.

The market is witnessing a significant level of mergers and acquisitions, and companies are adopting this strategy to increase their product portfolios and capabilities. For instance, in May 2024, Merck agreed to acquire EyeBio, an ophthalmology-focused biotech company. EyeBio’s lead candidate, Restoret, targets diabetic macular edema and neovascular age-related macular degeneration. The acquisition will significantly expand Merck’s ophthalmology portfolio and enhance its retinal disease treatment pipeline, with Restoret entering a pivotal trial in late 2024.

The ophthalmic drugs market is regulated by agencies such as the FDA, EMA, and other global health authorities to ensure safety, efficacy, and quality. Approval requires preclinical testing, clinical trials, and post-market surveillance. Regulations enforce Good Manufacturing Practices (GMP), labeling, and quality control. Patent laws impact competition between branded and generic drugs, while pricing and reimbursement policies influence market access.

The threat of substitutes in the ophthalmic drugs market is significantly low due to the specialized nature of these treatments and the lack of equally effective alternatives. Ophthalmic drugs, including prescription eye drops, and specialized formulations, are often the primary treatment options for conditions such as glaucoma, dry eye disease, and retinal disorders. While alternatives such as surgical procedures, medical devices, or lifestyle changes exist, they are not direct substitutes but used as complementary. Additionally, the high efficacy, ease of administration, and continuous innovation in ophthalmic drugs further reduce substitution risks.

Regional expansion in the ophthalmic drugs market is driven by pharmaceutical companies aiming regulatory approvals in multiple countries to enhance market reach and revenue. For instance, in December 2024, Santen applied for approval in Japan for STN1013800 (oxymetazoline hydrochloride), an eye drop treatment for acquired blepharoptosis. The drug showed significant improvement in eyelid elevation in clinical trials, offering a non-surgical option for this condition. Oxymetazoline acts on Müller’s muscle to lift the eyelid.

Drug Class Insights

Anti-VEGF agents led the market and accounted for 32.9% of the global revenue in 2024. The segment growth is attributed to the rising prevalence of retinal disorders globally. This is anticipated to propel the sales of anti-VEGF agents, boosting segment growth. These agents are useful in ophthalmology for treating eye conditions that cause swelling or growth of new blood vessels around the retina. Moreover, increasing research activities related to anti-VEGF drugs for different ophthalmic disorders are improving the introduction of novel drugs in the market. In February 2023, Bayer AG submitted a regulatory approval application to the European Medicines Agency (EMA) for aflibercept 8 mg for neovascular (wet) age-related macular degeneration (nAMD) and diabetic macular edema (DME).

Gene and cell therapy segments are anticipated to grow at the fastest growth rate over the forecast period. Gene & cell therapy is a comparatively newer therapeutic option for treating eye diseases. The increasing adoption of these products due to high efficacy and effectiveness of drugs is expected to drive the segment growth significantly. Moreover, the increasing product approval and service providers in the market are driving segment growth. For instance, OHSU Casey Eye Institute is offering gene therapy treatment for people with inherited retinal disease due to mutation in both copies of RPE65 gene.

Disease Insights

Retinal disorders led the market in 2024 and are anticipated to grow at the fastest growth rate over the forecast period. Growing incidence of retinal disorders around the globe and the need for effective and affordable treatment options for the same has driven the market. The National Eye Institute estimated that by 2050 and 2030, around 14 and 10 million people respectively will suffer from diabetic retinopathy in America. The leading drugs for treating retinal disorders are Lucentis, Eylea, and Avastin. Moreover, Platelet-Derived Growth Factor (PDGF) therapy is anticipated to be the new revolution in treating retinal disorders.

Infection segment is anticipated to witness significant growth over the forecast period. This growth can be attributed to the rising prevalence of eye infections. Bacterial conjunctivitis is one of the most prevalent ophthalmic infections According to WHO, trachoma, caused by Chlamydia trachomatis, is a leading cause of blindness, affecting 38 countries and resulting in 1.9 million people with visual impairment. The infection spreads through contact with infected eye and nose discharges, primarily in poor, rural areas. Repeated infections lead to irreversible blindness. In 2023, 130,746 people received corrective surgery, and 32.9 million were treated with antibiotics. WHO’s SAFE strategy, which includes surgery, antibiotics, facial cleanliness, and environmental improvements, aims for global elimination by 2030. The economic cost is estimated between USD 2.9-5.3 billion annually.

Route of Administration Insights

The topical route of administration led the market in 2024. Topical drug dosage forms generally include suspensions, solutions, and ointments. The cornea is the primary route of topical absorption that poses significant anatomical barriers. Availability of several drugs delivered via topical route of administration is estimated to be the major driver of this segment. For instance, phenylephrine, tetrahydrozoline, oxymetazoline, and naphazoline are currently available in the market as OTC ophthalmic decongestants. The topical use of oxymetazoline is generally indicated for improving symptoms such as itching, burning, and tearing associated with allergic conjunctivitis.

