New York, USA, Sept. 18, 2023 (GLOBE NEWSWIRE) — Ophthalmic Topical Therapeutics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ophthalmic Topical Therapeutics Market Information by Product Type, by Disease Type, by Dosage Type, by Distribution Channel and Region – Forecast till 2032, the market is projected to grow from USD 14.71 billion in 2023 to USD 25.92 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.25% during the forecast period (2023 – 2032).
Eye medications such as those used to treat AMD, CMV retinitis, cataracts, glaucoma, color blindness, and diabetic macular edema fall under the umbrella term “ophthalmic drugs.” Drugs used to treat eye diseases such glaucoma, cataracts, color blindness, and macular degeneration come in a broad variety of forms. The ophthalmic medication market is expected to expand in the next years as a consequence of sustained and increased investment in R&D efforts.
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|Market Size in 2032||USD 25.92 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Disease Type, Dosage Form and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increasing prevalence of ophthalmic disorders such as refractive errors, dry eye, glaucoma, eye allergies, and age-related macular degeneration|
|Rising geriatric population|
Ophthalmic Topical Therapeutics Market Competitive Dynamics:
Key Companies in the ophthalmic topical therapeutics market includes.
- Santen pharmaceutical co., Ltd. (Japan)
- Sun Pharmaceutical Industries Ltd (India)
- Novartis AG (Switzerland)
- AbbVie (US)
- Bausch & Lomb Incorporated (US)
- Amneal Pharmaceuticals., LLC (US)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Alcon (Switzerland)
- Akorn Operating Company LLC (US)
- Viatris Inc. (US)
Ophthalmic Topical Therapeutics Market Trends:
Refractive errors, dry eye, glaucoma, eye allergies, and age-related macular degeneration are some of the most common ophthalmic conditions, and their incidence is rising. Topical ophthalmic treatment medicines are available for both refractive errors and cataract, the two most common causes of vision loss. The same is true for glaucoma, which is a major reason for permanent blindness all around the world. As a result, the ophthalmic topical treatments market is anticipated to continue growing due to the rising incidence of ocular illnesses.
During the forecast time period, the genetic population will play a pivotal role in driving the growth of this market. The increasing prevalence of preventable eye disorders over the forecast period is another factor driving the expansion of the ophthalmic pharmaceuticals market. Recent years have seen a rise in the need for ophthalmic treatment across the board. Preventative medicines for eye disorders will be made available as a result of government initiatives to raise public knowledge of health concerns.
Most of the market’s players are dedicated to a single thing: selling drug combinations for various eye conditions. Long-term demand is anticipated to expand as a result of the global expansion in the elderly population. Age-related macular degeneration affects many people and will likely continue to rise in prevalence, therefore new therapies to treat it will be needed in the future. Sales of these medications for the treatment of retinal illnesses are expected to skyrocket in the coming years. The market is expected to expand in the next years as a consequence of the availability of many drugs for the treatment and prevention of glaucoma.
There are prophylactic drugs available on the market that can halt the advancement of future eye disorders, but several underdeveloped countries are unaware of their availability. This would put a damper on the expansion of the market.
The market for ophthalmic medications was negatively affected by the COVID-19 epidemic. As a result, the numbers show that fewer people are getting their eyes checked for glaucoma and other eye problems. The widespread availability of COVID-19 vaccinations and the subsequent decrease in COVID-19 infections, however, suggest that the market may soon see a significant uptick.
Browse In-depth Market Research Report (149 Pages) on Ophthalmic Topical Therapeutics: https://www.marketresearchfuture.com/reports/ophthalmic-topical-therapeutics-market-12085
Product Type Insights
In 2022, the market was dominated by products used to treat glaucoma. medications that protect or treat glaucoma are called “anti-glaucoma drugs.” This condition causes gradual, permanent vision loss due to damage to the optic nerve.
Disease Type Insights
In 2022, the glaucoma market was by far the largest. The optic nerve, located in the back of the eye, can be damaged by a set of ocular illnesses known as glaucoma, leading to permanent vision loss or even blindness. Medicines (often eye drops), laser therapy, and surgery are only some of the options for treating glaucoma.
Dosage Form Insights
In 2022, the market for eye drops is expected to account for a largest share. Drops are applied to the eyelids to assist keep the surface of the eyes moist and to lubricate dry eyes. Age-related dry eyes, dry eyes caused by medicine, medical problems, ocular surgery, and dry eyes caused by environmental factors like smog and wind can all be treated with artificial tears.
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In 2022, North America was the largest market for ophthalmic topical treatments. Factors contributing to the region’s high rate of eye illness include a growing elderly population and a competitive business environment. Market demand for ophthalmic topical treatments in North America is being fueled in part by the rising incidence of ocular illnesses. Demand for ophthalmic topical therapeutics in the United States is expected to grow as a result of several factors, including an aging population, progress in optometric research and development, and an uptick in the use of ophthalmic drugs in hospital pharmacies. Additionally, the market for ophthalmic topical treatments is estimated to rise at the quickest rate in France, while Germany is said to maintain the greatest market share.
Due to factors such as the increasing prevalence of ocular ailments, increased consumer awareness, and expanding acceptance of new technologies, the Asia-Pacific ophthalmic topical treatments market is projected to develop at the quickest rate from 2023 to 2032. Companies are making deliberate moves to create and market innovative medical therapies. The development of ophthalmic topical medicines should benefit from this trend.
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