Global Ophthalmic Drugs Market to Reach Worth USD 27.6 Bn by 2022: Increasing Ocular Diseases Globally to Drive the Market
According to the latest report published by Credence Research, Inc. “Ophthalmic Drugs Market – (Prescription Type – Prescription Ophthalmic Drugs and Over the Counter (OTC) Drugs; Therapeutic Type: Glaucoma Ophthalmic Drugs, Retinal Disorder Ophthalmic Drugs, Dry Eye Ophthalmic Drugs and Allergic Conjunctivitis): Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the market was valued at USD 17.2 Bn in 2015, and is expected to reach USD 27.6 Bn by 2022, expanding at a CAGR of 7.0% from 2016 to 2022.
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Globally, average life expectancy has been increasing and it’s posturing medical issues within the ophthalmology field. Among the elderly population, vision loss is a major healthcare problem. The growing prevalence of eye–related disorders has created huge scope for ophthalmic drugs. Moreover, new technologies combining drugs and device therapies are contributing significantly towards the development of ophthalmic drugs market.
North America accounted for the largest market in the ophthalmic drugs market due to the rising number of patient population suffering from ocular diseases in the region. The prevalence of blindness and vision impairment and other eye related disorders is expected to increase rapidly among all age group, gender and racial group in North America. Asia Pacific ophthalmic drug market holds high growth potential in near future due to factors such as rising geriatric population, rising investments in healthcare infrastructure and increasing prevalence of ocular diseases.
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The ophthalmic drug industry can be classified into prescription ophthalmic drugs and over the counter (OTC) drugs. OTC drugs held the largest market share in the global ophthalmic drugs market. However, prescription ophthalmic drugs segment is anticipated to grow at highest CAGR during the forecast period due to the increasing rate of success for newly launched drugs which can only be bought by prescriptions assisting the market growth.
Among the therapeutic areas, glaucoma ophthalmic drugs held the largest share in global ophthalmic drugs market. It is estimated that over three million Americans are suffering from glaucoma, being the leading cause of blindness in people of 60 years of age. However, the retinal disorder ophthalmic drug is anticipated to grow at highest CAGR due higher prevalence rate among people in the world. Thus the treatment for retinal disorders has the highest growth.
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