Shaping the Future of Ophthalmic Drug Research and Development: Key Trends for 2030
The global ophthalmic drugs market is experiencing significant growth due to a surge in the number of individuals suffering from various eye disorders. Conditions such as glaucoma, age-related macular degeneration, dry eye syndrome, and inflammation are placing a growing burden, particularly on low and middle-income families worldwide. The International Agency for the Prevention of Blindness (IAPB) has identified age-related macular degeneration as one of the leading causes of blindness, with the number of affected patients projected to exceed 285 million by the end of 2040 on a global scale.
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According to the World Health Organization (WHO), approximately 2.2 billion individuals globally suffer from near or distance vision impairment, with around 1 billion cases going untreated but potentially preventable. This highlights the high burden of these disorders in society and the need for increased treatment options. Consequently, there is a growing demand for advanced ophthalmic drugs worldwide, driving the growth of the ophthalmic drugs market. In response to this situation, companies are forming collaborations and partnerships to meet the rising need for ophthalmic drugs. Notably, in 2022, Alcon signed an agreement to acquire Kala Pharmaceuticals Inc.'s EYSUVIS eye drops. Such developments are expected to have a positive impact on the ophthalmic drugs market.
Ascending Demand for Anti-glaucoma Drugs
The prevalence of glaucoma, particularly among the geriatric population, is driving the adoption of antiglaucoma ophthalmic drugs. The BrightFocus Foundation's analysis reveals that over three million individuals aged 40 years and above in America suffer from open-angle glaucoma. Furthermore, glaucoma affected more than 80 million people worldwide in 2020, and this number is expected to surpass 100 million by the end of 2040. This trend is expected to boost the use of anti-glaucoma drugs, contributing to the overall growth of the ophthalmic drugs market.
Asia Pacific Emerges as a Lucrative Region for Ophthalmic Drugs Market
Asia Pacific continues to be a highly attractive region for the ophthalmic drugs market, driven by the widespread use of ophthalmic drugs. The region boasts a large customer base supported by stable economic growth and GDP per capita. According to the United Nations, Asia Pacific is home to approximately 60% of the global population, accounting for over 4 billion individuals in 2021. Rapidly developing economies such as China and India, which have high populations, house numerous individuals suffering from eye disorders and their associated economic and social burdens. The prevalence of various eye disorders and vision impairments has resulted in increased utilization of ophthalmic drugs in the region. For example, the National Centre for Biotechnology Information reports a significantly higher prevalence of primary open-angle glaucoma (POAG) in the Asia Pacific compared to European and other developed regions.
Moreover, the increasing rate of the geriatric population in Asia Pacific presents additional health risks such as diabetes and hypertension. These risks further contribute to a growing pool of patients with eye disorders, including vision impairment, age-related macular degeneration, inflammation, and dry eye syndrome. The United Nations Population Fund predicts that the number of individuals aged 60 years and above in Asia Pacific will exceed 1 billion between 2020 and 2050. Consequently, the aging factor is expected to further increase the burden of eye disorders in the region, supporting the growth of the ophthalmic drugs market. Additionally, ongoing research and development efforts by pharmaceutical companies leading to new drug developments are anticipated to boost the ophthalmic drugs market in Asia Pacific. Notably, in 2021, Arctic Vision's Investigational New Drug (IND) application for phase 3 research of ARVN003, a treatment for presbyopia, was approved by the Centre for Drug Evaluation and Research and China National Medical Products Administration.
Competitive Landscape
Major players in the ophthalmic drugs market are primarily focused on new product launches to enhance their portfolios and maintain market positioning. For instance, in 2022, Sandoz introduced brimonidine tartrate/timolol maleate solution in the United States to reduce eye pressure in individuals with ocular hypertension or high eye pressure. Similarly, in January 2022, Sun Pharma launched a new ophthalmic solution called Cequa for the treatment of dry eye syndrome in Canada. Prominent players in the ophthalmic drugs market include Abbvie Inc., Novartis AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Santen Pharmaceutical Co. Ltd., Regeneron Pharmaceuticals Inc., Sun Pharmaceuticals Industries Ltd., Bausch & Lomb Inc., Teva Pharmaceuticals, and Valeant Pharmaceuticals Inc.
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