Global Ophthalmic Drugs Market 2021: Industry Overview, Growth, Trends, Share, Size, Demand, COVID-19 Impact Analysis, And Future Scope 2030

In a recent published report, Kenneth Research has updated the market report for Global Ophthalmic Drugs Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Ophthalmic Drugs Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

Ophthalmic Drugs Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast upto2024

Overview: Ophthalmic drugs are widely used for thetreatment of eye disorders bsuch as glaucoma, conjunctivitis, cataract, dry eyes, diabetic retinopathy, and others. Development of innovative ophthalmic drugdelivery methods has aided the drug manufacturers in developing effective and advanced therapeutic tactics. American Academy of Ophthalmology has stated that, nearly 11 million individuals in the US are currectly suffering with age-related macular degeneration (AMD), while almost 10% of that population have wet AMD. Such inclinationsin eye ailments worldwide contribute to the development of the ophthalmic drugs market.

The other significant aspects that help in the improvement the market are high pervasiveness of glaucoma globally and intensification in evolution in thedevelopment of combination drugs for the glaucoma. Additionally, the changing aspects in the demography worldwide are driving the growth of the market. Nevertheless, hazard of side effects related to opthalmic drugs andloss of patent for blockbuster drugs are hampering the market growth.

Market Analysis: The “global ophthalmic drugs market” is estimated to witness a CAGR of 6.3% during the forecast period 2018–2024. The global ophthalmic drugs market is analyzed based on indication type and regions.

Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for the largest share of the ophthalmic drugs market, followed by Europe, Asia Pacific, and Rest of the World. North America alone occupies more than 35% of the market, with a significant contribution from the US to the market growth.

Indication Type Analysis: Based on the Indication type, the market is segmented into dry eyes, glaucoma, eye infection/inflammation, retinal disorders, and others. The market is dominated by retinal disorders and is also expected to be the fastest growing segment. However, glaucoma is the second largest segment, owing to the high prevalence of diseases and lack of awareness among the people.

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Key Players: Novartis AG, Pfizer, Allergan Inc., Valeant Pharmaceutical International, Santen Pharmaceutical Co., Ltd., Regeneron Pharmaceutical, Akron Inc., and Johnson & Johnson are the key players in the market. Shire Plc, Daiichi Sankyo, Inc., Bayer AG, F.Hoffmann-La Roche, and Sun Pharmaceuticals are the companies to watch for.

Competitive Analysis: In future, several blockbuster drugs that have dominated the morated, are expected to lose their patents. The patents of successful products accounted for over 6 billion. . Theloss of patent is the most important aspect imposing major threat to the leaders in the ophthalmic drugs market., Lupin Pharmaceuticals received US FDA approval on February 2015, for its bimatoprost ophthalmic solution 0.03%, the generic version of Lumigan. This affected the Allergan’s market. Formycon AG, a german biosimilars developing companyis currently developing biosimilar for Eylea by Regeneron Pharmaceutical’s. Allergan, meanwhile, is under the threat from Akorn, which is developing a generic version of Restasis. The release of such product is likely to generate an strong burden on the market players.

Benefits: The report provides complete details about the usage and adoption rate of ophthalmic drugs in various regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.

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