Ophthalmic Drugs Market Size, Share & Trends Report

Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class, By Disease, By Dosage Form, By Route Of Administration, By Product Type, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Mar, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-2-68038-010-1
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2018
  • Number of Pages: 250

Industry Insights

The global ophthalmic drugs market size was valued at USD 31.0 billion in 2019 and is expected to expand at a CAGR of 5.0% from 2019 to 2027. Rising prevalence of eye diseases and disorders along with presence of robust pipeline of molecules are some of the key factors driving the growth.

Increase in prevalence of presbyopia, macular degeneration, and diabetic retinopathy is one of the major market drivers. As per the World Health Organization (WHO), in 2019, approximately 2.2 billion people were visually impaired. In addition, over 39 million had vision loss, nearly 188.5 million people suffered from mild vision impairment, and over 217 million people were experiencing moderate to severe vision impairment.

U.S. ophthalmic drugs market

The market for ophthalmic drugs is expected to witness significant growth in the forthcoming years, as multiple manufacturers are increasingly focusing on R&D to develop innovative treatment. The players are engaging in extensive R&D activities to develop novel ophthalmic drugs for the treatment of various eye diseases and disorders and to gain a greater market share.

Drug delivery systems in ophthalmic therapy have undergone major technological advancements in the recent years. This remains a key growth driver for the market. For instance, in September 2014, Alimera Sciences Inc. received the Food and Drug Administration (FDA) approval for ILUVIEN, indicated for the treatment of DME. The product’s multiyear drug delivery system lends it a significant edge over competitors. It was designed to deliver 190 mg of the drug over 3 years.

Drug Class Insights

Based on drug class, the market is segmented into antiglaucoma agents, anti-inflammatory, antiallergy, and anti-Vascular Endothelial Growth Factor (anti-VEGF) agents. Anti-VEGF segment held the largest market share of in 2019, driven by high adoption rate and presence of global market players with extensive product portfolio. The growth is fueled by the strong commercial performances of Macugen (pegaptanib), Lucentis (ranibizumab), and Avastin (bevacizumab). Rising prevalence of Age-related Macular Degeneration (AMD) and impending launches of several pipeline candidates working on VEGF inhibition principle are anticipated to drive the segment growth at the fastest rate over the forecast period.

Disease Insights

On the basis of disease, the market for ophthalmic drugs is categorized into glaucoma, eye infection, dry eye, retinal disorders, eye allergy, and uveitis. In 2019, retinal disorders segment dominated the ophthalmic drugs market owing to increasing prevalence of age-related macular degeneration and diabetic retinopathy. According to a study published on National Center for Biotechnology Information (NCBI), diabetes mellitus is one of the leading risk factors for Dry Eye Syndrome (DES).

Technological advancements and rising strategic collaborations are some of the other factors anticipated to propel the market for retinal disorder treatment. For instance, in October 2018, Ophthotech Corporation (IVERIC bio) entered into an agreement with the University of Florida Research Foundation and the University of Pennsylvania to develop and commercialize an Adeno-associated Virus (AAV) gene therapy product for the treatment of BVMD.

Dosage Form Insights

Based on dosage form, the market is categorized into eye solutions, eye drops, capsules and tablets, ointments and gels. Eye drops dominated the segment in 2019 and is driven by the ease of usage and high patient compliance. Eye solutions & suspensions were the second largest category among dosage forms and are expected to demonstrate the fastest growth over the forecast period. The strong growth is facilitated by a direct drug delivery mechanism as well impending launches of several ophthalmic solutions and suspensions in the next few years.

Product Type Insights

On the basis of product type, the overall market is segmented into prescription and OTC drugs. In 2019, prescription drugs captured the largest share as these are more efficacious than conventional drugs and are associated with fewer adverse effects.The relatively higher price of drugs and improved safety & efficacy profiles are expected to drive a moderate growth for this segment in the foreseeable future.

The OTC segment is positioned to demonstrate a strong growth rate, driven by the loss of patent exclusivities of major drugs and consequent rise in generic penetration of ophthalmic drugs. The relatively low cost of these drugs makes it affordable for large patient base in the low- and middle-economic countries.

