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Ophthalmic drugs market expected to grow 5% over 5 years
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Based on a new market report published by Transparency Market Research, the global ophthalmic drugs market is expected to grow 5.2% from 2013 to 2018, reaching an estimated $21.6 billion in 2018.
The drug market is growing due to increasing diagnoses of disorders such as glaucoma, dry eye disease and retinal disease, the research company said in a press release. In addition, changing lifestyle, improved medical infrastructure, technological changes, increase in health care spending and aging population also leads to market growth, the company said. However, some challenges in the market include lack of knowledge among people regarding eye disorders, drying pipeline of ophthalmic drugs, patent expiration of blockbuster ophthalmic drugs and absence of health insurance in developing countries.
Glaucoma has the largest market share and is expected to grow about 4.2% during the next 5 years, the release said.
North America has the largest ophthalmic drugs market, and Asia is the fastest growing ophthalmic drugs market, according to Transparency. The report categorizes the global ophthalmic drugs market based on major eye disorders, drugs and geography.