Ophthalmology Drugs Market Definition
Ophthalmology drugs market consists of sales of ophthalmology drug products by entities (organizations, sole traders and partnerships) that produce ophthalmology drugs to treat eye related diseases. The ophthalmology drugs industry includes establishments that produce pharmaceutical drugs to treat glaucoma, inflammatory and allergic conditions of the eye, antibiotics and antivirals to treat eye infections and artificial tears or tear stimulating drugs to treat dry eye, and other drugs for treating retinal disorders and others. Some of the major ophthalmic drugs include Azopt, Betoptic, Lotemax, Restasis and Vigamox.
Ophthalmology Drugs Market Size
The global ophthalmology drugs market size reached a value of nearly $50,563.47 million in 2021, having increased at a compound annual growth rate (CAGR) of 5.99% since 2016. The market is expected to grow from $50,563.47 million in 2021 to $77,524.68 million in 2026 at a rate of 8.92%. The global ophthalmology drugs market size is then expected to grow at a CAGR of 7.65% from 2026 and reach $112,076.64 million in 2031.
Growth in the historic period resulted from aging population, risen number of contact lens users, increased funding from public and private research organizations, increased healthcare expenditure, increase in allergy diseases (hay fever) and increase in number of treatment option. Factors that negatively affected growth in the historic period were the low healthcare access, lack of awareness and impact COVID-19.
Going forward, rise in laser surgeries, change in working lifestyle, increasing prevalence of eye-related disorders, increasing geriatric population, growing burden of the diabetes and other comorbidities, side effects of other medication and promising pipeline for dry eye disease will drive market growth. Factors that could hinder the growth of the ophthalmology drugs market in the future include long and costly drug approvals, inadequate insurance coverage and expiration of patents.
Ophthalmology Drugs Market Drivers
The key drivers of the ophthalmology drugs market include:
Change In Working Lifestyle
Changes of working lifestyles towards digitalization of the workspace and rise in sedentary jobs are forcing people to spend long hours in front of a computer screen, driving the demand for dry eye medication. Increasing cases of dry eyes from excessive time spent on electronic devices such as phones and computers has led to the development of the term “digital eye strain” or “computer vision syndrome.” It is increasingly becoming a widespread problem as more and more people are spending hours staring at computers, cellphones, and other electronic devices. In a survey published in 2021, around 227 students were surveyed. Of these respondents, 90.3% (205 students) reported experiencing the ocular and extra-ocular symptoms of digital eye strain (DES). The continuous digitalization of the workplace is expected to be a major driver for the dry eye medications contributing to the growth of the ophthalmology drugs market.
Ophthalmology Drugs Market Restraints
The key restraints on the ophthalmology drugs market include:
Expiration Of Patents
During the forecast period, the growth of the ophthalmology drugs market is expected to be restrained by patent expiration of branded drugs. For example, the U.S. patents for Lucentis and Eylea was expired in 2020, and their European patents will expire in 2022 and 2025, respectively. Eylea also comes off patent in 2022 in China and Japan. In general, pharmaceutical companies invest a large sum of money in the drug development process and patents. During the patent life, the company holding the patent holds exclusivity for the manufacturing and distribution of the drug. Post expiration of patent, generic versions of the drugs are manufactured by other companies with prices much lower than the original branded drugs. The expiration of patents of branded ophthalmology drugs is expected to limit the growth of the ophthalmology drugs market.
Ophthalmology Drugs Market Trends
Major trends influencing the ophthalmology drugs market include:
Global Expansion And Acquisitions
Companies in the dry eye medication market are increasing their investments in the developing regions of South America, Africa, and Asia to capitalize on untapped market opportunities. For example, in August 2022, Alcon, an American Swiss medical company specializing in eye care products acquired Aerie Pharmaceuticals, Inc. for an undisclosed amount This transaction confirms Alcon's commitment to the ophthalmic pharmaceutical industry and is anticipated to boost the value of its diversified portfolio by boosting Alcon's current commercial expertise with broader pharmaceutical R&D capabilities. Aerie Pharmaceuticals Inc. is an USA based publicly traded, clinical-stage pharmaceutical company founded in 2005.
Single Dose Preservative Free Eye Drops
Eye drops are used for treating dry eye, eye redness, and allergic reactions. But most eye drops contain an element known as benzalkonium chloride (BAK), a preservative. This ingredient can be harmful when used regularly to treat the symptoms. Often eye drops containing preservatives are likely to cause certain eye allergies, and repeated use can impair an individual's sight. The trend of using single-dose preservative-free eye drops has increased. These eye drops are considered safe for extended use, as they are free from preservatives. For example, in July 2022, Ridge Pharma, a privately owned UK pharmaceutical company, announced the launch of Eyeaze® Carmellose 0.5% & 1% preservative free eye drops.
Opportunities And Recommendations In The Ophthalmology Drugs Market
Opportunities –The top opportunities in the ophthalmology drugs market by type will arise in the other ophthalmological drugs market, which will gain $16,427.7 million of global annual sales by 2026. The top growth potential in the ophthalmology drugs market by distribution channel will arise in the retail pharmacies/ drug stores market, which will gain $12,002.1 million of global annual sales by 2026. The top growth potential in the ophthalmology drugs market by mode of purchase will arise in the prescription-based drugs market, which will gain $15,620.2 million of global annual sales by 2026. The top growth potential in the ophthalmology drugs market by route of administration will arise in the topical market, which will gain $16,639.5 million of global annual sales by 2026. The top growth potential in the ophthalmology drugs market by drug classification will arise in the generic drugs market, which will gain $14,873.5 million of global annual sales by 2026. The ophthalmology drugs market size will gain the most in the USA at $8,734.8 million.
