Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class, By Disease (Retinal Disorder, Allergies), By Dosage Form (Eye Drops, Eye Solutions), By Product Type, And Segment Forecasts, 2019 - 2026

Industry Insights

The global ophthalmic drugs market size was valued at USD 30.30 billion in 2018 and is expected to grow at a CAGR of 4.5% from 2018 to 2026. Increased funding by public and private bodies for conducting research on ocular disorders along with the presence of strong emerging pipeline drugs is among the key factors responsible for the growth of this market.

Increasing prevalence of eye disorders is expected to accelerate the demand for ophthalmic therapeutics over the forecast period. According to a report published by the WHO in 2018, around 1.3 billion people worldwide have some type of vision impairment. The leading cause of vision impairment includes uncorrected cataracts and refractive errors.

Increasing geriatric population is also anticipated to be one of the major factors driving the overall growth of the market. According to the United Nations Department of Economic and Social Affairs, a study published by World Population Prospects, 2017 Revision, the number of older population aged 60 years and above is expected to rise from 962 million in 2017 to 2.1 billion in 2050.

Rising awareness about eye care is further anticipated to drive the market over the forecast year. For instance, in 2017, Novartis AG (Alcon), launched Vision Care Marketing Portal, a comprehensive marketing portal that offers training, e-marketing tools, and content and digital resources for eye care professionals, thereby increasing Alcon’s market penetration.

Drug Class Insights

Major drug classes include antiallergy, antiglaucoma agents, anti-inflammatory, and anti-Vascular Endothelial Growth Factor (anti-VEGF) agents. The anti-VEGF agents led the market in 2018 with a market share of 31.67% owing to their wide application in the treatment of Age-Related Macular Degeneration (AMD), diabetic retinopathy, and retinal vein occlusion. Anti-VEGF segment is also projected to witness the fastest CAGR over the forecast period.

This is due to the introduction of differentiated therapies with novel mechanism of action, especially for the treatment of AMD, such as Lucentis (ranibizumab), Macugen (pegaptanib), and Avastin (bevacizumab). Anti-inflammatory segment is further segmented into steroidal and non-steroidal drugs. Non-steroidal drugs was the largest segment in 2018; while steroidal drugs segment is estimated to register the fastest growth rate during the forecast years.

Disease Insights

On the basis of disease, the market is segmented into dry eye, glaucoma, inflammation/ infection, retinal disorders, allergies,and uveitis. The retinal disorder segment led the market in 2018. Retinal disorders is anticipated to be the fastest-growing segment with a CAGR of 7.6% from 2019 to 2026 owing to the increasing prevalence of diabetes. According to a study conducted by the Vision Loss Expert Group of the Global Burden of Disease Study, the potential risk of blindness in an individual with diabetes is 2.4 times higher than those without diabetes. Glaucoma is considered to be the second-largest segment due to the presence of many pipeline drugs. For instance, OTX-TP by Ocular Therapeutix, Inc. is undergoing Phase 3 trial to analyze the reduction of intraocular pressure connected to ocular hypertension and glaucoma.

Dosage Form Insights

According to the dosage form, the market is segmented into gels, capsules and tablets, eye solutions, eye drops, and ointments. Eye drops led the market in 2018 and is likely to witness the fastest growth as they are cost-effective than other dosage forms. In addition, the development of innovative therapeutics in the form of eye drops is support the segment growth. For instance, in 2017, Bausch & Lomb Inc. got FDA approval for LUMIFY, the first OTC eye drop with low dose brimonidine for the treatment of redness of eye.

Product Type Insights

On the basis of product type, the market is segmented into OTC and prescription drugs. Prescription drugs was the largest segment in 2018 as these are more effective than OTC and are used in medical treatments, such as cataract and post-surgery inflammations.

OTC type is projected to be the fastest-growing segment over the forecast period owing to easy availability of these therapeutics. In addition, these are available in various dosage forms, such as ointment, eye drops, gels, and capsules, which is projected to help boost the product demand in this segment.

Regional Insights

North America led the market in 2018 owing to the presence of key companies and well-established healthcare infrastructure. The region is projected to maintain the dominance during the forecast years on account of increasing geriatric population base and prevalence of eye-related disorders. According to an article published in Bright Focus Foundation, in 2017, more than 3 million Americans were suffering from glaucoma. Asia Pacific is expected to witness the maximum growth from 2019 to 2026 owing to increased disposable income levels and rising awareness about early diagnosis. Moreover, advent of novel technologies in developing markets, such as India and China, have improved the healthcare facilities, thereby supporting the market expansion.

Ophthalmic Drugs Market Share Insights

Some of the key companies in this market include Novartis AG; Bausch & Lomb, Inc.; Regeneron Pharmaceuticals, Inc.; ALLERGAN PLC; Pfizer, Inc.; Bayer AG; Santen Pharmaceutical Co., Ltd.; Johnson & Johnson Services, Inc.; Merck Sharp & Dohme Corp.; and Genentech, Inc. These focus more on mergers & acquisitions, regional expansion, and new product development to increase their market share.

For instance, in 2017, Santen Pharmaceuticals received an approval from Committee for Human Medicinal Products (CHMP) for marketing their product, Ciclosporin, in Europe, for the treatment of Severe Vernal Keratoconjunctivitis in pediatric patients. In the same year, Genentech, Inc. received the FDA approval for its product, Lucentis, for the treatment of diabetic retinopathy, thus enhancing its product portfolio.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. 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, product type, and region:

• Drug Class Outlook (Revenue, USD Million, 2014 - 2026)

  • Antiallergy

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

  • Anti-inflammatory

    • Nonsteroidal Drugs

    • Steroidal Drugs

  • Antiglaucoma

  • Others

• Disease Outlook (Revenue, USD Million, 2014 - 2026)

  • 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, 2014 - 2026)

  • Gels

  • Eye Solutions

  • Capsules & Tablets

  • Eye Drops

  • Ointments

• Product Type Outlook (Revenue, USD Million, 2014 - 2026)

  • Prescription Drugs

  • OTC Drugs

• Regional Outlook (Revenue, USD Million, 2014 - 2026)

  • 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