Ophthalmic Topical Therapeutics Market Size

Increasing prevalence of ophthalmic disorders fuels market growth

There is an increasing prevalence of ophthalmic disorders such as refractive errors, dry eye, glaucoma, eye allergies, and age-related macular degeneration globally which is driving the market growth. According to the WHO in October 2021, at least 2.2 billion people globally suffer from vision impairment. The leading causes of vision impairment are refractive errors and cataract, both of which have topical ophthalmic therapeutic products available in the market. Similarly, glaucoma is a leading cause of irreversible blindness globally. According to National Glaucoma Research, over 3 million Americans have glaucoma.

According to the WHO in 2021, over 7.7 million people suffer from glaucoma globally. The most common treatment for glaucoma is prescription eye drops such as beta-blockers, prostaglandins, Rho-kinase inhibitors, and others that can keep glaucoma from getting worse. Additionally, in June 2021, the WHO stated that vision impairment is responsible for significant economic losses. It is estimated that presbyopia and myopia alone contribute to USD 25.4 billion and USD 244 billion productivity losses respectively annually. Therefore, the increasing prevalence of ophthalmic disorders is expected to continue driving market growth for the ophthalmic topical therapeutics market.

The increasing incidence of eye disorders globally is a primary driver of the Global Ophthalmic Topical Therapeutics Market Industry. Conditions such as glaucoma, dry eye syndrome, and age-related macular degeneration are becoming more prevalent, particularly in aging populations. For instance, the World Health Organization indicates that by 2024, the market is projected to reach 15.8 USD Billion, reflecting the urgent need for effective therapeutic solutions. This trend is likely to continue as the global population ages, with estimates suggesting that by 2035, the market could expand to 34.1 USD Billion, highlighting the growing demand for ophthalmic treatments.

Major market players’ growth is dependent on market conditions, government support, and industry development. Thus, manufacturers are focused on expanding their geographical reach and improving their products. They primarily focus on the development of novel products. Although international players dominate the market, regional and foreign players with small market shares also have a considerable presence in the market of Ophthalmic Topical Therapeutics.

Novartis AG (Switzerland) was established through a merger of Ciba-Geigy and Sandoz. Novartis AG and its preceding companies have developed innovative products for over 250 years. The company operates through two major business segments: Innovative Medicines and Sandoz. It focuses on developing and marketing products that contribute to human progress through advances in science and health. It provides ophthalmology, neuroscience, immunology, hematology, dermatology, respiratory, cardio-metabolic, and established medicine products. The company has a strong presence in North America, Europe, Asia-Pacific, and the Middle East & Africa.

Moreover, In April 2022, Sandoz, a Novartis division, launched a generic brimonidine tartrate/timolol maleate eyedrop in the US for patients suffering from ocular hypertension, increasing its leading ophthalmic offering.