Ophthalmic Drugs Market Size to Reach USD 70.07 Billion by 2033

According to latest study, the global ophthalmic drugs market size was valued at USD 41.65 billion in 2023 and is anticipated to reach around USD 70.07 billion by 2033, growing at a CAGR of 5.34% from 2024 to 2033. North America led the market with the largest revenue share of 40.13% in 2023.

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The FDA’s active surveillance of the ophthalmic drug market, including the sampling and testing of products, alongside monitoring side effects, plays a pivotal role in ensuring product safety and efficacy.

The ophthalmic drugs market is experiencing rapid growth, driven by a diverse range of medications tailored for specific ophthalmic treatments and procedures. These medications, which include sodium hyaluronate, ophthalmic purified water, codetermine, cyclosporine ophthalmic, and several others, address various conditions such as refractive errors, glaucoma, cataracts, ocular infections, inflammation, dry eye syndrome, diabetic retinopathy, diabetic macular enema, and age-related macular degeneration. Treatments range from curative to symptomatic relief, spanning from a few days to several months and encompass categories like anticholinergics, antimicrobials, anti-inflammatories, antioxidants, anti-VEGF, laser treatments, and anticancer therapies.

While these treatments can be administered orally or systemically, the local route is most effective and convenient, directly targeting affected tissues. Delivery mediums for these treatments, collectively known as Ophthalmic Drug Delivery Systems (ODDS), vary from solutions and gels to optical inserts, punctal plugs, contact lenses, intraocular implants, and wearable photoactivators, depending on the treatment’s necessity and desired effect.

• In July 2023, Harrow acquired Santen’s branded ophthalmic portfolio.
• In April 2024, Carl Zeiss Meditec AG completed its acquisition of Dutch Ophthalmic Research Center (D.O.R.C.), aiming to shape the ophthalmology market.
• In February 2024, Kiora Pharmaceuticals announces strategic partnership with Théa Open Innovation

Ophthalmic Drugs Market Key Takeaways

• North America dominated the market and accounted for a 40.13% share in 2023.
• Asia Pacific is anticipated to witness the fastest growth rate.
• Anti-VEGF agents led the market and accounted for 33.01% of the global revenue in 2023.
• Gene and cell therapy segment is anticipated to grow at the fastest growth rate over the forecast period.
• Retinal disorders led the market in 2023 and are anticipated to grow at the fastest growth rate over the forecast period.
• Infection segment is anticipated to grow at lucrative growth over the forecast period.
• Topical route of administration led the market in 2023.
• Local ocular route of administration segment is anticipated to grow at the fastest growth rate over the forecast period.
• Eye drops led the market in 2023 and are anticipated to grow at the fastest growth rate over the forecast period.
• The eye solutions & suspensions segment is anticipated to grow at lucrative growth rate over the forecast period.
• Prescription drugs led the market in 2023.
• OTC drugs are anticipated to grow at the fastest growth rate over the forecast period.
• Branded drugs dominated the market in 2023 due to the growing need for novel therapies and treatments.
• The generic drugs segment is projected to witness the fastest growth rate over the forecast period.

U.S. Ophthalmic Drugs Market Size and Growth 2024 to 2033

The U.S. ophthalmic drugs market size was valued at USD 11.89 billion in 2023 and is projected to surpass around USD 21.03 billion by 2033, registering a CAGR of 5.87% over the forecast period of 2024 to 2033.