Ophthalmic Drugs Market is Estimated to Witness High Growth Owing to Opportunity to Treat Various Eye Diseases

Ophthalmic Drugs Market


Ophthalmic drugs are medical drugs used for the treatment of various eye diseases and disorders. Some key ophthalmic drugs include anti-glaucoma drugs, dry eye medication, anti-infective drugs, anti-allergic drugs, non-steroidal anti-inflammatory drugs, and others. These drugs are used for treating various eye conditions like glaucoma, conjunctivitis, uveitis, dry eyes, infection, allergy, inflammation and other retinal diseases. The need for ophthalmic drugs is growing owing to the rising prevalence of eye diseases globally.

The Global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing geriatric population remains one of the major opportunities for the ophthalmic drugs market. Age is one of the major risk factors for various ocular diseases like age-related macular degeneration, glaucoma, diabetic retinopathy and others. As per estimates, the global geriatric population aged 65 years or older is expected to double from 703 million in 2019 to more than 1.5 billion by 2050. The aging population is more prone to develop ocular disorders owing to physiological changes in the eyes associated with aging. With the rising elderly population globally, the demand and sales of ophthalmic drugs are expected to grow significantly during the forecast period. The market players can capitalize on this opportunity by developing effective and safe drugs for age-related ocular diseases which have a huge patient pool worldwide.

Porter's Analysis

Threat of new entrants: Low due to high capital requirements for R&D and clinical trials.

Bargaining power of buyers: High as buyers have many substitutes from different manufacturers to choose from.

Bargaining power of suppliers: Moderate as suppliers have specialized ingredients and manufacturing capabilities.

Threat of new substitutes: Moderate as new drugs can disrupt existing market but take time for approval and adoption.

Competitive rivalry: Intense as major players compete on basis of pricing, innovation and branding.

SWOT Analysis

Strengths: Large patient pool, increasing healthcare spending, new product launches. Weaknesses: Stringent regulations, patent expirations, pricing pressures.

Opportunities: Untapped emerging markets, growth in chronic diseases, collaboration with local players. Threats: Reimbursement issues, political and economic uncertainties.

Key Takeaways

Global Ophthalmic Drugs Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The Global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030.

Regionally, North America dominates currently due to high awareness and healthcare expenditure. However, Asia Pacific is expected to grow at the fastest pace due to rising cases of eye diseases, increasing healthcare spending, and presence ofgeneric manufacturers.

Key players operating in the ophthalmic drugs market are IBM, Cisco, Check Point, Trellix, Trend Micro, NortonLifeLock , Rapid7, Micro Focus, Microsoft, Amazon Web Services (AWS), Oracle, Fortinet, Palo Alto Networks, Accenture, CyberArk, SentinelOne, Qualys, F-Secure, F5, DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Forcepoint, Sophos, RSA Security, Proofpoint, Juniper Networks, Splunk, SonicWall, Algosec, Zscaler, Cynet, and Nozomi Networks. 

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