COVID 19 Impact and Recovery to 2030
Major companies in the ophthalmology drugs market include Novartis AG; F. Hoffmann-La Roche Ltd; Allergan Plc; Valeant Pharmaceuticals Intl Inc and Bayer AG. The global ophthalmology drugs market is expected to grow from $22.
New York, Feb. 25, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Ophthalmology Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06027742/?utm_source=GNW
03 billion in 2020 to $24.42 billion in 2021 at a compound annual growth rate (CAGR) of 10.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $32.64 billion in 2025 at a CAGR of 8%.
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. The ophthalmology drugs market is segmented into antiglaucoma drugs; dry eye medication; and other ophthalmological drugs (retinal disorders, anti-infectives/allergy).
North America was the largest region in the global ophthalmology drugs market, accounting for 41% of the market in 2020.Asia Pacific was the second largest region accounting for 28% of the global ophthalmology drugs market.
Africa was the smallest region in the global ophthalmology drugs market.
Drug manufacturers are increasingly developing ophthalmic drugs with anti-inflammatory agents to ease patient treatment for dry eye syndrome.Anti-inflammatory drugs are widely used for the treatment of the inflammation produced by the dry eye syndrome, with the topical corticosteroid drops being the most common therapy.
Corticosteroids can rapidly and effectively relieve the symptoms and signs of moderate or severe dry eye.However, prolonged usage of corticosteroids has seen to produce side effects that include risk of bacterial or fungal infection, elevated intraocular pressure and cataract formation.
As a consequence, NSAIDs are increasingly being used as dry eye treatment instead of steroids to minimize the side effects. For instance, Aciex Therapeutics, a US-based pharmaceutical company, is developing NSAIDs which decrease ocular discomfort.
Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to drug approval procedures and other regulatory changes.
For instance, according to a report by Ernst and Young in 2018, Fortune 500 companies are spending $7.8 billion to comply with GDPR regulations. The GDPR regulation is a EU law on data protection and privacy of individuals residing the European Union and the European Economic Area (EEA). It also regulates data anonymization thus maintaining integrity of data dealing with patients and other clinical trial studies. The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts strain to investments relating to new product development, thereby affecting the growth of the ophthalmology drugs market.
The expected rise in eye laser surgeries will contribute to the ophthalmology drugs market.Ophthalmology research has proved a link between laser eye surgeries and the prevalence of dry eye disorders.
In an eye laser procedure, cutting of some nerves in the cornea leads to reduction in corneal sensitivity, in response to which, eyes may not sense the need for lubrication, causing the body to produce fewer tears.Dry eye is a common side effect after laser vision correction surgeries.
It is estimated that almost half of the patients that undergo a laser surgery experience some degree of dry eye condition following the procedure.It is expected that the number of eye laser procedures will rise from 596,000 a year in 2015 to 720,000 a year in 2020.
A rising number of people going for laser eye surgeries is expected to increase the demand for dry eye medications in the forecast period driving the ophthalmology drugs market.
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