The US ophthalmic combination product market is set to grow at 4.1% CAGR, driven by rising glaucoma cases and demand for advanced eye therapies amidst strong healthcare infrastructure and regulatory support. The global ophthalmic combination product market is witnessing rapid growth and innovation, driven by advancements in medical technology and increasing prevalence of eye disorders worldwide Top of FormBottom of Form
NEWARK, DE / ACCESSWIRE / July 14, 2024 / The global ophthalmic combination product market value is anticipated to total USD 12.9 billion in 2024 and USD 25.9 billion by 2034. Global ophthalmic combination product demand will likely surge at a CAGR of 7.2% during the forecast period.
The devices segment dominates the industry, holding a share value of 67.2% in 2024. This is due to high-end technological development in drug delivery devices and the simplification of drug delivery by these devices.
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The future of the ophthalmic combination products industry looks bright. This is due to factors like increasing incidence of eye diseases like glaucoma and dry eye syndrome, surging demand for effective treatments, and innovation in drug delivery systems.
The utilization of combination products in ophthalmology has significantly benefited patients by simplifying drug delivery. A key factor driving growth has been the facilitation of self-dosing through drug delivery devices such as single-use prefilled syringes. These devices help reduce dosing errors and enhance compliance among patients.
The exponential growth in the development, approval, and utilization of combination products has been fueled by groundbreaking innovations in drug and biologic therapies. A recent example of this progress is the introduction of Netarsudil Mesilate/Latanoprost in Europe, representing a significant advancement in ophthalmic care.
The launch of Netarsudil Mesilate/Latanoprost underscores the increasing trend toward combination products in the pharmaceutical industry. As the demand for innovative treatment solutions continues to grow, the development and commercialization of combination products are anticipated to play a more prominent role in addressing complex medical challenges and advancing patient care.
Key Takeaways from the Market Study:
The global market is estimated to total USD 25.9 billion by 2034.
By product, the device segment is poised to advance at 5% CAGR through 2034.
By combination, the drug-device combination category will likely hold a share of 58.2% in 2024.
By indications, dry eye syndrome dominated the industry with a value share of 29.3% in 2023.
North America held a value share of 39.1% of the global industry in 2023.
Demand in China is projected to surge at 6.6% CAGR between 2024 and 2034.
"Increasing prevalence of ocular disorders and patients' need for prompt relief from these conditions are expected to drive the growth of the ophthalmic combination product industry in the forecasted period," opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Who is Winning?
The competitive landscape of the ophthalmic combination products market is multifaceted and continually evolving. Key manufacturers of ophthalmic combination products listed in the report include Alcon, Alimera Sciences, Allergan, Bausch + Lomb, Bayer, DoseLogix LLC, Eyedaptic Inc., Eyenovia Inc., MicroMedical Devices Inc., Mylan (Viatris), Novartis, Ocular Therapeutix, Inc., and Pfizer.
Leading players are focusing on new product launches and approvals to boost their sales and stay ahead of the competition. Companies are also implementing strategies like partnerships, distribution agreements, collaborations, mergers, and acquisitions to strengthen their footprint.
Industry Update:
In April 2024, Viatris Inc. introduced RYZUMVI in the United States for the treatment of pharmacologically-induced mydriasis.
Leading Ophthalmic Combination Product Brands:
Alcon
Alimera Sciences
Allergan
Bausch + Lomb
Bayer
DoseLogix LLC
Eyedaptic Inc.
Eyenovia Inc.
MicroMedical Devices Inc.
Mylan (Viatris)
Novartis
Ocular Therapeutix, Inc.
Pfizer
pSivida Corp.
Roche
Santen Pharmaceutical
Teva Pharmaceutical Industries Ltd.
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Key Segments of Market Report:
By Product:
As per product, the market has been categorized into devices and drugs. Devices are further divided into pre-filled eye drop delivery systems, sustained-release implants, micro-dosing devices, ocular inserts, intraocular drug delivery systems, punctal plugs, iontophoresis devices, and others. Drugs are also sub-segmented into beta blockers, prostaglandin analogs, antibiotics, steroids, antihistamines, anti-VEGF agents, and others.
By Combination:
When it comes to combination, the segment is categorized into drug-device combination and drug-drug combination.
By Indication:
Different indications include glaucoma, post-surgery inflammation, dry eye syndrome, allergic conjunctivitis, and diabetic retinopathy.
By Packaging:
Packaging sub-segments include single entity, co-packaged, and cross-labeled.
By Distribution Channel:
Based on distribution channel, the industry is segmented into hospital pharmacies, speciality clinics, retail pharmacies, drug stores, and others
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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