MARKET OUTLOOK
Triton’s report on the ophthalmology drugs and devices market in the Middle East and Africa states that the market is anticipated to burgeon with a CAGR of 6.89% throughout the forecast duration from 2019-2027.
The UAE, South Africa, Saudi Arabia, Turkey and countries in rest of MEA together constitute the market for ophthalmology drugs and devices in the Middle East and African region.
The pharmaceutical industry was hit by a series of brand patent expirations due to numerous branded drugs going off-patent in the past. However, the present scenario is a matter of concern, as several renowned drugs are almost simultaneously joining the list of expired brand patents. The increase in the number of drugs going off-patent is expected to negatively influence the overall demand for ophthalmic drugs. The demand for drugs will increase shortly, owing to the rising prevalence of eye-related disorders and will shift to generic drugs in case of patent-off of the drugs. Such situations are likely to hamper the market growth to a great extent. The delay in drug approval and the number of drugs in the pipeline act as major concerns for the main players of the ophthalmic drugs market. Before launching any drug in the market, the drug has to go through various stages of development, after which, the manufacturer has to apply to the FDA for its approval. The process of the filing for the approval and its launch is time-consuming, which creates major concern for the market players.
COMPETITIVE OUTLOOK
The top key players in the market include Bayer, Essilor International S.A., Johnson & Johnson, Inc., Pfizer and Santen Pharmaceutical Co., Ltd.