Ophthalmic Drugs Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The global ophthalmic drugs market is poised for significant expansion, growing from $36.77 billion in 2023 to $39.82 billion in 2024, at a robust compound annual growth rate (CAGR) of 8.3%. It will grow to $53.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. This growth is driven by factors such as increasing incidences of eye disorders, rising research and development investments in eye care, changing lifestyles, a global rise in diabetes cases, and supportive government initiatives for vision care.
Rising Healthcare Expenditure Fuels Market Expansion
The growing healthcare expenditure is a pivotal factor propelling the ophthalmic drugs market forward. Healthcare expenditure encompasses the total monetary value spent on medical treatments, including medications for eye-related conditions. According to the Canadian Institute for Health Information (CIHI), total health spending in Canada was projected to increase from $328 billion in 2021 to $331 billion in 2022. This rise underscores the increasing allocation of resources toward healthcare, including ophthalmic treatments, thereby boosting market growth.
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Key Players and Market TrendsProminent companies such as AbbVie Inc., Alcon Inc., and Bausch & Lomb Incorporated are spearheading product innovation in the ophthalmic drugs market. For instance, Sun Pharmaceutical Canada Inc. launched CEQUA (cyclosporine ophthalmic solution 0.09% w/v) in January 2022, utilizing nano micellar technology to enhance the treatment of dry eye disease.In addition to product innovations, major players are focusing on biologics and gene therapies, advancements in glaucoma treatment, and the emergence of combination therapies. This focus highlights the industry's drive towards addressing complex eye conditions and improving patient outcomes.
Segments:• Type: Prescription Drugs, Over-The-Counter Drugs• Class: Anti-Allergy, Anti-Inflammatory, Anti-Glaucoma, Other Classes• Disease: Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, Uveitis, Other Diseases• Dosage Form: Liquid Ophthalmic Drug Forms, Solid Ophthalmic Drug Forms, Semisolid Ophthalmic Drug Forms, Multicompartment Drug Delivery Systems• Distribution Channel: Hospital Pharmacies, Drug Stores, Online Pharmacies
Geographical Insights: North America Leading the MarketNorth America dominated the ophthalmic drugs market in 2023 and is expected to maintain its lead throughout the forecast period. The region's advanced healthcare infrastructure and high healthcare spending contribute to its market leadership. However, the Asia-Pacific region is anticipated to experience rapid growth, driven by increasing healthcare investments and rising prevalence of eye disorders.
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Ophthalmic Drugs Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Ophthalmic Drugs Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ophthalmic drugs market size, ophthalmic drugs market drivers and trends, ophthalmic drugs market major players, competitors' revenues, market positioning, and market growth across geographies. The ophthalmic drugs market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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August 12, 2024, 17:09 GMT
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