Ophthalmic drug delivery is the management of a drug for the eyes, most commonly available in the form of an eye drop. Advanced and comprehensiveness are used to treat a wide range of eye diseases. Some common types of eye issues include glaucoma, bacterial infections, dry eye, and eye injury and others. The rise in the geriatric population and the increasing cases of eye diseases such as glaucoma, cataract, and macular degeneration, especially among the geriatric population will also boost growth.
Additionally, the surge in ophthalmic drug demand and the increase in R&D investment by various medical companies are projected to result in the sales of ophthalmic drugs to double in the near future. Furthermore, an increase in the demand for ophthalmic drugs, increased awareness about health coverage to reduce the risk of ocular diseases, and government initiatives for the development and manufacturing of various combinations of ophthalmic drugs are projected to create revenue generation opportunities for the ophthalmic drugs market in the near future. However, the extended timeframe for fabrication and formulation of the ophthalmic drug, coupled with the side effects associated with such drugs, may cause hindrance to the sales projections in the ophthalmic drugs industry.
Companies Focusing on Attaining FDA Approvals to Gain Significant Market Position
Prior to the FDA’s authorization of Humira for the early indicator of non-infectious posterior, intermediate, and stakeholders to ensure in adult patients, chronic inflammatory eye diseases such as uveitis lacked a stable treatment option. Such approvals for advanced treatment options for unmet clinical needs in the field of eye disorders are expected to drive the global ophthalmic drugs market in the near future. Leading players of the global ophthalmic drugs market are focusing on getting FDA approvals for their respective drugs in order to ensure a significant position in the market competition. For instance, the first and the only Biological License Application was submitted by Spark Therapeutics Inc., to the US Food and Drug Administration for treating Leber’s congenital amaurosis with the help of gene therapy.
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Others are engaging in joint ventures and collaborative strategies to ensure notable position in the market competition. For example, Parion Sciences Inc., and Shire entered into a collaborative agreement in May 2017 for the development and commercialization of P-321. This is an investigational epithelial sodium channel or ENaC inhibitor that will be used for treating eye issues such as dry eye disease.
Some of the notable players of the global ophthalmic drugs market include Santen Pharmaceuticals Co. Ltd., Regeneron Pharmaceuticals Inc., Pfizer Inc., Novartis AG, Genentech Inc., Bayer AG, Valeant Pharmaceuticals International Inc., ALLERGAN, Aerie Pharmaceuticals Inc., and others.
Regionally, the global ophthalmic drugs market is widespread into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America emerged as the largest revenue generator for the ophthalmic drugs market on account of the increasing awareness about treatment and prevention of eye diseases, coupled with the rising demand for advanced healthcare facilities in eye care specialty.
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Additionally, government support in the form of awareness campaigns and medical aid will also help this region to continue dominating the market in the coming years. Furthermore, increasing investments in research and development of better diagnostic approaches for eye diseases and better drugs in the ophthalmic drugs industry are likely to help promote the overall growth of this market in future. On the other side, rapidly improving healthcare and increasing adoption of latest therapeutic and diagnostic approaches in medical field for emerging economies, the market in Asia Pacific is projected to emerge as the fastest growing market for ophthalmic drugs in the foreseeable future.