Market Dynamics:
The growth of the ophthalmic drugs market is attributed to rising incidence of eye diseases. According to the estimates by WHO, there were around 2.2 billion cases of vision impairment or blindness globally in 2020. Of these, at least 1 billion cases of vision impairment may have been avoidable. The rapid increase in geriatric population is also driving market growth. According to United Nations, the global population aged 60 years and older is projected to double from 12% to 22% between 2015 and 2050. Older population has higher risks of developing various eye diseases. In addition, technological advancements in drug delivery devices such as progressive development of dry eye prescription devices and over-the-counter drops are expected to augment the market growth during the forecast period.

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 disorders. The global market size is estimated to reach US$ 48.19 Bn in 2023. Rapid urbanization, aging population and lifestyle changes have contributed to higher rates of diabetes, hypertension and obesity which are leading risk factors for diabetic retinopathy and other vision impairing disorders.

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