May 03, 2021
According to the research report titled ‘GLOBAL Ophthalmic Drugs Market 2019-2027’, available with Market Study Report LLC, global ophthalmic drugs market is projected to register a compound annual growth rate of 4.47% over the forecast duration of 2019-2027.
As per the findings of the report, increasing investments towards research & development activities coupled with growing efforts towards developing innovative medications are bolstering global ophthalmic drugs market growth.
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For those uninitiated, ophthalmic drugs are mainly utilized for treatment of eye-related ailments such as keratitis, cataract, and glaucoma. They can be administered in various forms such as liquid drops, creams, and ointments.
Growing geriatric population, rising prevalence of eye diseases, primarily cataract and glaucoma, and constantly evolving socio-economic as well as geographical trends are stimulating global ophthalmic drugs market outlook.
On the contrary, imposition of stringent government regulations and pending drug approvals are likely to act as a barricade to the business development throughout the analysis timeframe.
Elaborating on geographical reach, the market is fragmented into Middle East & Africa, Europe, North America, Asia-Pacific, and Latin America. Among these North America ophthalmic drugs market accounts for a large portion of the overall industry share.
The regions Middle East & Africa and Latin America are anticipated to grow significantly through 2027, owing to rising prevalence of eye-related disorders and growing geriatric population.
With regards to competitive scenario, Akorn Inc., Merck & Co. Inc., Cipla Ltd., Santen Pharmaceutical Co. Ltd, SENJU Pharmaceutical Co. Ltd., Abbott Laboratories, Bayer AG, Johnson and Johnson, EyeMed Vision Care LLC, EyeGate Pharmaceuticals, Novartis AG, Apollo Endosurgery Inc., Sun Pharmaceuticals Industries Ltd., Allergan Inc., GlaxoSmithKline plc, Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals), Regeneron Pharmaceuticals Inc., F. Hoffmann-La Roche AG, and Pfizer Inc. are the leading companies operating in global ophthalmic drugs market.