The Global Ophthalmic Drugs Market is Expected to Witness a CAGR of 6.3% During the Forecast Period to Reach Revenue of $30,134.5 Million by 2024
Bangalore, India, October 29, 2018: With its recently published study “Ophthalmic Drugs Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for ophthalmic drugs will grow, owing to the growing prevalence of eye disorders and increasing aging population. The other significant aspects that enhance the ophthalmic drugs market include the high incidence of cataract & glaucoma globally and intensification in a shift in the development of combination remedies for glaucoma. Furthermore, the changing aspects in the demographics across the world contribute to the market growth. Nevertheless, hazardous side effects connected with ophthalmic drugs and the extended timelines essential for innovative ophthalmic drugs hinder the market growth. Also, the upsurge in the venture by market players in developing economies offers profitable prospects for market growth in the future. In 2017, WHO stated that approximately 253 million individuals have vision damage, among which 36 million does not have a vision and nearly 217 million suffer from moderate to severe vision damage. It has likewise stated that chronic eye disease is the primary reason for the loss of eyesight. Altogether, glaucoma is the subsequent leading cause of impaired vision, and is six to eight times more communal in African Americans than in Caucasian Americans.
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The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is the leader in the ophthalmic drugs market, followed by Europe, Asia Pacific, and Rest of the World. More than 35% of the market is occupied by North America, with the US being the major contributor to the market growth.
“In the near future, numerous branded ophthalmic drugs are likely to lose the patent. The patents of the commercially most successful products, which accounted for more than $6 billion, are likely to expire soon. The loss of patent is one of the major factors posing a threat to the market leaders. In February 2015, Lupin Pharmaceuticals obtained approval from the US FDA to market bimatoprost ophthalmic solution 0.03%, which is a generic version of Lumigan. Furthermore, Formycon AG is developing a biosimilar for Regeneron Pharmaceutical’s Eylea. In the meantime, Allergan is under threat from Akorn, which is developing a generic version of Restasis. The release of such premium products is expected to create intense pressure on the market players.” – Rikitha K Murthy, Research Analyst, Infoholic Research
Key insights of the report include:
- Major Indication Type:
- Dry Eye
- Retinal Disorders
- Eye Infection
- Regional Analysis:
- North America
- Asia Pacific
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities