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Pharmaceutical ophthalmic market perspectives in India.

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DOI: 10.15713/ins.clever.7

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 Clinical and Experimental Vision and Eye Research (2018), 1, 35–37

RE VIE W AR TICLE

Pharmaceutical ophthalmic market perspectives in India

and emerging trends
Varsha Narayanan
DGM Medical Services, Lupin Ltd., Mumbai, Maharashtra, India

Key words:
Abstract
Markets, ophthalmic, pharma
Ophthalmic pharmaceutical markets are expanding and growing globally and in
India. This review article gives a glimpse of the current pharmaceutical market
globally and
compares the international ophthalmic drug markets with the scenario in India with
Address for correspondence: further insights into the relative contribution and growth from individual ophthalmic
Dr. Varsha Narayanan, DGM Medical Services,
therapy segments as well as a look at future ophthalmic drug pipeline.
Lupin Ltd., Mumbai, Maharashtra, India.
E-mail: [email protected]

Received: 11-02-2018
Accepted: 19-03-2018 doi: 10.15713/ins.clever.7

India’s Growing Presence in the

Overview of Ophthalmic Markets
Global Pharmaceutical Market
The global ophthalmology market is dominated by ophthalmic
By 2020, the global pharmaceutical market is anticipated to
devices and equipment which make up almost US$ 47 billion.
more than double to US$1.3 trillion at a 5% compound
25% of this market is contributed by surgical devices. India’s
annual growth rate (CAGR), with the E7 countries - Brazil,
China, India, Indonesia, Mexico, Russia, and Turkey current ophthalmic market is about US$ 1.3 billion expected to
accounting for around one- fifth of global pharmaceutical grow at a CAGR of 5–6.8% against a global growth of 4.06%.
sales.[1,2] India is likely to be among the top three
[5]
The largest submarkets in terms of revenue in India are
pharmaceutical markets by incremental growth and sixth cataract surgery and diagnostic equipment, followed by dry eye
largest market globally in absolute size.[3,4] In March 2018, and glaucoma, the latter two leading the ophthalmic drug
the pharmaceutical market grew at 9.5% year on year with market. In 2017, alone 7.1 million cataract procedures took
sales of Rs. 10,029 crore (US$ 1.56 billion). While India place, with revenues expected to generate more than a quarter
ranks tenth globally in terms of value, it is ranked third in of the total ophthalmic market revenues in the country.[6,7] The
volumes. Increase in the number of middle-class households, diagnostic equipment market is the second largest ophthalmic
advance in medical infrastructure, and increase in the market in India and is expected to reach nearly
penetration of health insurance in the country will play a role $257 million in 2022. The glaucoma segment is the fastest
in influencing this growth. During the period of April 2017– growing ophthalmic pharmaceutical submarket in India and is
February 2018, India exported pharmaceutical products worth expected to be a US$271.8 million market by 2022 at a
Rs. 767.17 billion (US$ 11.90 billion) with this number CAGR of approximately 11%.
expected to reach US$ 40 billion by 2020. Indian drugs are
exported to >200 countries in the world, with the US as the
key market, followed by Europe, Africa, and other Asian The Pharmaceutical Ophthalmic Market
countries. India is the world’s largest provider of generic This constitutes the ophthalmic therapeutic drug market.
medicines; the country’s generic drugs account for 70–80% Global ophthalmic drugs market size was valued at almost
of the domestic retail market and 20% of global generic drug $30 billion, in 2016, and is expected to reach $42 billion by
exports in terms of volumes.
2023, registering

