Ophthalmic Drugs Market is Estimated to Witness High Growth Owing to Opportunity in Ageing Population

 
Ophthalmic Drugs Market

Ophthalmic drugs are medications that are applied topically on the eye to treat various eye disorders and diseases. Some key applications of ophthalmic drugs include treatment of glaucoma, dry eye, infections, inflammation, and retinal disorders. With rising prevalence of eye diseases and growing awareness about eye care, the demand for ophthalmic drugs is increasing consistently. The global Ophthalmic Drugs Market is estimated to be valued at US$ 55.52 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:
Ageing Population
The global aged population is increasing at an unprecedented rate, which is expected to significantly drive the demand for ophthalmic drugs during the forecast period. Ageing is one of the major risk factors for various eye diseases such as glaucoma, age-related macular degeneration, cataract, and diabetic retinopathy. As per estimates, the geriatric population aged 65 years or above is projected to reach over 1.5 billion worldwide by 2050. This burgeoning aged demographic will continue to provide lucrative growth opportunities for players in the ophthalmic drugs market. Moreover, continuous developments in drug delivery technologies and novel treatment options will further aid the market growth in the coming years.

Porter's Analysis for Ophthalmic Drugs Market
Threat of new entrants: Low, as high capital is required for R&D and clinical trials. Bargaining power of buyers: Moderate, as customers can easily switch to substitutes if dissatisfied. Bargaining power of suppliers: High, as key raw materials are imported which gives advantage to suppliers. Threat of new substitutes: Moderate, as new emerging therapies can substitute existing drugs. Competitive rivalry: High, as major companies compete on the basis of cost, innovation, and brand.

SWOT Analysis
Strengths: Growing aging population and rising prevalence of eye disorders drive market growth. Weaknesses: Stringent regulatory approvals and high costs involved in drug development are challenges. Opportunities: Emerging markets provide significant opportunities for growth in the forecast period. Threats: Patent expirations of blockbuster drugs and availability of generics pose threats.

Key Takeaways
The Global Ophthalmic Drugs Market Share is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis shows that North America currently dominates the market and is expected to continue its dominance in the coming years due to presence of major players and advanced healthcare infrastructure in the region. Key players operating in the ophthalmic drugs market are IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., and NetBase Quid.

Regional analysis: North America currently generates the highest revenue and accounts for majority share of the global ophthalmic drugs market. Factors such as high healthcare expenditure, presence of major player, and advanced medical facilities drive the growth of ophthalmic drugs market in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period, owing to rising geriatric population, increasing awareness about eye care, and growth of the healthcare sector.

For more details on the report, Read- https://www.trendingwebwire.com/ophthalmic-drugs-market-growth-demand-and-overview/

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