Ophthalmic Disease Therapeutics Market to Worth US$ 47831.3 Mn by 2026, Rapid Development of Novel Therapeutics to Create Growth Opportunities: Fortune Business Insights
pune, India – June 14, 2019 —
The global ophthalmic disease therapeutics market is projected to reach US$ 47,831.3 Mn by 2026. This growth is attributable to increased funding by private and public organizations to conduct research and development (R&D) on ocular disorders.
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This information was published in a report, titled “Ophthalmic Disease Therapeutics Market: Global Market Analysis, Insights and Forecast, 2018-2026” which offers valuable insights into the drivers influencing growth of the market. As per the report, the global market is anticipated to report a CAGR of 6.1% during the forecast period. Furthermore, the report found that the market was valued at US$ 29,504.8 Mn in the year 2018.
• Research Scope
• Market Segmentation
• Research Methodology
• Definitions andAssumptions
Retinal Diseases Likely to Report Significant Growth Than Other Disease Indications
In terms of disease indication, the market can be segmented into dry eye disease, glaucoma, retinal disease, allergy & infections, and dry eye diseases. Of these, retinal diseases covered a major share in the global market in 2018. This is primarily attributable to the rising prevalence of diabetic disorders across the world.
According to Center for Disease Control and Prevention (CDC), the number of Americans suffering from diabetic retinopathy is anticipated to reach 14.6 Mn by 2050, as against 7.7 Mn in 2010. Researchers also found that if this disease isn’t treated on time, it can lead to permanent vision loss. Hence, ophthalmology manufacturers are expected to develop and design ophthalmic drugs, which in turn, will drive the market.
KEY COMPANIES COVERED IN THE REPORT
• Merck & Co., Inc.
• Pfizer, Inc.
• Novartis AG
• Allergan plc
• F. Hoffmann-La Roche AG
• Regeneron Pharmaceuticals, Inc.
• Santen Pharmaceutical Co., Ltd.
• Bayer AG
• Bausch & Lomb, Inc.
Asia Pacific to Create Ample Growth Opportunities by 2026
North America dominated the global ophthalmic disease therapeutics market in 2018 and was valued at US$ 12037.9 Mn. The rising prevalence of retinal disorders especially in the U.S. is the chief driver of the market in this region. As per the National Eye Institute, presently around 3 million people in the U.S. alone are suffering from glaucoma and this number is projected to reach 4.2 Mn by 2030. Also, the country witnesses recent launch of ophthalmic treatments, which is further encouraging growth in the market.
The rising disposable income among people in Asia Pacific is expected to create growth opportunities in the market. In addition to this, increasing awareness about early diagnosis of ophthalmology enables growth of the market in this region. Governments in the region are focusing on R&D investments to improve ophthalmic disease treatment. These factors are expected to augment growth in the market by 2026.
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Novartis AG Designs Marketing Portal to Increase Patient’s Awareness About Eyecare
“The extensive use of ophthalmic drugs to treat ophthalmic diseases is boosting the ophthalmic disease therapeutics market,” stated a lead analyst at Fortune Business Insights. “The market is further driven by introduction of innovative approaches for delivering ophthalmic drugs. This, in turn, is encouraging manufacturers to develop new ophthalmic therapeutics for the effective treatment of retinal diseases,” he added.
Market players are continuously focusing on R&D activities and adopting strategies to bring innovation in ophthalmology. For instance, Novartis AG launched a marketing portal called Vision Care in 2017. This portal was created to offer training for eyecare professionals, hence increasing its market penetration. Two companies called RIKEN and Santen Pharmaceuticals announced their research collaboration in 2017.
The aim of this collaboration was to develop novel ophthalmic disease treatments which include retinitis pigmentosa and age-related macular degeneration. Such initiatives are likely to stimulate growth in the market until 2026.
Development of Novel Therapies by Some Leading Players to Expand their Product Portfolio
The global ophthalmic disease therapeutics market covers some of the leading players which include Merck & Co., Inc., Novartis AG, F. Hoffmann-La Roche AG, Regeneron Pharmaceuticals Inc., Bayer AG, Allergan plc, and Pfizer, Inc. According to the report, Regeneron Pharmaceuticals, Allergan plc, and F. Hoffmann-La Roche held dominance in the global market. In 2018, therapies such as Eylea and Lucentis were developed by Regeneron Pharmaceuticals and F. Hoffmann-La Roche AG respectively. These therapies together accounted for US$5 bn in the same year. Fortune Business Insights states that such developments are expected to strengthen their global position in the market.
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Name: Ankit Dwivedi
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