Data Bridge Market Research has recently published a Report, titled, “Global Ophthalmic Drugs Market ” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
Data Bridge Market Research analyses a growth rate in the ophthalmic drugs market in the forecast period 2023-2030. The expected CAGR of ophthalmic drugs market is tend to be around 7.3% in the mentioned forecast period. The market is valued at USD 28.3 million in 2022, and it would grow upto USD 49.73 million by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Rise in incidence of eye disorders such as glaucoma and dry eye disease is pushing the market. As per the October 2021 report of World Health Organization on blindness and vision impairment, it is expected that nearly 2.2 billion people have distance or near vision impairment disorders. Increasing research and development activities and spending by major market players is likely to increase the ophthalmic drugs market growth during the forecast period 2023-2030. It was observed that the infection segment is expected to experience constant growth during the forecast period.
Market Overview:
Ophthalmic drugs are widely used to treat numerous eye diseases such as cataracts, diabetic retinopathy, glaucoma, and myopic choroidal. Some of the most prevalent eye diseases among children and adults are genetically determined. Ophthalmic drugs have been classified into anti-infective drugs, anti-glaucoma drugs, anti-VEGF agents, anti-inflammatory drugs, anti-allergy drugs, and others
Fundamental Aim of this Market Report
Drivers
Rising R&D activities and spending by major market players are expected to increase the growth of ophthalmic drugs during the projected period 2023-2030. For an instance, Alcon a leader in eye care spent USD 842 million on R&D in 2021 compared to USD 673 million in 2020. Alcon has an extensive range of products such as cataracts, contact lenses, and glaucoma products. Furthermore, increasing presence of a huge clinical drug process of promising candidates is likely to increase the market growth. For instance, Nicox, a novel eye therapeutics company has investigational candidate NCX 470- a novel NO donating PG analog is under its phase III trial and is anticipated to be marketed by 2029. Therefore, this factor increases the growth of the market.
The rising demand and wide adoption of anti-VEGF agents augment the increasing growth of the anti-VEGF agents segment. For instance, LUCENTIS manufactured by Genentech USA is a prescription medicine used for the treatment of patients suffering from diabetic retinopathy, AMD, and myopic choroidal neovascularization. Additionally, the growth of anti-VEGF agents is also due to the strong performance of Avastin, LUCENTIS, and others. The current class of anti-VEGF medications is very effective. Thus, this factor is boosting the growth of the market.
Recent Development
Key players operating in the ophthalmic drugs market include:
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Ophthalmic Drugs Market Scope
Drugs
Application
Route of Administration
End Users
Distribution Channel
Key highlights of this Market report:
What benefits does the DBMR study is going to provide?
Table of Contents:
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Key Benefits of the Report:
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