Global Ophthalmic Drugs Market Size

Statistics for the 2023 & 2024 Global Ophthalmic Drugs market size, created by Mordor Intelligence™ Industry Reports. Global Ophthalmic Drugs size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Global Ophthalmic Drugs Industry

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Ophthalmic Drugs Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 52.99 Billion
Market Size (2029) USD 78.73 Billion
CAGR (2024 - 2029) 8.24 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Ophthalmic Drugs Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Ophthalmic Drugs Market Analysis

The Global Ophthalmic Drugs Market size is estimated at USD 52.99 billion in 2024, and is expected to reach USD 78.73 billion by 2029, growing at a CAGR of 8.24% during the forecast period (2024-2029).

The COVID-19 pandemic disrupted not only the research and development of treatments and medications for illnesses other than COVID-19 but also the global supply chain for drugs and medical products, which had an effect on the market for ophthalmic drugs. For instance, according to an article published by the Public Library of Science in March 2022, titled 'COVID-19 pandemic decreased the ophthalmic outpatient numbers and altered the diagnosis distribution in a community hospital in Taiwan: An observational study', it has been observed that the number of ophthalmic outpatient during the COVID-19 pandemic reduced by 46.9%. In addition, as per the same source, the most significant drop in several ophthalmic outpatients was observed in June with a 60.1% decrease, followed by July (43.3%) and May (38.3%). Also, as per the same source, cataracts (68.2%), refraction and accommodation (55.9%), and macular degeneration (51%) were the top three most frequent diagnoses that had a decline in frequency over the COVID-19 pandemic period. Similarly, according to the research study published by Clinical Ophthalmology, in November 2021, titled 'The Impact of Covid-19 in the Follow-Up of Glaucoma Patients in a Tertiary Center: A Comparison Between Pre-Pandemic and Pandemic Periods', the comparison of the pre-pandemic and pandemic periods data, it was observed that a total number of outpatients clinical visits, visual field exams, surgical procedures and medications released decreased 92.52%, 93.84%, 72.74%, and 19.63%, respectively which shows a significant decrease in the diagnosis and treatment of people with glaucoma during the COVID-19 pandemic.

However, the resumed treatment and diagnosis services and increased hospital visits are expected to increase the demand for ophthalmic drugs, thereby boosting the market growth. The studied market is expected to return to its full potential in time.

Certain factors propelling the market growth include increasing incidences and prevalence of eye-related disorders, rising research and development about the development of novel drugs, and increasing focus on developing combination therapies.

The rising burden of eye-related disorders such as glaucoma, dry eye disease, and other eye-related disorders are the main factor driving the market growth. For instance, according to an article published by Frontiers in Medicine, in December 2021, titled 'Estimated Annual Economic Burden of Dry Eye Disease Based on a Multi-Center Analysis in China: A Retrospective Study', it has been observed that dry eye disease has become the fifth most prevalent ocular condition among women and ninth most prevalent among men in the United States. Additionally, a survey published by the American Journal of Ophthalmology in August 2020, titled 'Patient-Reported Burden of Dry Eye Disease in the United States: Results of an Online Cross-Sectional Survey,' reported that DED prevalence ranges from 5% to 15% and increases with age in the United States. Thus, the burden of dry eye diseases is anticipated to drive the studied market growth in the country. Further, according to the October 2021 report of the World Health Organization, about 2.2 billion people around the world have near or distance vision impairment, of which approximately 1 billion cases of vision impairment can be prevented or could have been prevented in 2020. Thus, the high burden of the cases of vision impairment around the world increases the demand for effective treatment and drugs, which is expected to increase the demand for ophthalmic drugs, thereby boosting the market growth.

Moreover, the increasing focus of companies on research and development activities and rising adoption of various business strategies such as mergers and acquisitions, collaborations, and partnerships are further expected to boost growth in the studied market. For instance, in May 2022, Alcon signed an agreement to acquire EYSUVIS (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals, Inc. This acquisition will enhance Alcon's current offering in the large and currently growing dry eye segment. Additionally, In January 2022, Sun Pharma Canada Inc. launched Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator, to treat dry eye disease in Canada. The ophthalmic solution is delivered with nanomicellar (NCELL) technology, which improves cyclosporine's bioavailability and physicochemical stability to increase ocular tissue penetration.

However, the loss of patent protection for popular drugs in treating eye disorders and the lack of health insurance in developing countries are expected to restrain the growth of the ophthalmic drugs market over the forecast period.

Ophthalmic Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)