The Business Research Company’s Ophthalmology Drugs Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 20, 2020 /EINPresswire.com/ — The rise in laser surgeries, digitalization of the workplace, increasing prevalence of eye-related disorders and increasing geriatric population, growing burden of the diabetes and other comorbidities, side effects of other medication, and promising pipeline for dry eye disease will drive growth of the market as per TBRC’s ophthalmology drugs market overview.
Influencing this increased demand in the market are ophthalmology drugs market trends such as development of combination therapies for the treatment of dry eye related diseases in the dry-eye medication market. Combination therapy involves the use of more than one medication or drug to treat a disease. These combinational therapies reduce the frequency of administration of eye drops or drugs and reduce the possibility of vascular endothelial growth factor (VEGF) expression, choroidal neovascularization, and inflammation.
The global ophthalmology drugs market size is expected to decline from $24.64 billion in 2019 to $19.83 billion in 2020 at a compound annual growth rate (CAGR) of -19.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a high CAGR of 44.6% from 2021 and reach $33.27 billion in 2023. The ophthalmology drugs market report states that the market is expected to grow at a CAGR of 7.2% to nearly $38.22 billion by 2025, and at a CAGR of 7.0% to $53.69 billion by 2030.
Another trend in the market is that dry eye drug manufacturing companies are attempting to develop dry eye care products in various delivery systems to ensure improved patient compliance and usage along with profitability for the companies. Hence, there is introduction of new mode of delivery systems such as eye sprays for immediate comfort and improved patient compliance. Eye spray improves eyelid humidification, which serves as a substitute for people that may be avoiding eye drops. For instance, Candorvision unveiled the CALMO Eye Spray, the first free eye preservative spray to be sold in Canada. CALMO Eye Spray repairs and stabilizes the tear film’s lipid layer with its German liposome technology, and thus effectively solves one of the root causes of dry eye syndrome.
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