November 04, 2022 08:27 ET | Source: ReportLinker ReportLinker
New York, Nov. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class, By Disease, By Dosage Form, By Route of Administration, By Product Type, By Region And Segment Forecasts, 2022 – 2030” – https://www.reportlinker.com/p06360888/?utm_source=GNW
Ophthalmic Drugs Market Growth & Trends
The global ophthalmic drugs market size is expected to reach USD 65.6 billion by 2030, garnering a CAGR of 7.7% from 2022 to 2030. The rising awareness about ophthalmic disorders and the surge in demand for ophthalmic drugs are the factors propelling the market growth. Moreover, an increase in the prevalence of eye diseases such as age-related macular degeneration, cataract, dry eye, diabetic retinopathy, glaucoma, and others are anticipated to boost the demand for ophthalmic drugs.
According to BrightFocus Foundation in 2021, it is estimated that over 3 million Americans are living with glaucoma, and, among them over 2.7 million patients were affected by the most common type of glaucoma i.e. open-angle glaucoma. Moreover, 3.3 million people are affected by blindness and low vision in the U.S. Some of the major risk factors for glaucoma and blindness are, higher age, family history, thin cornea, and high eye pressure. This creates a wide population base for ophthalmic drugs, thereby, ensuring lucrative growth.
Furthermore, ocular therapeutic and drug delivery companies are receiving funding to expedite R&D for advancements in technologies to develop novel drugs, which is likely to fuel market growth. For instance, in June 2020, Re-Vana Therapeutics received USD 3.25 million in pre-series A funding from Qubis, ExSight Ventures, LLC, Clarendon Fund Managers, Visionary Ventures, and Techstart Ventures LLP. The funding is expected to boost the development of Re-Vana Therapeutics’ EyeLief & OcuLief biodegradable technologies that can be used for a small molecule as well as biologics delivery.
Moreover, the rising geriatric population is the key driver for the ophthalmic drugs market growth.According to Safe Eyes America, the most common risk factors for ophthalmic diseases are high age, family history, diabetes, and high blood pressure.
For instance, as per AMERICA’s HEALTH RANKINGS senior report 2021 it was estimated that more than 54 million adults of age more than 65 live in the U.S., and that population accounted for 16.5% of the total population. According to Macular Degeneration Research AMD is the leading reason for blindness in U.S. people over the age of 60.
Ongoing regulatory approvals for ophthalmic products are likely to support market growth. For instance, in June 2022 Santen Pharmaceutical Co., Ltd announced that it has got marketing and manufacturing approval for the dry eye disease treatment DIQUAS LX ophthalmic solution in Japan. This solution is the improved formulation that has reduced dosing frequency and improved patient compliance.
Ophthalmic Drugs Market Report Highlights
• Anti-VEGF agents segment held the largest share in 2021 owing to their rising demand and lesser adverse effects
• Retinal disorders held the largest market share in 2021 owing to the rising prevalence of age-related macular degeneration and diabetic retinopathy
• The topical route of administration dominated the market in 2021 owing to factors such as the benefits of the topical route as it delivers the drug to the targeted site and ease of use
• The eye drops segment is expected to hold the largest share in 2021 owing to rising demand for eye drops, high patient compliance, and availability of OTC products
• Asia Pacific is expected to exhibit the fastest growth over the forecast period due to advancements in healthcare infrastructure, increasing demand for eye products, and a large patient pool
Read the full report: https://www.reportlinker.com/p06360888/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.