SAN FRANCISCO, Feb. 15, 2021
SAN FRANCISCO, Feb. 15, 2021 /PRNewswire/ -- The global ophthalmic drugs market size is expected to reach USD 60.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and diabetic retinopathy, is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.
Key suggestions from the report:
Read 307 page research report with ToC on "Ophthalmic Drugs Market Size, Share & Trends Analysis Report By Disease (Dry Eye, Eye Allergy, Glaucoma, Eye Infection), By Drug Class, By Dosage Form, By Route Of Administration, By Product Type, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/ophthalmic-therapeutics-drug-market
Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.
Investors are increasingly funding companies to support the clinical development of novel treatments for eye diseases thereby fueling the market growth. For instance, in February 2019, Oyster Point Pharma, Inc. received USD 93 million series B financing from Invus Opportunities, Flying L Partners, New Enterprise Associates (NEA), Versant Ventures, and Vida Ventures. The company's product candidates include OC-01 and OC-02 in a Phase 2b clinical trial.
In addition, increasing development and approval of new laboratory methods is expected to boost the market growth. For instance, in July 2020, Quest Diagnostics received emergency Use Authorization (EUA) from the U.S. FDA for a laboratory technique that was developed for extracting viral RNA. This new technique was designed to expand the testing capacity of COVID-19 molecular tests.
Furthermore, key players in the market undertake various strategies to strengthen their product portfolios and offer diverse, technologically advanced, and innovative products. For instance, in September 2019, Alcon introduced iLUX Patient Care Kits to support practices in treating people with dry eyes in the U.S.
Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, dosage form, route of administration, product type, and region:
List of Key Players of Ophthalmic Drugs Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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