Route of Administration Insights

Based on route of administration, the market is segmented into topical, local ocular and systemic route. In 2019, topical route held the largest share and local ocular route was estimated to be the fastest growing segment with a CAGR of 5.3%. The local ocular route is further segmented into subconjunctival, intravitreal, retrobulbar, and intracameral. The intravitreal route was estimated to be the largest segment in 2019 as it is one of the highly efficient methods for delivering drugs into posterior segment of the eye.

Global ophthalmic drugs market

There are various advantages associated with topical route of administration such as therapeutic agents directly can be administered to the site of action leading to high bioavailability, it is non-invasive technique and widely preferred by patients, it minimizes the risk of systemic side effects. Manufacturers have developed various strategies to improve the efficiency of topical drug delivery in ophthalmology that maximize corneal drug absorption and minimize precorneal drug loss.

Regional Insights

North America commanded majority of the market share in 2019, 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. The presence of key players in this region is a key propeller of market growth. For instance, according to an article published in BrightFocus Foundation, in 2017, more than 3 million Americans were suffering from glaucoma.

Asia Pacific is expected to expand at a lucrative CAGR over the forecast period improving economic scenario, rising disposable income, and a large patient pool. Rising new product launch in this region is expected to boost market growth. For instance, in January 2016, Otsuka Pharmaceuticals received approval for Mikeluna in Japan, a combination ophthalmic solution, indicated for glaucoma and ocular hypertension.

Ophthalmic Drugs Market Share Insights

Some of the major companies in this market include Bausch & Lomb, Inc.; Novartis AG; Pfizer, Inc.; Regeneron, Merck Sharp & Dohme Corp.; ALLERGAN PLC; Bayer AG; Johnson & Johnson Services, Inc.; Santen Pharmaceutical Co., Ltd.; and Genentech, Inc. These focus on mergers & acquisitions, regional expansion, and new product development to increase their market share. For instance, in July 2019, Novartis AG received a positive CHMP opinion for Lucentis, for infants suffering from retinopathy of prematurity.

Report Scope

Attribute

Details

Base year for estimation

2019

Actual estimates/Historical data

2015 - 2018

Forecast period

2020 - 2027

Market representation

Revenue in USD Million and CAGR from 2019 to 2027

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Country Scope

U.S., Canada, U.K., Germany, Spain, France, Italy, Russia, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and UAE

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2027. For the purpose of this study, Grand View Research has segmented the global ophthalmic drugs market report on the basis of drug class, disease, dosage form, route of administration, product type, and region:

  • Drug Class Outlook (Revenue, USD Million, 2015 - 2027)

    • Antiallergy

    • Anti-Vascular Endothelial Growth Factor (Anti-VEGF) Agents

    • Anti-inflammatory

      • Nonsteroidal Drugs

      • Steroidal Drugs

    • Antiglaucoma

    • Others

  • Disease Outlook (Revenue, USD Million, 2015 - 2027)

    • Dry Eye

    • Eye Allergy

    • Glaucoma

    • Eye Infection

    • Retinal Disorders

      • Macular Degeneration

      • Diabetic Retinopathy

      • Others

    • Uveitis

    • Others

  • Disease Outlook by Dosage Form (Revenue, USD Million, 2015 - 2027)

    • Dry Eye

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye Drops

      • Ointments

    • Allergies

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye drops

      • Ointments

    • Glaucoma

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye drops

      • Ointments

    • Inflammation/Infection

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye drops

      • Ointments

    • Retinal Disorders

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye drops

      • Ointments

    • Uveitis

      • Gels

      • Eye Solutions

      • Capsules & Tablets

      • Eye drops

      • Ointments

    • Others

  • Dosage Form Outlook (Revenue, USD Million, 2015 - 2027)

    • Gels

    • Eye Solutions

    • Capsules & Tablets

    • Eye Drops

    • Ointments

  • Route of Administration Outlook (Revenue, USD Million, 2015 - 2027)

    • Topical

    • Local Ocular

      • Subconjunctival

      • Intravitreal

      • Retrobulbar

      • Intracameral

    • Systemic

  • Product Type Outlook (Revenue, USD Million, 2015 - 2027)

    • Prescription Drugs

    • OTC Drugs

  • Regional Outlook (Revenue, USD Million, 2015 - 2027)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • Spain

      • France

      • Italy

      • Russia

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Singapore

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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