Longlasting eye disorders, especially the ones that can lead to blindness can severely affect the patient’s lifestyle and become a burden for their families. According to the World Health Organisation (WHO), over 2.2 billion people suffer from near or distant vision impairment across the globe. This creates a considerable healthcare and economic burden. It can also make the patient reasonably vulnerable and dependent in most cases. In such a business environment, the global ophthalmic drugs market is expected to grow in the foreseeable future. Several government organisations and healthcare industry stakeholders are actively conducting RD activities to develop more potent ophthalmic drugs. In addition, the growing geriatric population is set to create further growth prospects as this section of the population is more vulnerable to developing eye disorders.
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Increasing Cases of Several Eye Disorders to Prolong Ophthalmic Drugs Market Growth
Of late, the soaring occurrence of eye disorders across the globe has created a relatively urgent healthcare need for advanced ophthalmic drugs. Some of the most common eye disorders include dry eye syndrome, glaucoma, age-related macular degeneration, and inflammation. As per some scientific agencies, one of the key causes of blindness is age-related macular degeneration. The projections of this disease’s prevalence in the future are alarmingly high. Moreover, it can significantly impact the well-being of the affected individuals and their families. Considering this, medical research professionals are actively seeking to develop more effective and accessible ophthalmic drugs. This is a key driver of the global ophthalmic drugs market.
Increasing Occurrence of Glaucoma to Create Growth Prospects for Ophthalmic Drugs Market
Glaucoma is an umbrella term used to denote several types of eye disorders that can damage the optic nerve, thereby leading to blindness. In the recent past, the cases of glaucoma have been soaring, particularly in the geriatric population. The open-angle glaucoma is found to be more common in the older population. As per some estimates, glaucoma affected more than 80 million people globally in 2020, and the number can reach 100 million by 2040. Against this backdrop, the demand for anti-glaucoma drugs is projected to grow manifold in the future. To this end, the global ophthalmic drugs market is expected to grow rapidly throughout the forecast period.
Asia Pacific to Lead Ophthalmic Drugs Market Amidst Growing Healthcare Investments
The relatively high concentration of key market players and intensifying incidence of eye disorders are setting a positive precedent for the ophthalmic drugs market in Asia Pacific. The region shelters over 60% of the world's population and has a considerable size of geriatric population. The region’s pharmaceutical domain is also showcasing considerable promise. Moreover, key economies such as India and China are some of the major contributors to the region’s leading market position. These economies are investing heavily in ophthalmic drug RD alongside providing other benefits to support the vision-impaired population, theory aiding the growth of the ophthalmic drugs market.
Prominent Market Players
Some of the most competitive players currently operating in the global ophthalmic drugs market include Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., Regeneron Pharmaceuticals Inc., Santen Pharmaceutical Co. Ltd., Abbvie Inc., Sun Pharmaceuticals Industries Ltd., Teva Pharmaceuticals, Bausch Lomb Inc., and Valeant Pharmaceuticals Inc.
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