Monday, 7 January 2019
Uptake of Medical Innovations to Boost Sales in Ophthalmic Drugs Market
Albany, New York, Jan. 07, 2019 (GLOBE NEWSWIRE) -- As reported by TMR, the global ophthalmic drugs market is projected to grow at a 4.0% CAGR over the forecast period 2017 to 2025. The market was worth US$24.4 bn in 2016, and is estimated to reach US$34.3 bn by 2025.
On the basis of the disease indication, the segment of retinal disorders is expected to be responsible for a substantial market share over the coming years. This could be on account of a surge in the number of long-term treatment patients.
Geography-wise, North America is predicted to emerge as a leading region in the global ophthalmic drugs market. The high adoption of advanced techniques and novel products is expected to bolster the growth of the market in this region.
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*Growing Occurrence of Glaucoma, Macular Degeneration to Spur Growth*
According World Health Organization (WHO) statistics from 2017, roughly 253 million people suffer from vision impairment, out of which 36 million are blind and almost 217 million have moderate to severe vision impairment. Further, the chronic eye disease is reported the primary cause of vision loss, globally. Across the globe, glaucoma is the second leading cause of blindness. Millions of people are victims of age-related macular degeneration.
On account of the high incidence of eye diseases across the globe, the demand for ophthalmic drugs in projected to amplify. Thus, over the forecast period, the global ophthalmic drugs market is expected to grow substantially.
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*Introduction of New Ocular Drug Delivery to Boost Opportunity*
In the past, ocular drug delivery was aimed towards obtaining a safe and patient compliant formulation and drug delivery mechanism, which would maintain the tissue drug levels. In present times, various nanoformulations have also been introduced for ocular drug delivery segments. Manufacturers have introduced novel devices and formulations for ocular drug delivery which may reduce associated side effects with conventional drugs such as topical eye drops. The emergence of such innovative technology is expected to create ample growth opportunities in the global ophthalmic drugs market in the coming years. Vendors are expected to leverage novel technology in order to gain traction in the global market.
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The global ophthalmic drugs market is anticipated to exhibit steady growth in the coming years according to Transparency Market Research (TMR). The market’s competitive landscape features a large number of new market entrants. There exists intense rivalry among the established vendors in the market. Competition is being further amplified by the growing influx of new players in the ophthalmic drugs market.
Key vendors in the global ophthalmic drugs market are focusing on research and development of novel drugs. The vendors are expected to demonstrate an innovative product portfolio in order to maintain their position in the market. Vendors are also likely to invest in the improvement of their distribution channels to gain traction in the global ophthalmic drugs market. Prominent vendors operating in the global ophthalmic drugs market are Genentech, Inc., Pfizer Inc., Valeant Pharmaceuticals International, Inc., Bayer AG, and Novartis AG.
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This review is based on TMR’s report titled, “*Ophthalmic Drugs Market (Disease Indication – Dry Eye, Glaucoma, Infection/Inflammation, Retinal Disorders (Wet Age-related Macular Degeneration, Dry Age-related Macular Degeneration, and Diabetic Retinopathy), Allergy, and Uveitis; Therapeutic Class – Anti-inflammatory Drugs (Nonsteroidal Anti-inflammatory Drugs and Steroids), Anti-infective Drugs (Anti-fungal Drugs and Anti-bacterial Drugs), Anti-glaucoma Drugs (Alpha Agonist, Beta Blockers, Prostaglandin Analogs, and Combined Medication), Anti-allergy Drugs, and Anti-VEGF Agents; Product Type – Prescription Drugs and Over-the-Counter Drugs; Distribution Channel – Hospital Pharmacies, Online Pharmacies, and Independent Pharmacies and Drug Stores)* – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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