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Ophthalmology Drugs Market Size

Report ID: GMI6288
Published Date: Jan 2024
Report Format: PDF

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Ophthalmology Drugs Market Size

Ophthalmology Drugs Market size was valued at USD 31 billion in 2023 and is expected to reach USD 49.4 billion in 2032 with a CAGR of 5.1% from 2024 to 2032. The factors driving the market's growth are rising incidence of eye-related ailments, increased research & development initiatives for the production of ophthalmic drugs, and increased attention to the development of combination treatments.

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Moreover, the ageing population and changing lifestyles have increased the incidence of eye disorders such glaucoma, cataracts, and macular degeneration, which has increased the demand for efficient ophthalmic drugs to manage and cure these conditions. In addition, technological advancements in the ophthalmology drugs market have led in the creation of innovative formulations and drug delivery technologies such as sustained-release formulations. These developments are intended to improve pharmacological efficacy, patient compliance, and treatment results for a variety of ocular disorders. Furthermore, collaboration between pharmaceutical companies, academic institutions, and research organizations is promoting the development of new drugs and treatment modalities.

Ophthalmology Drugs Market Report Attributes
Report Attribute	Details
Base Year:	2023
Ophthalmology Drugs Market Size in 2023:	USD 31 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.2%
2032 Value Projection:	USD 49.4 Billion
Historical Data for:	2018 to 2023
No. of Pages:	350
Tables, Charts & Figures:	684
Segments covered:	Therapeutic Class, Indication, Route of Administration, Product, Dosage Form, Distribution Channel, and Region
Growth Drivers:	Increasing prevalence of eye disorders Rising research and development pertaining to the development of novel drugs Technological advances in diagnostic and treatment modalities Increase in awareness of eye disorders Growing geriatric population Increasing focus on developing combination therapies
Pitfalls & Challenges:	Loss of patent protection for popular drugs Lack of health insurance in the developing countries

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Ophthalmic drugs are a class of medications created especially for the management and prevention of diseases and conditions of the eyes. These medications are used to treat inflammation, improve vision, cure infection, or slow down disease progression. Furthermore, rising spending on healthcare and awareness of eye health are projected to support the global market.

However, the resumption of treatment and diagnosis services as well as a rise in hospital visits are expected to boost demand for ophthalmic medications and stimulate market expansion.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Ophthalmology drugs industry was worth USD 31 billion in 2023 and is set to exhibit robust 5.1% CAGR from 2024 to 2032 attributed to the rising incidence of eye-related ailments along with increased R&D initiatives.

Prescription segment is poised to witness 5% CAGR between 2024 and 2032 owing to their increasing adoption due to the rise in conditions like AMD and diabetic retinopathy.

North America ophthalmology drugs market is set to expand at 4.8% CAGR from 2024-2032 driven by the significant prevalence of ophthalmic conditions in the region.

Some of the leading ophthalmology drug companies are AbbVie, Inc., Alcon Vision LLC, Bausch Health Companies, Inc., Bayer AG, Coherus BioSciences, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer, Inc., Regeneron Pharmaceuticals, Inc., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.