According to FutureWise analysis the market for ophthalmic drugs in 2023 is US$ 36.52 billion, and is expected to reach US$ 67.7 billion by 2031 at a CAGR of 8.00%.
Ophthalmic medications are formulations used to treat eye illnesses such as cataract, glaucoma, colour blindness, diabetic macular edoema, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD). The rise in the elderly population, the prevalence of eye diseases such as glaucoma, cataracts, and macular degeneration, the surge in ophthalmic drug demand, and the increase in investment in research and development activities by various healthcare companies are the key factors driving the growth of the global ophthalmic drugs market.
The growth in ophthalmic drug demand, greater healthcare awareness to lower the risk of eye problems, and government initiatives to study and create new combinations of ophthalmic pharmaceuticals are also driving the market. The retinal disease segment dominated the global ophthalmic drugs market by type of indication and is expected to maintain this trend during the forecast period, owing to the rise in the geriatric population, the prevalence of macular degeneration, and the surge in sales of ophthalmic drugs for the treatment of retinal disease. However, the glaucoma segment is expected to grow significantly throughout the forecast period due to rising glaucoma prevalence, rising demand for ophthalmic medications, and increased awareness of glaucoma prevention and treatment.
North America accounted for a significant portion of the global market for ophthalmic drugs and is expected to maintain its leadership during the forecast period due to the rising prevalence of the elderly population, the rise in the prevalence of eye disease, and government initiatives for eye health.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Ophthalmic Drugs Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Ophthalmic Drugs Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.