The global ophthalmic drugs market size is expected to reach USD 45.8 billion by 2027, registering a CAGR of 5.0%, according to a new report published by Grand View Research, Inc. Advancements in drug delivery systems are anticipated to drive the overall growth.
In December 2017, Spark Therapeutics received Food and Drug Administration (FDA) approval for the first gene therapy drug in the ophthalmic market-Luxturna (voretigene neparvovec-rzyl). The drug is indicated for ophthalmic diseases associated with RPE65 gene mutation, such as retinitis pigmentosa and Leber’s congenital amaurosis.
Increasing number of strategic mergers, acquisitions, and collaborations make the market for ophthalmic drugs a highly competitive space. However, there is ample scope for consolidation. Premium services and high-volume ancillary value-added businesses deliver supplementary benefits to customers and attract investments in the market. The reimbursement policies for ophthalmic treatment form a diversifying factor in the market.
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Companies are constantly launching new products to expand their product portfolio and to attain higher share. For instance, in July 2019, Bausch & Lomb Incorporated announced launch of Ocuvite, an eye vitamin supplement to strengthen the macula for the U.S. market.
Due to increasing awareness of ophthalmic disorders and surge in the demand of these products, ophthalmic drug manufacturers are expanding their presence in the emerging economies by supporting various awareness campaigns in different regions. For instance, in 2016, Alcon announced their support to a public awareness program, Think About Your Eyes. The company committed USD 4 million to support this initiative and to promote awareness pertaining to vision care.
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Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, dosage form, route of administration, product type, and region:
Ophthalmic Drugs Class Outlook (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Disease Outlook (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Disease Outlook, by Dosage Forms (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Dosage Form Outlook (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Route of Administration Outlook (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Product Type Outlook (Revenue, USD Million, 2015 – 2027)
Ophthalmic Drugs Regional Outlook (Revenue, USD Million, 2015 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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