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 the presence of a robust pipeline of molecules are some of the key factors driving the growth.
An 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.
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 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.
Based on drug class, the market is segmented into antiglaucoma agents, anti-inflammatory, anti-allergy, and anti-Vascular Endothelial Growth Factor (anti-VEGF) agents. Anti-VEGF segment held the largest market share 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.
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 the 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.
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 as impending launches of several ophthalmic solutions and suspensions in the next few years.
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 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 a large patient base in the low- and middle-economic countries.
Based on the 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 the posterior segment of the eye.
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 maximizes corneal drug absorption and minimizes precorneal drug loss.
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 of ophthalmic solution, indicated for glaucoma and ocular hypertension.
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 Attribute |
Details |
Market size value in 2020 |
USD 32.4 billion |
Revenue forecast in 2027 |
USD 45.8 billion |
Growth Rate |
CAGR of 5.0% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2015 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
Segments covered |
Drug class, disease, dosage form, route of administration, product type, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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; UAE |
Key companies profiled |
Bausch & Lomb, Inc.; Novartis AG; Pfizer, Inc.; Regeneron, Merck Sharp & Dohme Corp.; ALLERGAN PLC; Bayer AG; Johnson & Johnson Services, Inc.; Santen Pharmaceutical Co., Ltd.; Genentech, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & 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 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
The U.S.
Canada
Europe
The 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
b. Some of the major companies in the ophthalmic drugs 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.
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.
b. The global ophthalmic drugs market size was estimated at USD 31.0 billion in 2019 and is expected to reach USD 32.4 billion in 2020.
b. The global ophthalmic drugs market is expected to grow at a compound annual growth rate of 5.0% from 2020 to 2027 to reach USD 45.8 billion by 2027.
b. North America dominated the ophthalmic drugs market with a share of 40.3% 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.
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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 Covid19 as a key market contributor.