OPHTHALMIC DRUGS MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as stringent rules and regulations and risks associated with ophthalmic drugs are expected to hamper the market growth.

Global Ophthalmic Drugs Market Drivers:

High prevalence of ophthalmic disorders to drive market growth

One of the key factors expected to augment the growth of the global ophthalmic drugs market over the forecast period is the growing prevalence of ophthalmic disorders across the globe. According to the World Health Organization (WHO), more than 2.2 billion people worldwide have a near or distance vision impairment. In at least one billion, or almost half, of these cases, vision impairment could have been prevented or has yet to be addressed. This one billion people includes those with moderate or severe distance vision impairment or blindness due to cataract, unaddressed refractive error, glaucoma, age-related macular degeneration, diabetic retinopathy, & near vision impairment caused by unaddressed presbyopia.

Growing geriatric population to propel market growth

Another factor which is driving the growth of the global ophthalmic drugs market is the growing geriatric (aging) population around the world. For instance, most common causes of vision loss in elderly people are cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD). Of which, AMD is the leading cause of registered blindness in people over the age of 50 years. Age-related macular degeneration (AMD) is a leading cause of loss of vision in people over 65 years of age, according to the American Academy of Family Physicians. According to the UN DESA’s Population Division, in many regions, the population aged 65 will double by 2050. This in turn is expected to augment the growth of the market.

Global Ophthalmic Drugs Market Opportunities:

Increasing demand for safe and effective ophthalmic drugs is expected to offer significant growth opportunities for players in the global ophthalmic drugs market. For instance, with the increasing prevalence of ophthalmic disorders, the demand for ophthalmic drugs is also increasing rapidly. In May 2022, Chugai Pharmaceutical Co., Ltd. launched anti VEGF/anti Ang-2 bispecific antibody Vabysmo Intravitreal Injection 120 mg/mL for the treatment of AMD associated with subfoveal choroidal neovascularization and diabetic macular edema. It is approved by the Ministry of Health, Labour and Welfare (MHLW), Japan on March 28, 2022.

Increase in research and development or rise in focus on the development of ophthalmic drugs is expected to offer lucrative growth opportunities for players in the global ophthalmic drugs market. For instance, For instance, in September 2022, Trinity Researchers received funding of US$ 3.14 million for the development of treatment for the condition (retinal diseases) in collaboration with companies such as Eli Lilly and Roche. The project (EYE-D) will target diseases that can result in severe loss of vision and are estimated to affect 224,000 people in Ireland, and around 40 million people across the globe, driving the growth of the market.