Local ocular route of administration segment is anticipated to grow at the fastest growth rate over the forecast period. The intraocular delivery route facilitates direct entry of drugs into the blood-retinal barrier and, therefore, the 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, Alcon acquired Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals by paying USD 60 million for the rights to two commercial products based on mucus-penetrating particle drug delivery technology. Moreover, the company acquired Inveltys corticosteroid for treating postoperative inflammation and pain after ocular surgery. 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. These may include retinal hemorrhage, raised IOP, floaters, transient blurry vision, vitreous hemorrhage, retinal tears, retinal detachment, endophthalmitis, and cataracts.

Dosage Form Insights

Eye drops led the market in 2024 and are anticipated to grow at the fastest growth rate over the forecast period. Eye drops are the most preferred form of drug delivery used for treating ocular diseases such as acute allergies, corneal ulcers, and glaucoma. The demand for enhanced ophthalmic treatments is driving companies to invest in pipeline developments. For instance, in April 2021, Bausch & Lomb and Novaliq GmbH (April 2021): Reported positive Phase 3 trial results for NOV03 (perfluorohexyloctane), a preservative-free investigational eye drops for treating dry eye disease (DED) associated with meibomian gland dysfunction. NOV03 is positioned to become the first FDA-approved prescription treatment for this condition. Such advancements are expected to fuel the segment growth.

The eye solutions & suspensions segment is anticipated to witness a significant growth rate over the forecast period. Eye solutions allow direct drug delivery, which is a distinct clinical advantage. Some of the most commonly used eye solutions include Moxeza, Ocuflox, and Neosporin. Eye solutions may also contain certain excipients to regulate viscosity, pH, and osmotic pressure. The presence of advanced technology for drug delivery in order to improve physicochemical stability & bioavailability is anticipated to boost the market growth. For instance, in January 2022, Sun Pharma launched its cyclosporine ophthalmic solution, CEQUA 0.09%, a novel treatment for DED affecting over 6 million Canadians living with the condition.

Product Type Insights

Prescription drugs accounted for the largest revenue share in 2024. Prescription medications are the major reason for increased healthcare spending. Support from various private & public authorities to increase sales of prescription medicines is anticipated to boost segment growth. For instance, in May 2023, the U.S. FDA approved Bausch & Lomb and Novaliq’s Miebo for treating DED. It is the first & only prescription eye drop to receive the U.S FDA approval for DED. In addition, in March 2022, Bausch Health Companies, Inc. announced the commercial launch of XIPERE, a prescription drug used for the treatment of macular edema associated with uveitis. Moreover, increasing R&D activities for novel biologics, cell & gene therapies, and biosimilars are expected to increase the approval rate of novel prescription drugs in the coming years, propelling segment growth.

OTC drugs are anticipated to grow at the fastest growth rate over the forecast period. The growth of the segment is attributed to the increasing penetration of generics in the market aided by the loss of patent exclusivities of major drugs. The relatively low cost of these drugs makes it affordable for a large patient base in low- and middle-economic countries. Several strategic moves in the OTC market further contribute to segment growth. For instance, in July 2023, Bausch + Lomb acquired the Blink OTC eye drop line from Johnson & Johnson Vision for USD 106.5 million. The Blink portfolio, including products like Blink Tears Lubricating Eye Drops and Blink Contacts Lubricating Eye Drops, addresses the rising demand for dry eye and contact lens discomfort relief.

Drug Type Insights

Branded drugs dominated the market in 2024 due to the growing need for novel therapies and treatments. Several players are engaged in developing new treatments for various conditions, such as dry eye and glaucoma, as current treatments are known to provide temporary symptomatic relief. Hence, companies are developing long-acting, hands-free therapies to combat such challenges. 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.

The generic drugs segment is projected to witness the fastest growth rate over the forecast period. Cost-effectiveness and patent expiry of branded drugs are some of the key factors supporting segment growth. Moreover, the generic drug is similar to an existing approved brand name drug in terms of safety, dosage form, route of administration, quality, strength, and performance characteristics. However, the cost of generics is low, which provides an advantage to generic drugs for more prescription, especially in developing economies. Furthermore, government bodies are motivating drug manufacturers to increase the development of generic drugs as they are top-selling ophthalmology drugs. For instance, in September 2021, the U.S. FDA approved the first biosimilar to Byooviz (SB-11) for treating multiple eye conditions. Such initiatives are propelling market growth.

Regional Insights

North America ophthalmic drugs market dominated the global market and accounted for a 42.7% share in 2024. This high share is owing to the rising prevalence of retinal diseases and favorable government initiatives in the region. North America is a developed region with high healthcare expenditure. Moreover, the high prevalence and increasing eye treatment procedures aid expansion in North America. The increasing aging population in the U.S. and Canada plays a significant role in this growing demand, as older adults are more vulnerable to eye conditions. Furthermore, growing incidence of diabetes in the region has fueled the demand for ophthalmic drugs to manage diabetic eye diseases.

U.S. Ophthalmic Drugs Market Trends

The ophthalmic drugs market in the U.S. is expected to witness significant growth over the forecast period. The major factors driving market growth include the high prevalence of eye diseases, the aging population, technological advancements, and a supportive regulatory framework. According to the USAFacts, in 2022, nearly 1.8 million additional Americans reported having a vision disability compared to 2010, marking a 28% increase that outpaces the U.S. population growth rate of 8% during the same period. The percentage of the population experiencing vision difficulties rose from 2.1% to 2.5%. Among those with vision disabilities in 2022, individuals aged 65 and older represented 40.8%, while those aged 35 to 64 accounted for 38.4% of the total.

Europe Ophthalmic Drugs Market Trends

The Europe ophthalmic drugs market is driven by the increasing prevalence of diseases, advancements in diagnostics technology, and the region's aging population. The rising incidence of ophthalmic disorders in Europe is another significant factor contributing to market growth. According to the WHO, in the European region, around 90 million individuals experience some form of vision impairment or blindness, accounting for 9% of the total population. This means that 1 in every 10 people is affected by vision issues. Aging populations in countries such as Italy, Spain, and France have further led to a rise in other eye-related conditions. Governments across Europe are implementing public health initiatives aimed at early screening and management of these conditions, thus increasing the demand for therapeutic drugs.

The ophthalmic drugs market in the UK is expected to grow over the forecast period due to the rising prevalence of eye disease diseases, the country’s aging population, and evolving regulatory landscape. Furthermore, the increasing R&D initiative for the development of advanced treatment for various eye conditions is further contributing to this growth. For instance, in January 2025, Glaucoma UK launched its largest-ever research grants program, offering USD 461,520 (£370,000) to support innovative projects aimed at improving the understanding, treatment, and care of glaucoma. Such initiatives are further expected to fuel the market growth in the country.

Germany ophthalmic drugs market is expected to grow significantly over the forecast period. Germany's comprehensive healthcare system, better access to healthcare services and increasing awareness about importance of eye care are some of the major factors contributing to the market growth.

Asia Pacific Ophthalmic Drugs Market Trends

Asia Pacific is expected to witness the fastest growth over the forecast period. The increasing burden of ophthalmic disorders and rising consumer awareness are expected to drive market growth in Asia Pacific. Nearly two-thirds of the Asia Pacific population is vision impaired or blind. Moreover, the development of various novel technologies by research institutes in developing economies, such as China and India, is expected to improve healthcare facilities in the region. The presence of a well-distributed network of clinical laboratories and hospitals in India is enabling an improved market penetration of ophthalmic drugs. In addition, rapid economic development and an increase in awareness programs in this region are expected to drive market growth.

The ophthalmic drugs market in China is driven by an increasing demand for eye care solutions. This growth is fueled by a rising number of individuals suffering from eye diseases, particularly among the aging population. Age-related conditions such as cataracts, glaucoma, and macular degeneration have become more common, requiring advanced pharmaceutical treatments. Moreover, market players operating in the market are taking various initiatives to increase their market presence. For instance, In January 2025, Vyluma announced that the National Medical Products Administration of China accepted its drug application for NVK002, a treatment aimed at addressing myopia progression in children. This acceptance marks a significant step forward in the regulatory process for Vyluma's product in the Chinese market.

Japan ophthalmic drugs market is growing due to the rising prevalence of eye disorders is further increasing the demand for cost-effective treatments, and the growing geriatric population is significantly contributing to market growth. According to the International Diabetes Federation, in 2021, Japan had approximately 11 million adults with diabetes, reflecting an 11.8% prevalence in a total adult population of 93.2 million. Moreover, according to the Ministry of Internal Affairs and Communications, the geriatric population in Japan accounts for 29.1% of the total population.

Latin America Ophthalmic Drugs Market Trends

An increase in the incidence of dry eye disease, which leads to poor quality of life, is expected to boost the market. Moreover, increasing efforts by various global organizations to increase eye care access and awareness in the region’s population further contribute to the market growth. For instance, in  2024, The International Agency for the Prevention of Blindness (IAPB’s) re-engagement in Latin America led to a tripling of membership since 2021. Key events included initiatives in Colombia and Paraguay aimed at integrating eye health services and addressing refractive errors. Such initiatives are expected to increase the demand for ophthalmic drugs in the region.

