Global Ophthalmic
Drugs Market to Reach Worth USD 27.6 Bn by 2022: Increasing Ocular Diseases
Globally to Drive the Market
According to the
latest report published by Credence Research, Inc. “Ophthalmic Drugs Market –
(Prescription Type – Prescription Ophthalmic Drugs and Over the Counter (OTC)
Drugs; Therapeutic Type: Glaucoma Ophthalmic Drugs, Retinal Disorder Ophthalmic
Drugs, Dry Eye Ophthalmic Drugs and Allergic Conjunctivitis): Market Growth,
Future Prospects and Competitive Analysis, 2016-2022,” the market was valued at USD 17.2 Bn in 2015, and
is expected to reach USD 27.6 Bn by 2022, expanding at a CAGR of 7.0% from 2016
to 2022.
Browse the
full report Ophthalmic Drugs Market Growth, Future Prospects and Competitive
Analysis, 2016-2022 report at http://www.credenceresearch.com/report/ophthalmic-drugs-market
Market
Insights
Globally, average life
expectancy has been increasing and it’s posturing medical issues within the
ophthalmology field. Among the elderly population, vision loss is a major healthcare
problem. The growing prevalence of eye–related disorders has created huge scope
for ophthalmic drugs. Moreover, new technologies combining drugs and device
therapies are contributing significantly towards the development of ophthalmic
drugs market.
North America
accounted for the largest market in the ophthalmic drugs market due to the
rising number of patient population suffering from ocular diseases in the
region. The prevalence of blindness and vision impairment and other eye related
disorders is expected to increase rapidly among all age group, gender and
racial group in North America. Asia Pacific ophthalmic drug market holds high
growth potential in near future due to factors such as rising geriatric
population, rising investments in healthcare infrastructure and increasing
prevalence of ocular diseases.
The ophthalmic drug
industry can be classified into prescription ophthalmic drugs and over the
counter (OTC) drugs. OTC drugs held the largest market share in the global
ophthalmic drugs market. However, prescription ophthalmic drugs segment is
anticipated to grow at highest CAGR during the forecast period due to the
increasing rate of success for newly launched drugs which can only be bought by
prescriptions assisting the market growth.
Among the therapeutic
areas, glaucoma ophthalmic drugs held the largest share in global ophthalmic
drugs market. It is estimated that over three million Americans are suffering
from glaucoma, being the leading cause of blindness in people of 60 years of
age. However, the retinal disorder
ophthalmic drug is anticipated to grow at highest CAGR due higher prevalence
rate among people in the world. Thus the treatment for retinal disorders has
the highest growth.
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