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The global ophthalmic drugs market has been forecast to increase at a compound annual growth rate (CAGR) of 9.98% through to 2015, driven by the increase in prevalence of eye disorders and the trend of increased focus on combination therapies.
One of the key drivers is the increasing prevalence of eye disorders such as macular degeneration, diabetic retinopathy (DR), and presbyopia in the elderly population. Moreover, incidences of glaucoma and cataracts are increasing every year.
Massive numbers of people worldwide suffer from glaucoma, and this number is expected to further increase by 2020. Across the globe, many people are estimated to suffer from age-related macular degeneration (AMD). The incidence of AMD is expected to increase significantly through to 2015.
A lack of health insurance amongst the population, especially within developing countries or lack of insurance covering all types of IOLs or contact lens in developed countries is a significant challenge faced by the ophthalmology industry.
Other challenges include the low awareness regarding ophthalmic disorders, especially in developing countries. This is primarily due to the lack of awareness amongst the rural population about the various ophthalmic disorders, such as cataract.
The ophthalmology drugs market is classified based on the type of drugs; treatment based drugs, over the counter drugs and ocular anesthetics. Ocular anesthetics are administered by surgeons during surgery and can not be bought by individuals.
Treatment based drugs are provided based on the diagnosed conditions and are classified as dry eye drugs, retinal disorder drugs, anti-allergy/inflammatory/infective drugs and anti-glaucoma drugs. Over the counter drugs can be procured without any need of a prescription.
From 2012 to 2022, the pharmaceutical industry will improve treatment of ocular disorders and increase revenues from those products. The R&D pipeline for treating eye diseases is strong, and it has been predicted that the global ophthalmic drugs market will grow strongly over the next decade.
For more information on the global ophthalmic drugs market, see the latest research: Global Ophthalmic Drugs Market
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