Global Ophthalmic Drugs Market to Expand at 5.20% CAGR from 2013 to 2018 owing to Growing Prevalence of Eye Disorders
Ohr Pharmaceutical, Inc., an ophthalmology research and development company, recently declared positive results from their preclinical study of investigating its proprietary SKS release technology. SKS sustained release technology was specifically designed for developing enhanced drug formulations for ocular diseases. Animal models were used to identify and evaluate ophthalmic compounds, where it was proved that supratherapeutic levels of activated drugs can be achieved for ocular tissues. This announcement was made by Ohr Pharmaceutical, Inc., in a conference held in New York, in December 2015. The observations demonstrated a prolonged pharmacokinetic profile. The findings from the experiment are to be presented at a science conference in 2016.
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As per the medical professionals at Ohr Pharmaceutical, Inc., the findings from the experiment serve as an important validation for SKS sustained release technology, as it holds promise to improve the standards of care in ocular conditions by enabling better administration of drugs at regular treatment intervals. At Ohr Pharmaceutical, Inc., the lead product, Squalamine, is currently being examined and prepared to be used as an eye drop formulation in several investigator-sponsored clinical trials. Squalamine is meant to cure many back-of-the-eye diseases such as wet-AMD, diabetic macular edema, proliferative diabetic retinopathy, and retinal vein occlusion.
North America to Generate Highest Demand for Ophthalmic Drugs by 2018
The global ophthalmic drugs market was valued at US$16 bn in 2012 and is predicted to expand at a 5.20% CAGR to reach US$21.6 bn by 2018. The global ophthalmic drugs market is segmented on the basis of geography and treatment drug. Based on treatment drug, the global ophthalmic drugs market is classified into anti-glaucoma drugs, ophthalmic inflammatory/anti-allergy/infective drugs, and dry eye drugs. The global ophthalmic drugs market was dominated by the anti-glaucoma drugs segment in 2012. The segment is predicted to expand at a 4.20% CAGR during the period from 2013 to 2018.
The global ophthalmic drugs market is geographically divided into Europe, Asia Pacific, North America, and Rest of the Globe. In 2012, the global ophthalmic drugs market was led by North America, followed by Europe, due to factors such as support from several governments, advancements in technologies, and increasing number of participants. The global ophthalmic drugs market is driven by innovative contributions from various ophthalmic drug companies.
Combination Therapies to Boost Global Ophthalmic Drugs Market
Most of the leading players in the ophthalmic drugs market are focusing on introducing combination therapies, which include the use of a combination of medicines for treating specific retinal disorders. Most of the combination therapies are used as first-line treatments against high levels of intraocular pressure. Thanks to their many advantages, combination therapies are gaining popularity in the global ophthalmic drugs market. Santen Pharmaceutical Co. Ltd., Merck & Co. Inc., Pfizer Inc., Novartis International AG, Roche Holding AG, and Allergan Inc. are some of the leading companies in the global ophthalmic drugs market.
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Factors such as the absence of healthcare insurance, increasing number of ophthalmic drugs in pipeline, expiry of major ophthalmic drugs, and lack of awareness of eye disorders are expected to hamper the growth of the global ophthalmic drugs market during the forecast period.