Clinical and Experimental Vision and Eye Research ● Vol. 1:1 ● Jan-Jun 2018 35
Narayanan Ophthalmic pharma market
perspective
breaks up in India closely mirrors global glaucoma market
trends.
a CAGR of 5.3% from 2017 to 2023. 35% contribution
[8]
The anti-infectives and their combinations with
comes from North America partly due to increase in corticosteroids form one-fourth of the ophthalmic
geriatric population there. Ophthalmic drug’s drivers pharmaceutical market, which
globally include those used to treat glaucoma, cataract, and
retinal conditions: ARMD and diabetic retinopathy.
The retina and glaucoma market dominate the
therapeutic global ophthalmology market with almost a
20% share each, while dry eye prescription market is under
5% with a higher component of OTC sale. According to the
American Academy of Ophthalmology, 11 million people
in the U.S. suffer from age- related macular degeneration
(AMD), while approximately 10% of them have wet AMD.
Retinal disorders indication has registered significant growth
rate, (CAGR of 5.8% from 2017 to 2023) with dry AMD
segment accounting for the highest share among all the
retinal disorders in 2016.[8] There is a high prevalence of
glaucoma worldwide and rise in transition toward the
development of combination therapies for the treatment of
glaucoma. Such trends are contributing to the growth of the
global retina market. Increase in investment by market
players in emerging economies offers lucrative
opportunities for market growth in near future.[8]
Introduction of novel ocular drug delivery is currently
the
global focus. Multicompartment drug delivery systems
registered the highest CAGR of 8.0% with increase in the
development of novel ocular drug delivery approaches
including nanoparticles, noisome, and dendrimers.[8]
In India, the pharmaceutical ophthalmic market has
grown from around 1400 crores INR in 2014 to 2200 crores
INR in 2018. Currently, this market is growing at a rate of
6.4% (2018).[9] Glaucoma and tear substitutes (for dry eye)
lead the pharmaceutical market in India (Figures 1 and 2
show the relative breakup of the Indian ophthalmic drug
market subsegments and
their current growth, respectively).
By market share, the dry eye segment is the largest with
methyl cellulose-based (carboxymethyl cellulose and
hydroxypropyl methylcellulose) tear substitutes and
lubricants forming the bulk of this market along with other
polyethylene glycol and polyvinyl alcohol-based tear
substitutes. Around 3–4% contribution comes from topical
cyclosporine, around 2% from hyaluronic acid-based
lubricating drops and <1% from topical rebamipide and
Vitamin A. Branded generics constitute around two-third
of this market with overall almost 200 brands.
The glaucoma segment is the fastest growing subsegment
in the ophthalmic pharmaceutical market. Value wise more
than one- third of this market is with prostaglandin analogs,
with almost 25% of the glaucoma market value constituted by
innovator branded prostaglandin analogs. Another one-third
of the market is with fixed- dose combinations, with
brimonidine-timolol combination taking up 20% of the
overall glaucoma market value. The rest is distributed evenly
among beta-blockers, alpha-agonists, and carbonic anhydrase
inhibitors. Overall, around 45% of market is with innovator
brands, which is the highest for any ophthalmic submarket
and the rest with branded generics. The glaucoma market
Figure 1: Percentage market share of ophthalmic drug segments in
Indian market (2018)

Figure 2: Percentage growth of ophthalmic subsegments in India

consists predominantly of branded generics with a

significant prescription contribution from physicians as
well. Currently, moxifloxacin (45%), nepafenac (51%), and
olopatadine (38%) are the key player in the anti-infective,
nonsteroidal anti-inflammatory drugs, and antiallergic
ophthalmic drugs submarkets, respectively. Among the plain
steroids, loteprednol, fluorometholone, and prednisolone
constitute 90% of this relatively small submarket with
loteprednol representing the growing market. The retina
market is currently dominated by various antioxidant
combination supplements which constitute almost 90% of Future Prospects
the retina pharmaceutical submarket, with monoclonal
More than three-fourths of the ophthalmic drug market are
antibodies taking up the rest with a minor contribution from
with branded generics and this generic market will continue
formulations like silicon oil. The other small submarkets
to expand in every subsegment in sync. with expected
(1% each) include saline/salts, mydriatics, and anesthetic
growth of the overall
drops, and other herbal preparations.[9]

36 Clinical and Experimental Vision and Eye Research ● Vol. 1:1 ● Jan-Jun 2018
Ophthalmic pharma market perspective Narayanan

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