Ophthalmic Drugs Market Size Worth $65.6 Billion by 2030: Grand View Research, Inc.

Ophthalmic Drugs Market Size Worth $65.6 Billion by 2030: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Nov. 10, 2022

SAN FRANCISCO, Nov. 10, 2022 /PRNewswire/ -- The global ophthalmic drugs market size is expected to reach USD 65.6 billion by 2030, garnering a CAGR of 7.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about ophthalmic disorders and the surge in demand for ophthalmic drugs are the factors propelling the market growth. Moreover, an increase in the prevalence of eye diseases such as age-related macular degeneration, cataract, dry eye, diabetic retinopathy, glaucoma, and others are anticipated to boost the demand for ophthalmic drugs.

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Key Industry Insights & Findings from the report:

Read 150-page full market research report, "Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Drug Class, By Disease (Dry Eye, Glaucoma), By Dosage Form, By Route of Administration, By Product Type (Prescription, OTC), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Ophthalmic Drugs Market Growth & Trends

According to BrightFocus Foundation in 2021, it is estimated that over 3 million Americans are living with glaucoma, and, among them over 2.7 million patients were affected by the most common type of glaucoma i.e. open-angle glaucoma. Moreover, 3.3 million people are affected by blindness and low vision in the U.S. Some of the major risk factors for glaucoma and blindness are, higher age, family history, thin cornea, and high eye pressure. This creates a wide population base for ophthalmic drugs, thereby, ensuring lucrative growth.

Furthermore, ocular therapeutic and drug delivery companies are receiving funding to expedite R&D for advancements in technologies to develop novel drugs, which is likely to fuel market growth. For instance, in June 2020, Re-Vana Therapeutics received USD 3.25 million in pre-series A funding from Qubis, ExSight Ventures, LLC, Clarendon Fund Managers, Visionary Ventures, and Techstart Ventures LLP. The funding is expected to boost the development of Re-Vana Therapeutics' EyeLief & OcuLief biodegradable technologies that can be used for a small molecule as well as biologics delivery.

Moreover, the rising geriatric population is the key driver for the ophthalmic drugs market growth. According to Safe Eyes America, the most common risk factors for ophthalmic diseases are high age, family history, diabetes, and high blood pressure. For instance, as per AMERICA's HEALTH RANKINGS senior report 2021 it was estimated that more than 54 million adults of age more than 65 live in the U.S., and that population accounted for 16.5% of the total population. According to Macular Degeneration Research AMD is the leading reason for blindness in U.S. people over the age of 60.

Ongoing regulatory approvals for ophthalmic products are likely to support market growth. For instance, in June 2022 Santen Pharmaceutical Co., Ltd announced that it has got marketing and manufacturing approval for the dry eye disease treatment DIQUAS LX ophthalmic solution in Japan. This solution is the improved formulation that has reduced dosing frequency and improved patient compliance.

Ophthalmic Drugs Market Segmentation

Grand View Research has segmented the global ophthalmic drugs market based on drug class, disease, route of administration, dosage type, product type, and region

Ophthalmic Drugs Market - Class Outlook (Revenue, USD Million, 2018 - 2030)

Ophthalmic Drugs Market - Disease Outlook (Revenue, USD Million, 2018 - 2030)

Ophthalmic Drugs Market - Dosage Form Outlook (Revenue, USD Million, 2018 - 2030)

Ophthalmic Drugs Market - Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

Ophthalmic Drugs Market - Product Type Outlook (Revenue, USD Million, 2018 - 2030)

Ophthalmic Drugs Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

List of Key Players of Ophthalmic Drugs Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's  Pharmaceuticals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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