OPHTHALMIC DRUGS MARKET ANALYSIS

Ophthalmic Drugs MarketSize and Trends

The global ophthalmic drugs market was valued at US$ 45.62 Bn in 2022 and is forecast to reach a value of US$ 70.76 Bn by 2030 at a CAGR of 5.64% between 2023 and 2030. The global ophthalmic drugs market is experiencing strong growth due to the rise in prevalence of ophthalmic disorders and growing geriatric population around the world. Furthermore, increasing demand for safe and effective ophthalmic drugs and rise in focus on the development of ophthalmic drugs is expected to boost growth of the market. 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 Trends:

Rise in adoption of generics is a recent trend

Generic drugs contain the same active ingredient that had undergone all clinical trials and quality testing during its patent when it was manufactured by a brand as the non-generic medicine. Thus, these drugs are considered to be safe. There is an increasing demand for generic ophthalmic drugs due to the low cost of generics (as an alternative to branded drugs) and the large number of patents expired branded drugs. In June 2022, the FDA approved Amring Pharmaceuticals Inc.’s generic Timolol Maleate Ophthalmic Solution for the treatment of elevated intraocular pressure in patients with ocular hypertension or open-angle glaucoma.

Rise in awareness among people is another trend

Blindness and vision impairment have a significant impact on people’s quality of life. According to the WHO, visual impairment could have been avoided in at least 1 billion of these cases if the patient had received proper diagnosis and treatment. This burden of eye disorders can be greatly reduced by enhancing people’s knowledge and awareness of common eye diseases, allowing them to seek timely eye care. Increased patient understanding of common eye diseases and treatments may lead to a greater appreciation of the value of routine eye care/exams in the early detection and treatment of many eye problems. This trend is expected to continue over the forecast period.