Recommendations –To take advantage of the opportunities, The Business Research Company recommends the companies in the ophthalmology drugs market to focus on new modes of delivery systems, focus on product innovation for dry eye treatment, focus on improvement of combination therapies, expand in emerging markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events and target cataract patients.
Ophthalmology Drugs Market Segmentation
The ophthalmology drugs market is segmented by type, by distribution channel, by route of administration, by drug classification, and by delivery model.
By Type -
The ophthalmology drugs market is segmented by type into
- a) Antiglaucoma Drugs
- b) Dry Eye Medication
- c) Other Ophthalmological Drugs
The other ophthalmological drugs was the largest segment of the ophthalmology drugs market by type, accounting for $30,182.1 million or 59.7% of the total market in 2021. The dry eye medication market is expected to be the fastest-growing segment going forward at a CAGR of 10.9%.
By Distribution Channel –
The ophthalmology drugs market is segmented by distribution channel into
- a) Hospital Pharmacies
- b) Retail Pharmacies/ Drug Stores
- c) Other Distribution Channels
The retail pharmacies/ drug stores market was the largest segment of the ophthalmology drugs market by distribution channel, accounting for $22,582.6 million or 44.7% of the total market in 2021. The other distribution channels market is expected to be the fastest-growing segment going forward at a CAGR of 9.1%.
By Route Of Administration –
The ophthalmology drugs market is segmented by route of administration into
- a) Topical
- b) Oral
- c) Other Route Of Administration
The topical market was the largest segment of the ophthalmology drugs market by route of administration, accounting for $30,341.62 million or 60.0% of the total market in 2021. The topical market is expected to be the fastest-growing segment going forward at a CAGR of 9.1%.
By Drug Classification –
The ophthalmology drugs market is segmented by drug classification into
- a) Branded Drugs
- b) Generic Drugs
The branded drugs market was the largest segment of the ophthalmology drugs market by drug classification, accounting for $30,107.82 million or 59.5% of the total market in 2021. The generic drugs market is expected to be the fastest-growing segment going forward at a CAGR of 11.5%.
By Mode Of Purchase –
The ophthalmology drugs market is segmented by mode of purchase into
- a) Over-The-Counter Drugs
- b) Prescription-Based Drugs
The prescription-based drugs market was the largest segment of the ophthalmology drugs market by mode of purchase, accounting for $30,014.54 million or 59.4% of the total market in 2021. The over-the-counter drugs market is expected to be the fastest-growing segment going forward at a CAGR of 9.2%.
By Geography- The ophthalmology drugs market is segmented by geography into
- o Asia Pacific
- • China
- • India
- • Bangladesh
- • Japan
- • Australia
- • Indonesia
- • South Korea
- • Hong Kong
- • Malaysia
- • New Zealand
- • Philippines
- • Singapore
- • Thailand
- • Vietnam
o North America
o South America
- • Brazil
- • Argentina
- • Chile
- • Colombia
- • Peru
- • Venezuela
o Western Europe
- • UK
- • Germany
- • France
- • Austria
- • Belgium
- • Denmark
- • Finland
- • Ireland
- • Italy
- • Netherlands
- • Norway
- • Portugal
- • Spain
- • Sweden
- • Switzerland
o Eastern Europe
- • Russia
- • Czech Republic
- • Poland
- • Romania
- • Ukraine
o Middle East
- • Saudi Arabia
- • Israel
- • Iran
- • Turkey
- • UAE
o Africa
- • Egypt
- • Nigeria
- • South Africa
North America was the largest region in the ophthalmology drugs market, accounting for 37.3% of the global market in 2022. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the ophthalmology drugs market will be Middle East and the South America, where growth will be at CAGRs of 11.4% and 9.9% respectively from 2021-2026.
Ophthalmology Drugs Market Competitive Landscape
Major Competitors are:
Regeneron Pharmaceuticals Inc
F. Hoffmann-La Roche Ltd
Novartis AG
Bayer AG
AbbVie Inc.
Other Competitors Include:
Santen Pharmaceutical Co., Ltd.
Alcon
Bausch Health Companies Inc.
Pfizer Inc.
Teva Pharmaceutical Industries Ltd.
Shanghai Pharmaceuticals
Santen Pharmaceutical
Sun Pharma
Johnson & Johnson
Otsuka Pharmaceutical Co. Ltd
Daiichi Sankyo
Lee Pharma Ltd.
Ji Xing Pharmaceuticals
Oyster Point Pharma
Carl Zeiss Meditec AG
ERC Labs
Vision gain
Medicom Health care
Implandata ophthalmic products GmbH
The Geuder Group
Microgen
Geropharm
Valenta
NovaMedica
Veropharm
Biocad
Roche
Bristol-Myers Squibb
Celon Pharma
SynBio
Endo International plc
Aurinia Pharmaceuticals Inc
Johnson & Johnson
Herzig Eye Institute
Thomas Eye Group
ReGenTree, LLC
Regenerx Biopharmaceuticals Inc
Harrow Health Inc
Aerie Pharmaceuticals
Oyster Point Pharma, Inc.,
Essilor International
Carl-Zeiss AG
Ellex Medical Lasers Ltd
Hoya Corporation
Abbott Medical Optics
Teuto Brasileiro
Biolab Farmaceutica
Cristalia
Dexcel Pharma
Orasis
Tarsier Pharma
BioLight Life Sciences Ltd
Essilor International
CribMD
Cipla Medpro South Africa
Sanofi Genzyme
Adcock Ingram