Global Ophthalmic Drugs Market Expected to Reach $42,663 Million by 2023

The global ophthalmic drugs market was valued at $29,613 million in 2016, and is projected to reach $42,663 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The retinal disorders segment accounted for 26.6% of the global ophthalmic drugs market in 2016. This according to a new report published by Allied Market Research, titled, "Ophthalmic Drugs Market by Indication, Type, Distribution Channel, Dosage Form, Technology, and Therapeutic Class: Global Opportunity Analysis and Industry Forecast, 2017­2023.

The development of effective ophthalmic is crucial is the current scenario, owing to increase in incidence of ophthalmic disorders such as glaucoma, cataract, and other common eye infections. Ophthalmic drugs are administered in different dosage forms depending upon the indication. Market players focus on innovation of novel approaches for the development of ophthalmic drugs over the years, including small molecule, biologics, and recombinant technologies, thereby driving the growth of ophthalmic drugs market.

Increase in focus towards developing combination therapies for treatment of ophthalmic disorders, prevalence of these disorders, and surge in geriatric population are projected to drive the ophthalmic drugs market growth. In addition, continuous change in demographics worldwide supplements this growth. However, longer timelines required for the approval of novel ophthalmic drugs and side effects associated with the same limit market expansion.

Request Sample @ https://www.alliedmarketresearch.com/request-sample/310 Conversely, surge in investment by manufacturers in the emerging economies and rise in initiatives to reduce the burden of glaucoma globally are anticipated to offer lucrative opportunities for market expansion. The multicompartment drug delivery systems is expected to witness a CAGR of 8.0% from 2017 to 2023, as these systems are ideal to sustain and deliver therapeutics to the target tissues and cells. The anti­inflammatory segment accounted for 28% of ophthalmic drugs market share in 2016, and is projected to continue its dominance throughout the forecast period.

Among distribution channel, hospital pharmacies generated the highest revenue in 2016, accounting for 31% of the total ophthalmic drugs market share, and are anticipated to continue this trend throughout the forecast period. Moreover, online pharmacies segment is expected to witness a high growth rate of 5.8%, owing to increase in trend of online ordering and easy availability of drugs.