Ophthalmic disorders are prevalent throughout the world. They affect both young and old, making this a substantial market for any company looking to expand their reach. The ophthalmic market is growing rapidly and many ophthalmic pharma companies are launching new products to cater to this sector. Given the high unmet need in this segment, there are numerous growth opportunities for manufacturers and marketers of ophthalmic drugs. To expand your business and succeed in the highly fragmented ophthalmic pharma industry, you need to have a clear strategy and execution plan. Here, we will provide an overview of the segmented ophthalmic pharmaceutical business along with insights on how you can grow your business and expand as an independent company.

What is driving the growth of the ophthalmic pharma company industry?

The ophthalmic market is around to be worth $23.3 billion by 2023 growing at a CAGR of 5.9%. Moreover, the increasing prevalence of cataract, growing geriatric population and strong demand for aesthetic surgeries are the major factors driving the growth of this market. Also, the increasing prevalence of cataract is the major factor driving the growth of the ophthalmic market. As cataract is a progressive eye disorder that affects the eyes’ ability to focus and leads to vision loss. It is also a leading cause of blindness worldwide, especially among the elderly.

As per SEER statistics, the incidence of cataract increased from 24.6 to 26.6 cases per 1000 population, and the prevalence increased from 345 to 359.5 cases per 1000 population. This is attributed to the increase in the geriatric population, increase in the average life expectancy and increased awareness and availability of treatments. Cataract surgery is a highly profitable procedure and will lead the growth of the ophthalmic market in the coming years.

The growing demand for aesthetic surgeries is another major factor driving the growth of the ophthalmic market. The ophthalmic market is a $23 billion industry with a projected growth rate of 5.9% through 2023. The expected growth in the industry is attributed to growing demand for aesthetic surgeries such as refractive surgeries, laser vision correction and others.

Ophthalmic drugs market segmentation

The segmentation of ophthalmic drugs market are on the basis of product type, distribution channel and geography.

On the basis of products, the ophthalmic drugs market can be segmented into, for example, eye drops, eye ointments, eye gels, eye sprays, eye ointment / cream, eye patches, eye lotions, eye creams, eye gel, eye wash and others. While the eye drops and eye ointments are the most commonly use ophthalmic drugs. Their growth is led by the eye ointment / cream segment.

On the basis of distribution channels, the ophthalmic drugs market can be segmented into hospitals, clinics, vision centres, ambulatory surgical centres and retail pharmacies. The majority of the ophthalmic drug’s sales are through the hospitals, clinics and vision centres. However, the ophthalmic pharma franchise companies are sure to grow at a higher CAGR.

Strategies to grow your business in the ophthalmic pharma company

As the global healthcare industry is growing, so there are many ways for businesses to grow. 

Choose the right ophthalmic product

Your first step towards growing your business in the ophthalmic pharma company is to identify the right product. Before choosing an ophthalmic product, you must understand the market trends and how your product will fit in the market.

Develop an effective marketing strategy

An effective marketing strategy will help you to promote your product in the ophthalmic pharma franchise company. You must understand your target customers, their needs and the challenges they face. Once understand the needs of your customers, create a marketing strategy that will help to address their needs. You must have marketing channels that can reach them. This helps you to promote your product and increase its sales.

Create awareness about your new product

You can create awareness about your new product by partnering with distributors, investing in digital marketing and organising exhibitions and conferences. Apart from these, you can also advertise your product in print and digital media.

Conclusion

The ophthalmic market is growing at a rapid pace. However, the increasing prevalence of cataract, growing geriatric population and strong demand for aesthetic surgeries are the major factors driving the growth of this market. But this increasing demand for ophthalmic drugs is about to open new opportunities for ophthalmic eye care pharmaceutical companies. So, with the right marketing strategy, you can expand your business and succeed in the PCD ophthalmic pharma business. You must choose the right ophthalmic product, create awareness and have an effective marketing strategy to grow your business.