The Ophthalmic Drugs Market is estimated to be valued at US$ 48.19 Bn in 2023 and is expected to exhibit a CAGR of 5.64% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ophthalmic drugs are medications used to treat eye diseases and disorders. These include medications for dry eyes, glaucoma, infection, inflammation, retinal disorders and allergies. Growing geriatric population susceptible to age-related eye disorders and increasing prevalence of lifestyle diseases such as diabetes which can damage the eyes are major factors driving the need for ophthalmic drugs.
Market key trends:
The ophthalmic drugs market is expected to witness high growth owing to increasing prevalence of eye diseases. As per recent data, nearly 2.2 billion people suffer from vision impairment or blindness globally. Growing number of people affected with myopia, hypermetropia and presbyopia is also contributing to the increasing demand for ophthalmic medications. Manufacturers are focusing on development of combination drug therapies and long-acting drug delivery formulations such as ocular inserts, intravitreal implants to improve treatment outcomes. This is expected to boost the ophthalmic drugs market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the ophthalmic drugs market is expected to be moderate over the forecast period as the market requires extensive research and development and high capital investments.
Bargaining power of buyers: The bargaining power of buyers in the ophthalmic drugs market is expected to be moderate as the leading brands have a strong global presence and buyers have limited options.
Bargaining power of suppliers: Companies engaged in active pharmaceutical ingredients and contract manufacturing organizations have some bargaining power over prices in the market.
Threat of new substitutes: Development of new drug delivery technologies act as substitutes but require huge investments.
Competitive rivalry: High among major brands.
SWOT Analysis
Strengths: Strong R&D pipelines and new product launches. Greater focus on developing innovative treatments.
Weaknesses: Heavy dependence on few major drugs and therapeutic areas. Patent expiration of blockbuster drugs.
Opportunities: Rising prevalence of eye disorders globally. Increasing healthcare expenditure in emerging nations.
Threats: Stringent regulations for drug approval. Price control policies in some countries. Emergence of generic drugs.
Key Takeaways
The Global Ophthalmic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing prevalence of eye diseases and growing elderly population. The market size for 2023 is US$ 48.19 Bn.
Regionally, North America leads with the largest share owing to high healthcare spending. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rapidly developing economies, growing medical tourism, and increasing disposable incomes.
Key players operating in the ophthalmic drugs market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Major brands are focused on new product launches and portfolio expansion through M&A activities to strengthen their market position.
Read More: https://www.rapidwebwire.com/ophthalmic-drugs-market-demand-growth-and-regional-outlook-by-2030/
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Urolithiasis is referred to as kidney stone and is a condition that is characterized by presence of a calculi or a solid piece material in the urinary tract of an individual.
These solid mass commonly known as kidney stone is typically formed in the renal area that is eliminated from the body through the urine stream.The stones that are smaller in size may pass off the body without any symptoms, however, lumps larger than 5 millimeters in size can lead to blockage of the ureter that may cause severe pain in the abdominal area and lower back.
This may result in symptoms that includes pain during urination, vomiting or blood in the urine.
Urolithiasis is caused due to combination of environmental and genetic factors.
It can also be caused due various factors such as obesity, hyperparathyroidism, and high urine calcium levels.Get Exclusive Sample Report @ https://dataintelo.com/request-sample/?reportId=506Rising incidence of chronic kidney diseases is one of the major factors responsible for growth of global urolithiasis management devices market.
Moreover, growth of the urolithiasis management devices market can also be attributed to rising adoption of percutaneous nephrolithotomy (PCNL).Read More @ https://www.marketwatch.com/press-release/urolithiasis-management-devices-market-swot-analysis-cagr-future-insights-growth-by-2026-2019-12-20
