Global Ophthalmology Drugs Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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The global ophthalmology drugs market is expected to decline from $24,640.0 million in 2019 to $19,831.3 million in 2020 at a compound annual growth rate (CAGR) of -19.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 44.6% from 2021 and reach $33,272.8 million in 2023. The market is expected to grow at a CAGR of 7.2% to nearly $38,223.53 million by 2025, and at a CAGR of 7.0% to $53,698.87 million by 2030.
The ophthalmology drugs market consists of sales of ophthalmology drugs and related services by entities (organizations, sole traders and partnerships) that produce ophthalmology drugs to treat eye related diseases. The ophthalmology drugs industry includes establishments that produce pharmaceutical drugs to treat glaucoma diseases, anti- inflammatory and tear stimulating drugs under dry eye medications drugs, and other drugs for treating retinal disorders and allergies. Some of the major ophthalmic drugs include Eylea, Lucentis, Restasis, Vigamox, Azopt, and Lotemax.
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The global ophthalmology drugs market is further segmented based on type, distribution channel, route of administration, drug classification, mode of purchase and geography.
By Drug Type: Antiglaucoma Drugs, Dry Eye Medication, Other Ophthalmology Drugs.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others.
By Route Of Administration: Oral, Parenteral, Others.
By Drug Classification: Branded Drugs, Generic Drugs.
By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs.
By Geography: The global ophthalmology drugs market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American ophthalmology drugs market accounts for the largest share of 41.4% in the global ophthalmology drugs market 2019.
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Trends In The Ophthalmology Drugs Market
Dry eye drug manufacturing companies are attempting to develop dry eye care products in various delivery systems to ensure improved patient compliance and usage along with profitability for the companies. Hence the introduction of new mode of delivery systems such as eye sprays for immediate comfort and improved patient compliance. Eye spray improves eyelids humidification, which serves as a substitute for people avoiding eye drops.
Ophthalmology Drugs Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides ophthalmology drugs market overviews, analyzes and forecasts market size and growth for the global ophthalmology drugs market, ophthalmology drugs market share, ophthalmology drugs market players, ophthalmology drugs market segments and geographies, ophthalmology drugs market’s leading competitors’ revenues, profiles and market shares. The ophthalmology drugs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.