The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global ophthalmic therapeutics/drugs market is expected to reach USD 35.7 billion by 2025, according to a new report by Grand View Research, Inc. Increase in funding by public and private bodies for conducting research on ocular disorders with the presence of strong emerging pipeline drugs are some of the factors responsible for the growth of ophthalmic therapeutics market. For instance, the recent approval of Zerviate (cetirizine) for the treatment of allergic conjunctivitis in 2017 and Humira (adalimumab) and Xiidra (lifitegrast) in 2016 as ophthalmic solutions for the treatment of uveitis and dry eyes are expected to boost the market growth.
Numerous ongoing public-private partnership agreements in the pharmaceutical industry for the development of novel therapeutics are expected to provide this market with lucrative growth opportunities. In the recent years, a number of highly-effective and safe agents have emerged for the treatment of fungal ophthalmic diseases. Natamycin, amphotericin B, clotrimazole, are some of the most promising therapeutics present in the market. For instance, in October 2016, Santen Pharmaceuticals, Foundation for Biomedical Research and Innovation (FBRI), and RIKEN announced a research collaboration to develop new treatments for retinal diseases such as age-related macular degeneration and retinitis pigmentosa.
Further Key Findings From the Report Suggest:
- Antiallergy is the largest segment owing to the increasing incidence of ocular infections, high prescription rate of antiallergy agents, and presence of a wide product portfolio
- Retinal disorders segment dominated the market in 2016 due to increasing prevalence of age-related macular degenerations and diabetic retinopathy, its subtypes
- The eye drops segment is anticipated to dominate the market in 2016. It is considered as the most preferred dosage form due to associated benefits such as easy assimilation, target-specific action, and faster recovery
- Over-the-Counter (OTC) held the largest share in 2016 due to its low cost and increasing preference of OTC over prescription drugs
- North America dominated the market in 2016 owing to factors such as the increase in demand for ophthalmic solutions for the treatment of glaucoma and dry eyes in this region.
- Asia Pacific is anticipated to be the fastest growing region with a lucrative CAGR during the forecast period due to rising disposable income, presence of a large population base, and growing awareness programs by various organizations.
- Some of the key players in this industry are Allergan; Aerie Pharmaceuticals, Inc.; Pfizer Inc.; Valeant Pharmaceuticals International, Inc.; Bayer AG; Genentech, Inc.; Novartis AG; Regeneron Pharmaceuticals, Inc.; Shire; and Santen Pharmaceutical Co., Ltd.