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According to a new market report published by Transparency Market Research the global ophthalmic drugs market was valued at $16 billion in 2012 and is expected to reach an estimated value of $21.6 billion in 2018.
New York City-According to a new market report published by Transparency Market Research the global ophthalmic drugs market was valued at $16 billion in 2012 and is expected to reach an estimated value of $21.6 billion in 2018.
Globally, the ophthalmic drugs market is witnessing significant growth due to increasing prevalence of eye disorders, such as diabetic retinopathy and macular degeneration. As a result, this market is expected to grow at a compound annual growth rate (CAGR) of about 5.2% during 2013-2018.
Some of the key driving factors for the ophthalmic drugs market are rising prevalence of global aging population, increasing government initiatives toward healthcare infrastructure in developing countries (such as India and China), technological changes in drug delivery technique, and increasing prevalence of lifestyle associated diseases. However, the market faces some restraints, such as lack of awareness among people about eye disorders, drying pipeline of ophthalmic drugs, patent expiration of blockbuster ophthalmic drugs, and absence of health insurance in developing countries.
North America has the largest ophthalmic drugs market, while Asia is the fastest growing market. Some of the fastest-growing markets for ophthalmic drugs are China, India, other countries in Southeast Asia, and the Eastern Mediterranean. According to the World Health Organization (WHO), the number of blind people aged 50 years and above will grow in these regions, increasing the demand for ophthalmic drugs. Conversly, in developed regions, such as North America and Western Europe, rising efforts toward prevention of blindness among the aging population has emerged as a key driver for the market.
Glaucoma has the largest market share in the ophthalmic drug market, and it is expected to grow at a CAGR of about 4.2% during 2013-2018.