The global ophthalmic drugs market is anticipated to show a moderate growth rate of 4.2% CAGR between the forecasting years from 2020 to 2025. The coronavirus pandemic is likely to have a detrimental impact on the ophthalmic drugs market in the short term but will recover.
Government guidelines postponing elective ophthalmic procedures and consultations are hurting demand for ophthalmic drugs. In addition, fears over covid-19 transmission through ocular secretions is also hampering short term prospects.
Growing use of novel therapeutics in the field of ophthalmology, coupled with higher numbers of eye ailments, are major drivers for the ophthalmic drugs industry. Further, faster approvals for new offerings and growing patient awareness treatment options will contribute to market developments.
Ophthalmic Drugs Market- Key Takeaways
- OTC drug variants are witnessing strong growth owing to the expiration of patents, and popularity of generic options.
- Ophthalmic drugs for retinal disorders are gaining ground, supported by industry collaborations and associated academic research.
- North America holds a major share of the ophthalmic drugs market, owing to favorable government policies and faster access to new technologies for eyecare infrastructure.
Ophthalmic Drugs Market- Driving Factors
- Rising incidences of eye conditions such as diabetic retinopathy, macular degeneration, and presbyopia contribute to demand for ophthalmic drugs.
- Rapid tech advancements in drug delivery systems account greater adoption of ophthalmic drug offerings.
Ophthalmic Drugs Market- Major Restraints
- Long timelines for regulatory approvals in many parts of the world remains a key challenge for manufacturers.
- Substantial risk of side effects from the administration of ophthalmic drugs holds back market growth.
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COVID-19 Impact on Ophthalmic Drugs Market
The coronavirus pandemic is having a negative impact on the ophthalmic drugs market owing to suspension of non-critical operations in the ophthalmic sector of the healthcare industry.
The industry is facing challenges in supply chains, owing to disruptions of raw material production.
Concerns over ocular transmission of the virus also hurts short term prospects.
However, the market is likely to witness strong recovery post pandemic, driven by high numbers of eye disorder incidences and resurgence of ophthalmic treatment services.
Santen Pharmaceutical Co., Novartis AG, Allergan, and Regeneron Pharmaceuticals Inc. are some of the leading ophthalmic drug manufacturers in the global market.
Ophthalmic drugs market players displaying greater bias towards the development and launch of new drug formulations to widen their portfolio of solutions for ocular ailments.
For instance, Eyevance has announced the FDA approval of Zerviate, a cetirizine ophthalmic solution aimed towards treating allergic conjunctivitis.
Horizon Therapeutics has announced the approval of Teprotumumab for thyroid eye disease in adults. Further, Allergan has also announced the approval of Artemis, a new biodegradable glaucoma implant drug.