Ophthalmic Drugs Market Size, Share, Growth Analysis, By Product(Prescription Drugs, OTC Drug), By Drug class(Anti-allergy, Anti-inflammatory (Non-steroidal drugs, Steroidal drugs), Anti-VEGF Agents), By Disease(Dry Eye (Gels, Eye Solutions & Suspensions, Capsules & Tablets, Eye Drops), By Route of Administration(Topical, Local Ocular (Retinal Disorders, Subconjunctival, Intravitreal), By Dosage Form(Gels, Eye Solutions & Suspensions, Capsules and Tablets, Eye Drops), By Type(Branded Drugs, Generic Drugs), By Region - Industry Forecast 2024-2031

Global Ophthalmic Drugs Market size was valued at USD 30.90 Billion in 2022 and is poised to grow from USD 33.31 Billion in 2023 to USD 60.75 Billion by 2031, at a CAGR of 7.8% during the forecast period (2024- 2031). 

Increasing research and development efforts aimed at creating innovative ophthalmic drugs, coupled with strategic initiatives by key industry players, are expected to drive demand in the ophthalmic drugs market. Additionally, unmet medical needs in the field of ophthalmology are likely to contribute to market growth. According to a World Health Organization report from October 2021, approximately 2.2 billion people suffer from distance or near vision impairment disorders, with at least 1 billion of these cases being preventable through appropriate treatment. The primary cause of blindness and vision impairment is age-related, and this high prevalence places a significant financial burden on governments. For example, vision impairment resulting from myopia alone is estimated to cost USD 244 billion. Consequently, the prevalence of eye-related diseases is expected to create growth opportunities in the ophthalmic drugs market.

The COVID-19 pandemic hurt the ophthalmic drugs market. According to the Clinical Ophthalmology Journal in November 2021, an analysis of pre-pandemic and post-pandemic data revealed significant declines in visual field checkups (93.84%), clinical visits (92.52%), medication releases (19.63%), and surgical procedures (72.74%). This decline indicates a reduced treatment of glaucoma and other ophthalmic disorders. However, with the widespread availability of COVID-19 vaccines and decreasing COVID-19 cases, the market is expected to rebound.

The increase in research and development activities and investments by leading companies is projected to drive ophthalmic drugs market growth in the coming years. For example, Alcon, a leader in eye care, increased its R&D spending from USD 673 million in 2020 to USD 842 million in 2021. Alcon offers a wide range of products, including contact lenses, cataract treatments, and glaucoma products. Additionally, the presence of a robust pipeline of promising drug candidates is expected to support market growth. For instance, Nicox, a novel eye therapeutics company, is conducting phase III trials for its investigational candidate NCX 470, a novel NO-donating PG analog expected to be on the market by 2029.

Furthermore, strategic initiatives undertaken by leading companies are likely to accelerate the growth of the ophthalmic drugs market. For example, in June 2022, Novartis Pharmaceuticals Corporation announced its acquisition of Kedalion Therapeutics for its innovative AcuStream technology, strengthening its ophthalmic product portfolio. Similarly, in June 2022, Amring Pharmaceuticals Inc. received FDA approval for its preservative-free generic Timolol Maleate Ophthalmic Solution, indicated for the treatment of open-angle glaucoma and ocular hypertension.