Global Ophthalmic Suspension Market – Overview
The global Ophthalmic Suspension Market is growing with the steady pace. The global ophthalmic suspension market is expected to grow at a CAGR of ~6.8% during the forecast period 2017-2023. According to a recent study report published by the Market Research Future, The global ophthalmic suspension market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Ophthalmic suspension is a medication used for the treatment of eye redness, inflammation, irritation, and others. Generally, ophthalmic suspension preparations are prepared by considering the following properties like viscosity, tonicity, pH, sterility and others which helps the suspension to work more effectively for various eye disorders. Generally, it used in a combination of two such as antibiotics and a corticosteroid for more effective treatment. Various bacterial eye infections such as conjunctivitis are treated by ophthalmic suspension. There has been an increasing demand for new treatment methods in eye related diseases. According to the National Eye Institute, 2014, 2.9 million Americans have low vision and an estimated 5 million Americans might suffer from low vision by 2030 which will drive the market growth. Moreover, 2.1 million Americans have advanced AMD (Age-related Macular Degeneration) and is estimated to have 3.7 million by 2030.
The market is expected grow with the same trends during the forecast period. The major drivers will be increasing prevalence of eye diseases such as, glaucoma, age-related macular degeneration, diabetic retinopathy, etc. across the globe is one of the major factors contributing to the growth of this market. According to National Eye Institute, 7.7 million Americans have diabetic retinopathy and is estimated 11.3 million will have diabetic retinopathy by 2030. Increasing geriatric population which are most prone to eye disorders, and growing number of bacterial infections cases in children will also boost the growth of the market. Furthermore, according to WHO (2014), glaucoma is the second major cause of blindness in the world which will increase the market growth. On the other hand, the side-effects of ophthalmic suspension may hamper the market growth during the corresponding period.
Global Ophthalmic Suspension Market – Competitive Analysis
Novartis AG (Alcon) (Switzerland), ALLERGAN (Dublin, Republic of Ireland), Pfizer Inc. (U.S.), Merck & Co., Inc. (U.S.), Nicox S.A. Valeant (Canada), Bayer AG (Germany), and Genentech, Inc. (U.S.) are some of the prominent players at the forefront of competition in the Global Ophthalmic Suspension Market and are profiled in MRFR Analysis.
The market for ophthalmic suspension is characterised by the presence of several well-established and small players, the global market of ophthalmic suspension appears to be getting competitive in this region due to high prevalence of the eye related diseases. Global players are increasingly expanding their footprint in the emerging nations, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to increase with time during the forecast period. Well established players are entering into collaboration, partnership, expansion, and product launch in order to gain competitive edge in this market and to maintain their market position.
Companies like Valeant and Nicox got the FDA approval for their ophthalmic solution “VYZULTA” (latanoprostene Bunod Ophthalmic Solution), 0.024% which is used for indications like for the reduction of intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension.
Moreover, in April 2017, Genentech got FDA approval for its Ranibizumab Injection: Lucentis which used to cure diabetic retinopathy which is the leading cause of blindness among working age adults in the United States.
In July 2014, Alcon got an approvalfor its drug Simbrinza in the European Union to treat patients living with glaucoma. This will help company to become a strong player in the glaucoma segment of eye market.
Furthermore, in 2014, Valeant signed an agreement with Croma to distribute Croma’s ophthalmology and orthopedics products in Western Europe. Since Croma’s products are not yet available in the U.S., Valeant will need to seek regulatory approval.
This particular market is focussing on entering into various partnerships and FDA approvals as a key strategy, thereby presenting a potential opportunities for the growth of the market.