Ophthalmic Suspension Market Driven by Growing Demand for Safer, More Effective Formulations
The global ophthalmic suspension market is expected to exhibit a strong 6.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report profiles the leading players in the global ophthalmic suspension market to provide readers with a clear picture of the major drivers and restraints affecting the market growth over the forecast period. The global ophthalmic suspension market is also analyzed with respect to its segmentation in order to pinpoint the leading segments likely to drive the market’s progress over the coming years.
Ophthalmic suspension consists of antibiotics, corticosteroids, or a mixture of the two, and is used to treat various eye-related disorders. Ophthalmic suspensions penetrate the aqueous humor to reach the inner reaches of the eye and bring about comprehensive healing. Increasing technological development in the healthcare sector has led to the formulation of more effective and safer ophthalmic suspensions in recent years, which is likely to remain a key driver for the global ophthalmic suspension market over the forecast period. The increasing ease of formulating absolutely risk-free ophthalmic suspensions is likely to be a major driver for the global ophthalmic suspension market over the forecast period, as the eye is one of the most delicate organs in the body and is prone to infection or injury at the slightest provocation.
The growing prevalence of glaucoma, bacterial eye diseases, and diabetic eye damage is likely to be a major driver for the global ophthalmic suspension market over the forecast period. Bacterial infection is more common in children, whose undeveloped immune system can’t always handle an onslaught from pathogens. This has further driven the demand for safe ophthalmic suspensions, as children’s eyes are even more delicate than adults’ eyes. Growing prevalence of diabetes is also likely to remain a major driver for the global ophthalmic suspension market over the forecast period, as the consequences of diabetes include a worsening of the vascular structures of the body, resulting in outbreaks at the weakest spots in the system, such as the eyes. Diabetic eye damage is likely to be a growing segment within the global ophthalmic suspension market over the forecast period.
Leading players in the global ophthalmic suspension market include Novartis AG (Alcon), Pfizer Inc., Bausch Lomb Inc., Valeant, Genentech Inc., Bayer AG, Falcon Group, Merck Co. Inc., and Allergan.
In February 2019, Bausch Lomb announced that its LOTEMAX SM gel, a formulation used to ease post-operative pain and inflammation in and around the eyes, has received FDA clearance. The new product provides up to twice the penetration into the aqueous humor than the previous incarnation. New product development is likely to remain a promising avenue for players in the global ophthalmic suspension market over the forecast period.
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The global ophthalmic suspension market is segmented on the basis of type (content), application, end user, and region.
By content, the global ophthalmic suspension market is segmented into NSAIDs, steroids, antifungal medication, antibacterial medication, and antibiotics.
On the basis of application, the ophthalmic suspension market is segmented into bacterial infections, retinal disorders, glaucoma, allergies, diabetic eye disease, and others. The bacterial infection segment is further segmented into conjunctivitis, scleritis, and others. Retinal disorders are further segmented into macular degeneration, branch retinal vein occlusion, central retinal vein occlusion, congenital x-linked retinoschisis, and others. Glaucoma and bacterial infections are likely to remain the leading application segments of the global ophthalmic suspension market over the forecast period, followed by retinal disorders and diabetic eye disease.
By end use, the global ophthalmic suspension market is segmented into hospitals, eye clinics, pharmacies, and others.
North America, followed by Europe, are the leading regional segments of the global ophthalmic suspension market due to the widespread distribution of advanced ophthalmic suspension manufacturing and distribution facilities. The advanced state of the eye care sector in these developed regions is a major driver for the ophthalmic suspension market in these regions and is likely to drive growth at a steady rate over the forecast period. The increasing geriatric population in these regions is also likely to be a major driver for the ophthalmic suspension market in these regions, as the geriatric population is more prone to ocular damage and disorders than younger demographics.
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