Global Ophthalmic Anesthetic Drugs Market – Industry Trends and Forecast to 2030

Ophthalmic Anesthetic Drugs Market Analysis and Size

In recent years, the market is expected to grow rapidly during the forecast period. With the rising trend of oral cancer, the use of ophthalmic anesthetic drugs are also used. The lifetime risk of developing oral cavity and oropharyngeal cancer is around 1 in 60 for men and 1 in 141 for women. According to the law, surgical operations and other medical processes can be performed on patients without causing them discomfort. Thus, this lead to the higher adoption of drugs. The development and approvals of novel local anesthesia drugs are proving to be a new revenue-generating resource for major market players.

Data Bridge Market Research analyses that the ophthalmic anesthetic drugs market, which was USD 125.25 million in 2022, would rise to USD 160.65 billion by 2030 and is expected to undergo a CAGR of 3.16% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Ophthalmic Anesthetic Drugs Market Scope and Segmentation

Market Definition

Ophthalmic anesthetics drugs are gels, eye drops, or ointments that consist of a local anesthetic and can be administered directly into the eye. Ophthalmic anesthetics restrict the transmission of pain signals from the nerve endings of the eye to the brain, numbing the eye. Furthermore, topical anesthetics reduce sodium ion penetrability, decreasing nerve impulse circulation, increasing the excitation threshold, and preventing nerve impulse creation and transmission.

Global Ophthalmic Anesthetic Drugs Market Dynamics

Drivers

• Increasing Prevalence of Ocular Disorders

A high incidence of ocular disorders is leading to market growth. The rising incidence of eye disorders such as diabetic retinopathy among the elderly, presbyopia, and macular degeneration is expected to improve the market's growth. According to the National Eye Institute, the number of people with AMD in the U.S. is anticipated to increase from 2.07 million in 2030 to 5.44 million in 2050. Furthermore, in diabetic retinopathy, the total number of cases in the U.S. is expected to reach 14.6 million by 2050. This increasing prevalence is leading to a high demand for anesthetic drugs. This factor leads to the growth of the market.

• Increasing Rate of Acquisitions

The growing rate of acquisitions is a developing trend in the anesthetics market. This is mainly because of the increasing R&D and intellectual property (I.P.) investment needed to establish companies that manufacture ophthalmic anesthetic drugs. In this regard, several acquisitions and mergers are considered a time-saving and cost-effective method. Thus, this factor help in the market growth.

Opportunities

• Growing Elderly Population

The increasing geriatric population is expected to surge the market's expansion during the 2023-2030. As per the World Health Organization (WHO), the global geriatric population, which was expected to be over 524 million in 2010, is anticipated to increase to approximately 2 billion by 2050. Geriatrics are more vulnerable to eye diseases because of their compromised immune systems, which increases the market growth rate. Thus, this factor boosts market growth.  

• Growing Demand for Anti-VEGF Drugs

The increasing demand for anti-VEGF drugs is because of their efficiency and efficacy in treating ocular disorders. The anti-VEGF drugs are usually used to treat proliferative diabetic retinopathy (PDR). Anti- VEGF medicines limit the growth of these new blood vessels. This prevents damage to the retinal light receptors and also loss of central vision. These therapeutics are very effective in preventing further central vision loss in around 90% of treated eyes. Therefore, this factor serves as a major factor that increases market growth.

Restraints/Challenges

• Side Effects of Ophthalmic Anesthetic Drugs

Several side effects are associated with anesthetic drugs that lead to market hindrance. The market growth is affected by persistent epithelial defects, stromal/ring infiltrates, superficial punctate keratitis, corneal edema, endothelial damage, and ocular inflammation. Thus, this factor impedes market growth.  

This ophthalmic anesthetic drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ophthalmic anesthetic drugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Ophthalmic Anesthetic Drugs Market Scope

The ophthalmic anesthetic drugs market is segmented on the basis of type, drugs, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Local
• General
• Topical
• Facial Block
• Retrobulbar Block
• Peribulbar Block

Drugs

• Proparacaine 0.5%
• Tetracaine Hydrochloride
• Others

End User

• Hospitals
• Specialty Clinics
• Homecare
• Others

Ophthalmic Anesthetic Drugs Market Regional Analysis/Insights

The ophthalmic anesthetic drugs market is analyzed and market size insights and trends are provided by type, drugs and end user as referenced above.

The countries covered in the ophthalmic anesthetic drugs market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific is expected to grow during the forecast period ophthalmic anesthetic drugs market because of the well-established veterinary healthcare infrastructure in the region. Also, the wide presence of top porcine production countries, such as China, and a large meat-consuming population are boosting the market growth.

North America dominates the market in the forecast because of the increasing number of research and development activities in this region. Furthermore, surging healthcare expenditure and the wide presence of major market players will further boost this region's growth rate.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The ophthalmic anesthetic drugs market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for ophthalmic anesthetic drugs market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the ophthalmic anesthetic drugs market. The data is available for historic period 2011-2021.

Competitive Landscape and Ophthalmic Anesthetic Drugs Market Share Analysis

The ophthalmic anesthetic drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ophthalmic anesthetic drugs market.

Some of the major players operating in the ophthalmic anesthetic drugs market are:

• F. Hoffmann-La Roche Ltd. (Switzerland)
• Mylan N.V. (U.S.)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Sanofi (France), Pfizer Inc. (U.S.)
• GSK plc (U.K.)
• Novartis AG (Switzerland)
• AstraZeneca (U.K.)
• Sun Pharmaceutical Industries Ltd. (India)
• Merck & Co., Inc. (U.S.)
• Cipla Inc. (U.S.)
• Aurobindo Pharma (India)
• Lupin (India)
• Abbott (U.S.)
• Bausch Health Companies Inc. (Canada)
• Alcon Vision LLC (Switzerland)
• Regeneron Pharmaceuticals Inc. (U.S.)

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