Ophthalmology is a branch of medicine dealing with the treatment of the eye and visual system. Ophthalmic drugs are anti-infectives contained in a product formulated especially for the treatment of eyes. These solutions are sterile, aqueous and are used for cleaning and rinsing the eyeballs. Eye diseases can be successfully treated if caught early and can be managed with treatments and medicines including genetic testing, refractive lens exchange, Oraya therapy and others. Ophthalmic anti-inflammatory agents are products used after eye surgery to relieve pain, reduce irritation and swelling in eyes.
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As per the WHO estimates, a population with ophthalmic drug intake is reduced from 1,379,263 in 2013 to 1,347,509 in 2016 with U.S. and Brazil occupying the major positions. Globally, chronic eye diseases are main cause of vision loss. The prevalence of infectious eye diseases, such as trachoma and onchocerciasis have reduced significantly over last 25 years. On the basis of Geography, manufacturing companies of ophthalmic drugs are more in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America at present is the leading region on account of advanced novel products & techniques among all regions.
Leading Players Operating in The Market Include:
- Novartis AG
- Regeneron Pharmaceuticals
- Allergan Pharmaceutical Company
- Valeant Pharmaceuticals International, INC
- Santen Pharmaceutical Co. Ltd.
- In North America, nearly 24.2 million Americans are suffering from eye diseases, most of them are affected by cataracts.
- In Europe, nearly 25 million people were suffering from vision impairment, 70 million people are affected by eye diseases at earlier stages.
- In Latin America, nearly 5000 people are blind and 20,000 are suffering from visually impaired.
- In the Middle East and Africa, people are effected by a disease called trachoma, which is known to be a public problem. More than 247,000 people with trichiasis had undergone the knife and nearly 83 million people in Africa were treated with antibiotics.
Rising incidence and prevalence of eye related disorders, the presence of strong emerging pipeline drugs, increased funding from both public and private organizations, increasing R&D penetration towards the development of novel drugs are the key factors for the growth of ophthalmic drugs market. Government initiatives and increasing R&D initiatives by the manufacturing companies are pushing the ophthalmic market growth.
As per Envision Inteligence estimates, the prevalence of ophthalmic drugs is growing at a CAGR of 4.5% and the annual sales of ophthalmic drugs are growing at over $24.4 Billion from 2016 and is estimated to reach approximately $34.3 Billion by the end of the year 2024 during the forecast period of 2016-2024. In a North American region, U.S. and Canada retain the promising markets as the major ophthalmic drug manufacturers are located in these regions. Asia-Pacific is expected to witness the fastest growth owing to unmet clinical needs, increased disposable income, availability of effective treatment methods and rising awareness about earlier diagnostics.