This report provides the strategists, marketers and senior management with the critical information they need to assess the global ophthalmology drugs market as it emerges from the COVID 19 shut down.
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.
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This report describes and evaluates the global ophthalmology drugs market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
Growth in the historic period resulted from the aging population prone to age-related eye disorders, the increase in number of contact lens users suffering from dry eye condition, increased funding from public and private research organizations, increased healthcare expenditure globally, increase in allergy diseases (hay fever) and increase in number of treatment options. Factors that negatively affected growth in the historic period were low healthcare access, particularly in developing countries, and lack of awareness about eye disorders such as dry eye and glaucoma.
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Going forward, rise in laser surgeries, digitalization of the workplace, increasing prevalence of eye-related disorders and increasing geriatric population, growing burden of diabetes and other comorbidities, side effects of other medication, and promising pipeline for dry eye disease will drive growth. Factors that could hinder the growth of the ophthalmology drugs market in the future include long and costly drug approval procedures, inadequate insurance coverage of ophthalmologists’ services expiration of branded drug patents and disruption in the supply chain of ophthalmology drugs due to the impact of COVID-19.
North America was the largest region in the global ophthalmology drugs market, accounting for 41.4% of the total in 2019. It was followed by Asia-Pacific, Western Europe, South America, and then the other regions. Going forward, the fastest-growing regions in the ophthalmology drugs market will be North America and the Asia Pacific, where growth will be at CAGRs of 8.9% and 8.5% respectively. These will be followed by the Middle East, Africa where the markets are expected to grow at CAGRs of 7.0% and 6.9% respectively.
The ophthalmology drugs market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 88.0% of the total market in 2019. Major players in the market include Novartis AG, Regeneron Pharmaceuticals Inc., Allergan Plc., Bayer AG, and Santen Pharmaceutical Co. Ltd.
The global pharmaceutical drugs market, of which the ophthalmology drugs market is a segment, reached a value of nearly $936.3 billion in 2019, having grown at a CAGR of 3.9% since 2015. It is expected to grow at a CAGR of 8.5% to nearly $1,298.6 billion by 2023. The ophthalmology drugs market was the smallest segment of the pharmaceutical drugs market accounting for 2.6% of the total in 2019. The dermatology drugs segment is expected to be the fastest-growing segment in the pharmaceutical drugs market, growing at a CAGR of 13.0% during 2019-2023.
The outbreak of Coronavirus has caused a shortage in the supply of ophthalmic drugs for the treatment of dry eyes. This is because the COVID-19 pandemic created disruption in the global pharmaceutical supply chain which is heavily dependent on China. The main raw materials in drug production are manufactured in China and are exported to other parts of the world for making the final drug. This has resulted in pharmacies and wholesalers reporting many drugs being out of stock. Owing to the shortage of medications, governments are advising pharmacists to limit the dispensing of certain dry eye prescription medicines such as chloramphenicol (an antibiotic for conjunctivitis) eye drops and ointments to a one-month supply according to the prescribed dose. Also, pharmacists are recommended to sell certain over the counter medicines (OTC) to a maximum of one unit per purchase due to the concern on the significant health impacts on the patients that can be caused due to the shortage of medicines during this pandemic.
Source: Globe Newswire