Ophthalmology is a wide therapy area that consists of almost 100 disorders related with the eyes and visual system, containing such diseases as glaucoma, age-related macular degeneration (AMD), diabetic retinopathy (DR), dry eye syndrome (DES), and diabetic macular edema (DME). Various disorders are progressive, and if left untreated can lead to severe visual impairment or even blindness.
The global ophthalmic drugs market was USD 27.55 billion in 2018 and is estimated to reach USD 36.93 billion by 2025 at a CAGR of 4.27% during the forecast period
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Growth by Region
North America dominated the ophthalmic drugs market owing to the rising patient population, growing prevalence of eye diseases, well-developed technology, high healthcare expenditure, and the presence of the leading players. The government support towards research and development expenditure, growing competition among marketers, and amendments in reimbursement policies in healthcare will drive the European market. However, Asia Pacific will be the fastest growing market due to a huge patient pool, rising demand, and development of the healthcare technology.
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Drivers and Restraints
The development of effective ophthalmic is vital in the current scenario, due to rise in incidence of ophthalmic disorders such as glaucoma, cataract, and other common eye infections. Market players focus on invention of novel approaches for the development of ophthalmic drugs over the years, including small molecule, biologics, and recombinant technologies, hence driving the growth of ophthalmic drugs market. The huge cost associated with a diagnosis of eye diseases, side effects of available treatment options, lack of healthcare insurance, and poor healthcare system in low and middle-income countries are affecting the growth of the market.
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Industry Trends and Updates
In 2017, Spark Therapeutics gained FDA approval for its orphan drug Voretigene Neparvovec, which is currently under development for retinitis pigmentosa and leber congenital amaurosis. In November 2017, Bausch & Lomb, a U.S.-based company, obtained the FDA approval for Vyzulta (latanoprostene bunod ophthalmic solution) which is designed for the decrease of intraocular pressure in patients with glaucoma or ocular hypertension. Pharmaceuticals has also obtained FDA approval for the treatment of glaucoma or ocular hypertension.