Global Ophthalmic Drugs Market to See Rise in More Effective Products as Investment in R&D Activities Increase

The global market for ophthalmic drugs is treading along a healthy growth path as a number of factors fuse in to provide promising growth opportunities. A number of new companies are entering the market to serve the rising patient-pool of a number of ophthalmic diseases, the population of geriatrics – a demographic that is more prone to developing ophthalmic conditions, is rising, and companies are investing more into R&D practices to stay ahead of their peers.

While technological advances in surgical equipment are benefitting ophthalmic diseases patients by allowing quick treatments and quicker healing time, a R&D practices are leading to a continuously swelling drug pipeline for ophthalmic conditions, presenting the promise of better treatment of a variety of conditions. The market for ophthalmic drugs is expected to remain dynamic in terms of development in the next few years as consumer demand rises and the number of companies in the market increases.

In its recent report, Transparency Market Research (TMR) estimates that the global ophthalmic drugs market will exhibit a 4.0% CAGR from 2017 to 2025, rising from a valuation of US$24.4 bn in 2016 to an opportunity of US$34.3 bn by 2025.

In this blog post, TMR analysts present insights about some of the key aspects of the global ophthalmic drugs market.

Q: What factors will contribute the most towards the future development of the market?

A: The vast rise in investment in research for novel and more effective drug varieties to treat the rising patient population suffering from a number of ophthalmic conditions is the foremost opportunity expected to drive the market towards a healthy growth path in the near future. The rate of incidence of several eye diseases, and consequent cases of visual impairment, have significantly increased in the past few years. Intraocular eye diseases such as glaucoma, diabetic retinopathy, cataract, and age-related macular degeneration are rising with the rising population of elderly across regions such as Asia Pacific and Europe.

The younger population, on the other hand, is falling prey to conditions such as conjunctivitis, dry eye, and uveitis, triggered by unhealthy diets, lifestyle changes, and the rising prevalence of infections. These numbers are expected to exponentially rise in the near future, opening up a massive opportunity for drug companies.

Q: Which region is expected to present most promising growth opportunities for the ophthalmic drugs market?

A: Presently, North America, Europe, and Asia Pacific are at the lead in terms of the overall production and consumption of ophthalmic drugs. North America and Europe hold the leading positions in terms of the presence of a number of leading companies involved in the R&D of ophthalmic drugs, prevalence of ophthalmic conditions, and power of spending on novel or expensive product varieties. These regions also contribute significantly to the global ophthalmic drugs market through a swift pace of introduction of new product varieties, resulting from continuous focus and massive investment on R&D practices from resource-rich pharmaceutical giants. 

Asia Pacific has been uncovered as the regional market with the most promising growth prospects owing to the rising population of geriatrics, improving healthcare infrastructures, and rising disposable incomes of the population, with subsequent rise in healthcare expenditure. The high population of the region and the vast unmet needs will continue to contribute encouraging growth avenues to the global ophthalmic drugs market in the near future. 


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