DelveInsight’s global ophthalmic drug market forecast report has projected that the market will reach $47,794.78 million by 2027. From a 2021 value of $35,095.30 million, that’s a 5.34% increase in the next 5 years.
Refresh me on DelveInsight first.
The company is a business consultant and market research firm with an exclusive focus on life sciences that provides pharma companies with comprehensive solutions for performance improvements.
How were ophthalmic drugs classified?
By product type (over-the-counter or prescription), indication, drug class, dosage forms, and geography (North America, Asia-Pacific, Europe, and the rest of the globe).
What’s the cause for growth?
Several factors, with a major one revolving around the increasing elderly population across the globe, leading to a surge in demand for more medications to treat various ophthalmic diseases.
The World Health Organization (WHO) data from 2022 reported a global population of 1 billion people over the age of 60. Over the next 30 years, the number of people over the age of 80 is projected to reach 426 million.
Other causes include ease of COVID-19 lockdown restrictions, increased resources and supply chain, and an influx in telehealth diagnoses of ophthalmic diseases.
What medications are expected to surge?
The use of eye drops for a number of diseases is projected to have a major revenue share, as already evident by the recent commercial launches of dry eye products such as Cequa (cyclosporine ophthalmic solution) 0.09% and FDA approvals of Vuity (pilocarpine hydrochloride ophthalmic solution) 1.25% in the last few years.
Let’s talk about North America now.
The report projects North America to be the leader in revenue share for ophthalmic drugs—a position it’s dominated since 2021—and maintain its hold through 2027.
See here for a full list of the key market players and their recent drug developments.
Why North America?
The report refers to a rising prevalence of eye diseases like cataracts, diabetic retinopathy, the expanding elderly population, as well as an increase in product launches across various geographical areas in the region.
Take home.
With a surge in patient need, product development, and revenue generation already underway, the ophthalmic drug industry’s growth may continue beyond the projected 2027 mark.