The Global ophthalmic drugs market is estimated to be valued at US$ 55.52 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the ophthalmic drugs are IBM Corporation, Microsoft Corporation, Dolbey Systems, Inc., Google LLC, Apple Inc., IQVIA Holdings Inc., Inovalon, 3M, Hewlett-Packard Enterprise Company, SAS Institute Inc., NetBase Quid. The key players are investing significantly in the development of advanced AI-based platforms and tools for clinical decision support, drug discovery and precision medicine in ophthalmology.

There is growing involvement of startups in developing AI-driven digital screening tools, diagnostic algorithms and virtual clinics. This offers immense opportunities for improving access and affordability of eye care. Further, integration of AI and digital technologies can help optimize clinical trials, enabling faster development of new Ophthalmic Drugs Market Size .

The growing adoption of AI, machine learning and digital twin technology is aiding the development of virtual disease models and synthetic data for better preclinical evaluation of drug candidates. Systems like natural language processing help extract real-world data from clinical notes for improved post marketing surveillance.

Market drivers
The rising geriatric population globally as well as increasing diabetes prevalence are the key factors leading to surge in incidence and prevalence of various ophthalmic conditions. As per estimations, over 2.2 billion people worldwide are expected to be visually impaired by 2050. This widespread ocular morbidity provides a large target treatment population and drives up the demand for ophthalmic drugs. Further, increasing awareness regarding early detection and management of eye diseases also supports the market growth.

Current Challenges in Ophthalmic Drugs Market
The ophthalmic drugs market faces various challenges including rising prices of drugs due to increasing research expenditure and drug development costs. Many blockbuster drugs are going off-patent which is reducing the profit margins of companies in this market. The regulatory approval process for new drugs is quite lengthy and complex which delays the launch of new products. Adherence to treatment is another major issue as frequent instillation of eye drops is difficult for patients.

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