Ophthalmic Topical Therapeutics Market Analysis

Global Ophthalmic Topical Therapeutics Market Overview

The Ophthalmic Topical Therapeutics Market size was valued at USD 13.86 billion in 2022 and is projected to grow from USD 14.71 billion in 2023 to USD 25.92 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.25% during the forecast period (2023 - 2032).

This market is being driven by a number of factors, including a rise in geriatric population and increasing prevalence of ophthalmic disorders.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ophthalmic Topical Therapeutics Market Trends

• 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.

Ophthalmic Topical Therapeutics Segment Insights

Ophthalmic Topical Therapeutics Product Type Insights

The Market segments of Ophthalmic Topical Therapeutics, based on product type, includes artificial tears, anti-allergy, antibiotic drops, anti-inflammatory, antiglaucoma, and others. The antiglaucoma segment held the majority share in the market in 2022. Anti-glaucoma drug is those drugs, which are used to prevent or alleviate glaucoma, a disease in which the optic nerve is damaged, resulting in progressive, irreversible loss of vision. According to the Centers for Disease Control and Prevention (CDC), about 3 million Americans have glaucoma and it is the second leading cause of blindness worldwide. Prostaglandins, beta-blockers, alpha-adrenergic agonists, carbonic anhydrase inhibitors, parasympathomimetic, epinephrine, hyperosmotic agents, and combination glaucoma drops are some of the compounds that help for glaucoma.

Ophthalmic Topical Therapeutics Disease Type Insights

The Ophthalmic Topical Therapeutics Market segmentation, based on disease type, includes dry eye syndrome, eye allergy, glaucoma, eye infection, retinal disorders, uveitis, and others. The glaucoma segment dominated the market in 2022. A group of ocular diseases known as glaucoma can result in vision loss and blindness by harming the optic nerve, a nerve located in the back of the eye. There are generally four categories or types of glaucoma primary open-angle glaucoma, angle-closure glaucoma, normal-tension glaucoma, and secondary glaucoma. In addition, there are different types of treatment for glaucoma, that includes medicines (usually eye drops), laser treatment, and glucoma surgery.

Figure 2: Ophthalmic Topical Therapeutics Market, by Disease Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ophthalmic Topical Therapeutics Dosage Form Insights

Based on dosage form, the global ophthalmic topical therapeutics industry has been segmented into eye drops, gels, ointments, and others. The eye drops segment is held the largest market share in 2022. Eye drops are used to lubricate dry eyes and help maintain moisture on the outer surface of the eyes. Such eyedrops are useful to treat dry eyes that result from aging, certain medications, a medical condition, eye surgery, or environmental factors, such as smoky or windy conditions. In addition, a significant number of product offerings are available in the form of eye drops. For instance, in January 2022, Alcon (Switzerland) launched Systane Hydration multi-dose preservative-free lubricant eye drops available in an easy-to-use, multi-dose bottle.

Ophthalmic Topical Therapeutics Distribution Channel Insights

The Market segmentation of Ophthalmic Topical Therapeutics, based on distribution channel, includes hospital pharmacies, drug stores, online pharmacies, and others. The drug stores segment dominated the market in 2022. The market of ophthalmic topical therapeutics s expanding and growing globally, despite an effort to cut healthcare expenditure at the federal and provincial levels, the US drug stores are projected to thrive, chiefly due to the diversification of products and services. As many regions capped their reimbursement rates for generic drugs, pharmacies and drug stores have struggled to increase their profit over the five years to 2021.

Ophthalmic Topical Therapeutics Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. The North America ophthalmic topical therapeutics market accounted for the largest market share in 2022. Key factors attributed to its increasing prevalence of eye disease, rising geriatric population, and the presence of a large number of market players in the region. For instance, in March 2021, Indoco Remedies (India) launched Brinzolamide Ophthalmic Suspension 1% in the US, the first generic version of AZOPT by Teva Pharmaceuticals (Israel). Additionally, the increasing prevalence of ophthalmic diseases is driving the market demand for ophthalmic topical therapeutics in North America. Factors such as an increase in the geriatric population, advancements in research and development in optometry, and the increase in the use of ophthalmic drugs in hospital pharmacies are expected to augment the demand for ophthalmic topical therapeutics in the US.

Further, the major countries will be study are: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: OPHTHALMIC TOPICAL THERAPEUTICS MARKET BY REGION 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe ophthalmic topical therapeutics market accounted for the second-largest market share due to increasing geriatric population in the developed countries, globalization of healthcare, and rising burden of diabetes and other comorbidities. Furthermore, the Germany market of ophthalmic topical therapeutics attributed to hold the largest market share, and the France market of ophthalmic topical therapeutics is projected be the fastest growing market in the Europe region.

The Asia-Pacific ophthalmic topical therapeutics market is expected to be the fastest growing from 2023 to 2032 due to the rising increasing burden of ophthalmic disorders and rising consumer awareness, and the growing adoption of advanced technologies. Companies are entering into strategic initiatives to develop and commercialize new treatment options for patients. This, in turn, is expected to boost the ophthalmic topical therapeutics growth. For instance, in February 2020, Bridge Biotherapeutics, Inc. (South Korea) acquired an early-stage drug candidate from Konkuk University (KU) for the treatment of a back-eye disorder. Moreover, China market of ophthalmic topical therapeutics accounted to hold the largest market share, and the India market of ophthalmic topical therapeutics is projected to be the fastest growing market in the Asia-Pacific region.

Ophthalmic Topical Therapeutics Key Market Players & Competitive Insights

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.

Key Companies in the market of ophthalmic topical therapeutics includes.

• Santen pharmaceutical co., Ltd. (Japan)


• Sun Pharmaceutical Industries Ltd (India)


• Novartis AG (Switzerland)


• AbbVie (US)


• Bausch & Lomb Incorporated (US)


• Amneal Pharmaceuticals., LLC (US)


• Teva Pharmaceutical Industries Ltd. (Israel)


• Alcon (Switzerland)


• Akorn Operating Company LLC (US)


• 
  Viatris Inc. (US)

Ophthalmic Topical Therapeutics Industry Developments

• In May 2022, Bausch + Lomb Health Canada approved LUMIFY (brimonidine tartrate ophthalmic solution 0.025 percent w/v) as the first and only over the counter (OTC) eye drop containing low dose brimonidine tartrate to treat redness of the eye caused by minor eye irritations in adults.


• In October 2021, The FDA approved VUITYTM (pilocarpine HCI ophthalmic solution) 1.25 %, the first and only eye drop to treat presbyopia (Age-Related Blurry Near Vision).


• In June 2021, Santen receives FDA product approval in the US for Verkazia (Cyclosporine Ophthalmic Emulsion, 0.1%) for treating Vernal Keratoconjunctivitis in children and adults.

Ophthalmic Topical Therapeutics Segmentation

Ophthalmic Topical Therapeutics Product Type Outlook

• Artificial Tears


• Anti-allergy


• Antibiotic Drops


• Anti-Inflammatory


• Antiglaucoma


• Others

Ophthalmic Topical Therapeutics Disease Type Outlook

• Dry Eye


• Eye Allergy


• Glaucoma


• Eye Infection


• Retinal Disorders


• Uveitis


• Others

Ophthalmic Topical Therapeutics Dosage Form Outlook

• Eye Drops


• Gels


• Ointments


• Others

Ophthalmic Topical Therapeutics Distribution Channel Outlook

• Hospital Pharmacies


• Drug Stores


• Online Pharmacies


• Others

Ophthalmic Topical Therapeutics Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America