Retina Segment Is Fastest Growing Segment Fueling The Growth Of Ophthalmic Drugs Market


The global Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 5.64% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Ophthalmic drugs are used for the treatment of various eye diseases and disorders such as glaucoma, dry eye, allergy, uveitis, retinal disorders, and others. These drugs help in improving vision, reducing eye pain and treating/managing eye conditions.

Market key trends:
One of the key trends in the ophthalmic drugs market is the increase in new drug approvals. Various companies are continuously focusing on developing novel drugs for treating retinal disorders, dry eye, glaucoma and other eye conditions. For instance, in 2021, FDA approved Vabysmo (faricimab-svoa) by Genentech/Roche for treating wet age-related macular degeneration and diabetic macular edema. Such new drug approvals are expected to drive the market growth during the forecast period.
Segment Analysis
The global ophthalmic drugs market is segmented into ophthalmic drugs for wet age-related macular degeneration, dry eye syndrome, uveitis, diabetic retinopathy and others. The wet age-related macular degeneration segment currently dominates the market due to the presence of a large patient pool suffering from the disease. The increasing incidence of macular degeneration among the geriatric population globally is expected to drive the growth of this segment during the forecast period.

Key Takeaways
The Global Ophthalmic Drugs Market Size is expected to witness high growth, exhibiting a CAGR of 5.64% over the forecast period, due to increasing incidence of eye diseases and growing geriatric population. The global ophthalmic drugs market size is expected to reach US$ 48.19 Bn by 2023.

Regional analysis
North America dominates the global ophthalmic drugs market currently owing to increasing prevalence of eye diseases and strong healthcare infrastructure in the region. Asia Pacific is expected to witness the highest growth rate during the forecast period attributed to rapidly developing healthcare systems and rising medical tourism in the region.

Key players
Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Abbvie Inc. (Allergan Plc) dominates the market owing to its strong portfolio of drugs for various ophthalmic conditions.

Read More: https://www.ukwebwire.com/ophthalmic-drugs-market-size-share-and-growth-forecast-2023-2023/

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