The Global Ophthalmic Drugs Market is projected to reach $39.13 billion by 2028, from a value of $27.27 billion in 2022, by registering a CAGR of 6.2% during the forecast period. Promising investment scenario, strong developmental pipeline, and increasing disease prevalence are the major factors propelling the growth of the market. However, Patent Expiry of Blockbuster Drugs and side effects associated with the ophthalmic drugs are hampering market growth. Moreover, advancements in drug delivery, increase in geriatric population, and increase in investment in R&D activities by various healthcare companies are creating ample opportunities across the globe.
Recent Developments
In January 2022, Roche announced that the U.S. Food and Drug Administration (FDA) has approved Vabysmo™ (faricimab-svoa) for the treatment of neovascular or “wet” age-related macular degeneration (nAMD) and diabetic macular edema (DME). Neovascular AMD and DME are two leading causes of vision loss worldwide. Vabysmo targets and inhibits two disease pathways linked to a number of vision-threatening retinal conditions by neutralising angiopoietin-2 (Ang-2) and vascular endothelial growth factor-A (VEGF-A).
In March 2022, Johnson & Johnson Vision Care, Inc announced that the U.S. Food and Drug Administration (FDA) has approved ACUVUE® Theravision™ with Ketotifen (etafilcon A drug-eluting contact lens with ketotifen). Each lens contains 19 mcg ketotifen. Ketotifen is a well-established antihistamine. ACUVUE® Theravision™ with Ketotifen is the first in an entirely new category of contact lenses and brings forward a new wearing experience for contact lens wearers with allergic eye itch.
In June 2020, Novartis received label update approval from the U.S. FDA for Beovu (brolucizumab). The update included additional safety information related to retinal vascular occlusion and retinal vasculitis. This is expected to help physicians in making informed decisions on the use of Beovu.
In March 2020, Allergan plc announced that the U.S. Food and Drug Administration (FDA) has approved the company’s New Drug Application (NDA) for DURYSTA™ (bimatoprost implant) 10 mcg for intracameral administration. With this approval, DURYSTA™ becomes the first intracameral, biodegradable sustained-release implant indicated to reduce intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT).
Competitive Landscape
Abbott Healthcare, Aerie Pharmaceuticals Inc, Allergan Plc, Bausch Health Companies Inc, Bayer AG, Carl-Zeiss AG, F. Hoffmann-La Roche Ltd, Genentech, Inc, Hoya Corporation, Johnson & Johnson, Merck & Co, Novartis AG, Pfizer, Inc, Regeneron Pharmaceuticals Inc, Santen Pharmaceutical Co. Ltd, and Valeant Pharmaceuticals, Inc are some of the major players in the global Ophthalmic Drugs market.
