Ophthalmic Drugs Market to Reach US$21.6 bn by 2018 due to High Incidence of Eye-related Disorders amongst Geriatrics
The increasing number of cases of retinal disorders has compelled ophthalmic drug companies to shift their focus towards the implementation of combination therapies, reports Transparency Market Research. Due to the lack of market fragmentation, the existing companies are initiating research and development investments regarding product innovation. The leading companies in the global ophthalmic drugs market are Novartis (Alcon), Roche, Pfizer, Santen, Allergan, and Merck. These companies accounted for close to 70% of the global ophthalmic market in 2012.
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The leading companies in the global ophthalmic drugs market are engaging in numerous mergers and acquisitions as they seek growth opportunities. The mergers and acquisitions are based on tactical business requirements, which include product portfolio expansion, business expansion, geographical expansion, and expansion of research and development channels. The growth trajectory of the ophthalmic drugs market will depend on how companies capitalize on opportunities such as the growing government initiatives for healthcare infrastructure in developing countries.
Advancement in Drug Delivery Techniques to Provide Manufacturers of Ophthalmic Drugs with Substantial Growth Opportunities
Recent studies have stated that advancements made in the technology of drug delivery techniques are likely to drive the sales of ophthalmic drugs globally. Compared to conventional drug delivery techniques, advanced techniques comprising intraocular implants and nanoscale techniques are stated to have sustained drug delivery and higher bioavailability. These modern nanoscale techniques are beneficial for the diagnosis and treatment of several eye diseases. TMR analysts state that these nanoparticle drugs carry significant growth prospects for companies as they have the potential for innovative uses such as in contact lenses, which would result in optimal bioavailability.
Healthcare Infrastructure Development Initiatives by Governments to Boost Demand for Ophthalmic Drugs
Governments of developing regions are taking initiatives towards creating awareness regarding eye disorders through the development of advanced healthcare infrastructure. For instance, the Indian Government’s initiatives, such as the National Program for Healthcare of the Elderly (NPHCE) and the National Rural Health Mission, are projected to improve the nation’s healthcare services. Similarly, initiatives taken up by governments of other developing countries are likely to boost the demand for ophthalmic drugs in the respective countries. Due to the initiatives taken up by the Brazilian government, the healthcare services in the country have improved substantially and its per capita expense for healthcare was valued at US$1,402 in 2015.
Lack of Proper Health Reimbursement Facilities to Hinder Demand for Ophthalmic Drugs in Developing Nations
Despite the promising prospects created by the proactive stance taken by governments, developing nations such as China and India lack the resources to provide primary healthcare services and health insurance to a large population due to poverty. Statistics published by the WHO stated that in 2013, out of pocket expenditure was much lower in developed countries than in developing countries. This is anticipated to hinder the demand for ophthalmic drugs in developing regions as the expenses in the use of ophthalmic drugs are not covered by reimbursement facilities.
North America is expected to dominate the global ophthalmic drugs market between 2013 and 2018 due to the rise in eye disorders among its aged population. Asia Pacific has been reported to be the fastest growing market, also owing to its large geriatric population. The global ophthalmic drugs market is expected to rise to a market value of US$2.16 bn expected by the end of 2018.
The review has been based on the findings of a TMR report titled “Ophthalmic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2018.”
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