Ophthalmology Drugs Market Report – Opportunities And Strategies – Global Forecast To 2030
The Business Research Company’s Ophthalmology Drugs Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, February 4, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
In the historic period, growth in the ophthalmology drug and devices market resulted from the aging population prone to age related eye disorders, increased number of contact lens users suffering from dry eye condition, increased funding from public and private research organizations, increased healthcare expenditure globally, increase in allergy diseases (hay fever) and increase in number of treatment options.
Going forward, 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 a promising pipeline for dry eye disease will drive growth as per the ophthalmology drugs industry overview. Factors that could hinder the growth of the ophthalmology drugs market in the future include long and costly drug approval procedures, inadequate insurance coverage of ophthalmologists’ services expiration of branded drug patents and disruption in the supply chain of ophthalmology drugs due to the impact of COVID-19.
The global ophthalmology drugs market is expected to grow from $22.03 billion in 2020 to $24.42 billion in 2021 at a compound annual growth rate (CAGR) of 10.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to TBRC’s ophthalmology industry report, the ophthalmic drugs market is expected to reach $32.64 billion in 2025 at a CAGR of 8%.
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