Ophthalmology Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Ophthalmology Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
The constant rise in the burden of ophthalmic disorders as well as increasing requirement for cost efficient ophthalmic treatment solutions around the world are two of the major driving factors fueling growth in the global ophthalmic disease therapeutics market. As per the study by the National Eye Institute, annual economic burden of vision disorders and vision loss in the United States in close to US$ 139 billion. Furthermore, increasing incidence of blindness across the world is yet another strong and powerful driver for the development of the global ophthalmic disease therapeutics market in coming years.
Various players and manufacturers in the global ophthalmic disease therapeutics market are heavily investing in research and development activities in order to develop novel therapies for treatment of various retinal and ophthalmic disorders. This is expected to lead to the development of various new therapies in the global ophthalmic disease therapeutics market in coming years. Furthermore, enhanced landscape of over the counter or OTC therapeutics in various countries in Asia Pacific region is also expected to favor the demand in the global ophthalmic disease therapeutics market in coming years.
Moreover, introduction of low cost ocular drugs by various regional players and manufacturers in the global ophthalmic disease therapeutics market is also expected to bolster the growth of the industry in the near future. Players and manufacturers in the global ophthalmic disease therapeutics market offer various products, such as anti-inflammatory drugs, anti-glaucoma drugs, anti-infective drugs, and anti-VEGF drugs, among others. Increasing uptake of the corticosteroids for treatment of ocular diseases as well as favorable reimbursement policies pertaining to ophthalmic disease treatment are likely to aid in the expansion of the global ophthalmic disease therapeutics market in the next few years. Rising number of clinical trials aimed at new drug discovery is also boosting the global ophthalmic disease therapeutics market.
The global ophthalmology is expected to grow at a steady rate during the forecast period. There are various that stimulate the expansion of ophthalmology therapeutics. Rising awareness about eye care and ocular disorder are anticipated to drive the global ophthalmology market to grow in the projected years.
TMR research report foretells about the size, share, trend, growth factors, and restraints affecting the global ophthalmology market. The report also sheds light on geographical and recent development in the market.
Ophthalmology Therapeutics Market: Notable Developments
The recent developments in the global ophthalmology therapeutic market are:
- In June 2019, OCTANE’s Sixth Summit for ophthalmology technology showcased the technological advances in the field. The summit was attended by Cell Care Therapeutics, Len Techs, VisgenX, and IACTA. The aim of the summit was to bring in all physicians, ophthalmology drugs companies and investors together and facilitate partnership.
- In April 2019, The American Academy of Ophthalmology honored three congress members of the United States for their exemplary contribution in preserving the access to enhanced eye care and treatments for the patients. This is award is known as Visionary Award, 2019.
Some of the most prominent competitors operating in the competitive landscape of global ophthalmology therapeutics market include –
- Bausch & Lomb, Inc.
- Regeneron Pharmaceuticals, Inc.
- Novartis AG
- Santen Pharmaceutical Co., Ltd.
- Johnson & Johnson Services, Inc
- Genentech, Inc. and Pfizer, Inc.
Ophthalmology Therapeutics Market: Drivers and Restraints
The factors leading the global ophthalmology therapeutics market to expand are :
Geriatric Population to Drive Global Ophthalmology Therapeutics Market
The growing number of geriatric population is expected to drive the growth in the global ophthalmology therapeutics market in the future. Due to the age factor the number of eye related diseases crop up such as glaucoma, cataract, etc., aiding in the expansion of the ophthalmology market.
Additionally, rising number of chronic ocular disorders such as macular edema, and macular degeneration are anticipated to push the global ophthalmology market to expand during the forecast period.
Further, eye disorders such as diabetic retinopathy, widespread of seasonal eye infections such as conjunctivitis and enhanced treatments are projected to drive the global ophthalmology therapeutics market in the near future.
Novel Drug Delivery System to Stimulate Growth
The increasing research and development has led to several novel drug developments in the ophthalmology therapeutics market. This is expected to expand the global ophthalmology therapeutics market in the upcoming years.
On the basis of segmentation the global ophthalmology therapeutics market is divided into over the counter (OTC) drugs and prescribed drugs. Among these, the prescribed drugs segment is projected to hold a major share in the market during the forecast period.
On the basis of disease types, the global ophthalmology therapeutics market is divided into glaucoma, dry eye, infections, uveitis, allergies and retinal disorders. But, retinal disorders are projected to register a higher growth in the global gy therapeutics market.
Ophthalmology Therapeutics Market: Geographical Analysis
Previously, North America is held the global ophthalmology therapeutics market and it is likely to remain dominant during the forecast period. The growth here is attributable to rising number of eye disorder, growing geriatric population. Additionally, Asia Pacific is anticipated to showcase a surge in the growth over the forecast period. The growth is expected to be due to rising awareness about eye care, rising disposable income, and presence of better medical infrastructure.
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
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Regional Assessment
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
Industrial Analogy
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
COVID-19 Impact
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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