The ophthalmic drugs market in Brazil is expected to witness significant growth over the forecast period. In LATAM, Brazil has the largest population. Thus, the prevalence of target diseases in the country is high, which leads to an increased demand for therapeutics. Brazil has been witnessing positive economic growth due to the region's recent financial and political stability. The pharmaceutical industry has shown greater improvements than other industries in the country, owing to increasing government investments to enhance healthcare infrastructure.

MEA Ophthalmic Drugs Market Trends

The Middle East and Africa (MEA) region have witnessed significant increase in the prevalence of eye diseases such as glaucoma, cataracts, and age-related macular degeneration. This rise is attributed to factors including an aging population, higher rates of diabetes leading to diabetic retinopathy, and increased exposure to environmental pollutants. Similarly, governments and healthcare organizations in the region are actively working to enhance awareness about eye health, leading to increased awareness among patients.

The ophthalmic drugs market in Saudi Arabia is witnessing significant growth, driven by demographic shifts and increasing healthcare awareness. Technological advancements in ophthalmic devices and drug delivery systems are also playing a crucial role in market growth. For instance, in October 2023, a consortium in Saudi Arabia launched "Eyenai," the first locally developed AI-powered ophthalmic solution for diabetic retinopathy screening. This innovative technology aims to enhance accessibility, affordability, and accuracy in eye care, marking a significant advancement in the nation's healthcare sector with plans for expansion across the Kingdom. The development of such solutions and advancements in the country’s healthcare sector increase the access to eye care for the wider patient population, thereby contributing to the rising demand for ophthalmic drugs.

Key Ophthalmic Drugs Company Insights

Some of the key players operating in the market include Alcon; Novartis AG; Bausch Health Companies, Inc.; Merck & Co., Inc.and others. The market is highly competitive, with a large number of manufacturers accounting for a majority of the share. New source developments, mergers and acquisitions, and collaborations are major strategies these players adopt to counter the high competition.

Recent Developments

• In December 2024, Santen announced that South Korea and Vietnam accepted for review its New Drug Application for STN1013001 (cationic emulsion of latanoprost 50μg/mL) for treating open-angle glaucoma and ocular hypertension. This preservative-free drug improves ocular surface conditions while lowering intraocular pressure. The application is supported by positive results from a Phase III trial, demonstrating its non-inferiority to standard latanoprost and superiority in improving ocular surface disease.

• In August 2023, Regeneron Pharmaceuticals, Inc.received approval for EYLEA HD (aflibercept), used for the treatment of wet age-related DME, macular degeneration (wAMD), and diabetic retinopathy.

• In September 2022, the U.S. FDA approved the NDA for NOVO3, submitted by the Bausch Health Companies, Inc., to use the novel therapy for dry eye disease.

• In March 2022, Novartis AG received European Commission approval for Beovu, used for the treatment of patients with DME.

Ophthalmic Drugs Market Report Scope

Global Ophthalmic Drugs Market Report Segmentation

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 this study, Grand View Research has segmented the global ophthalmic drugs market report based on drug class, disease, dosage form, route of administration, product type, drug type, and region:

• Drug Class Outlook (Revenue, USD Billion, 2018 - 2030)

  • Anti-allergy

  • Anti-inflammatory

    • Non-steroidal drugs

    • Steroids

  • Non-steroidal drugs

  • Steroidal drugs

  • Anti-VEGF Agents

  • Anti-glaucoma

  • Others

• Disease Outlook (Revenue, USD Billion, 2018 - 2030)

  • Dry eye

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

  • Allergies

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

  • Glaucoma

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

  • Infection

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

  • Retinal Disorders

    • By Type

      • Macular Degeneration

      • Diabetic Retinopathy

      • Others

    • By Dosage Type

      • Gels

      • Eye solutions & suspensions

      • Capsules & Tablets,

      • Eye drops

      • Ointments

  • Uveitis

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

  • Others

    • Gels

    • Eye solutions & suspensions

    • Capsules & Tablets,

    • Eye drops

    • Ointments

• Route of Administration Outlook (Revenue, USD Billion, 2018 - 2030)

  • Topical

  • Local Ocular

    • Subconjunctival

    • Intravitreal

    • Retrobulbar

    • Intracameral

  • Systemic

• Dosage Form Outlook (Revenue, USD Billion, 2018 - 2030)

  • Gels

  • Eye Solutions & Suspensions

  • Capsules and Tablets

  • Eye Drops

  • Ointments

• Product Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Prescription Drugs

  • OTC

• Drug Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Branded Drugs

  • Generic Drugs

• Regional Outlook (Revenue in USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Denmark

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait