Rising incidence of glaucoma, cataract, and retinal disorders across the globe has propelled key market players to develop novel and effective ocular therapies. The geriatric population is prone to ophthalmic diseases such as age-related macular degeneration and diabetic retinopathy; thus, growth in this population is set to drive the ophthalmic drugs market. Number of people affected by eye ailments is predicted to grow exponentially in the near future, resulting in high investments by key players on R&D activities to improve the drugs action mechanism with novel biological agents.

Portland, OR -- (SBWire) -- 06/27/2018 --According to a new report published by Allied Market Research, titled, "Ophthalmic Drugs Market by Indication, Type, Distribution Channel, Dosage Form, Technology, and Therapeutic Class: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global ophthalmic drugs market was valued at $29,613 million in 2016, and is projected to reach $42,663 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The retinal disorders segment accounted for 26.6% of the global ophthalmic drugs market in 2016.

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The development of effective ophthalmic is crucial is the current scenario, owing to increase in incidence of ophthalmic disorders such as glaucoma, cataract, and other common eye infections. Ophthalmic drugs are administered in different dosage forms depending upon the indication. Market players focus on innovation of novel approaches for the development of ophthalmic drugs over the years, including small molecule, biologics, and recombinant technologies, thereby driving the growth of ophthalmic drugs market.

Increase in focus towards developing combination therapies for treatment of ophthalmic disorders, prevalence of these disorders, and surge in geriatric population are projected to drive the ophthalmic drugs market growth. In addition, continuous change in demographics worldwide supplements this growth. However, longer timelines required for the approval of novel ophthalmic drugs and side effects associated with the same limit market expansion.

Conversely, surge in investment by manufacturers in the emerging economies and rise in initiatives to reduce the burden of glaucoma globally are anticipated to offer lucrative opportunities for market expansion. The multicompartment drug delivery systems is expected to witness a CAGR of 8.0% from 2017 to 2023, as these systems are ideal to sustain and deliver therapeutics to the target tissues and cells. The anti-inflammatory segment accounted for 28% of ophthalmic drugs market share in 2016, and is projected to continue its dominance throughout the forecast period.

Among distribution channel, hospital pharmacies generated the highest revenue in 2016, accounting for 31% of the total ophthalmic drugs market share, and are anticipated to continue this trend throughout the forecast period. Moreover, online pharmacies segment is expected to witness a high growth rate of 5.8%, owing to increase in trend of online ordering and easy availability of drugs.

Key Findings of the Ophthalmic Drugs Market:
1. The liquid ophthalmic drug forms generated the highest revenue in 2016, and are anticipated to continue the same trend, registering a CAGR of 4.1% from 2017 to 2023.
2. The cell therapy technologies registered significant growth rate and is expected to register a CAGR of 6.5%.
3. North America dominated the market, accounting for maximum share of 36% of the total market in 2016 and is expected to witness a CAGR of 4.4%.
4. The online pharmacies segment is witnessing the highest CAGR of 5.8% among the end users.
5. Anti-inflammatory drugs accounted for two-sevenths share of the global ophthalmic drugs market in 2016.

Asia-Pacific is expected to witness highest growth rate for ophthalmic drugs throughout the forecast period, and is expected to continue this trend, owing to high population density, increase in geriatric population, and rise in incidence of congenital glaucoma and cataract in India and China.

The key players operating in the ophthalmic drugs market have adopted product launch as one of their key developmental strategies, among others such as business expansion, product development, and business acquisition. The major companies profiled in the report include Santen Pharmaceutical Co., Ltd., Bausch & Lomb Inc. (Valeant Pharmaceuticals International, Inc.), Shire Plc, Alcon (Novartis), Genentech, Inc. Allergan, Plc, Sun Pharmaceutical Industries Limited, Actavis Generics (Teva Pharmaceutical Industries Ltd.), Regeneron Pharmaceuticals, Inc., and Pfizer Inc.

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