Singapore Ophthalmic Drugs Market Insights Forecasts to 2033

• The Singapore Ophthalmic Drugs Market Size was valued at USD 270.5 Million in 2023.
• The Market is growing at a CAGR of 9.92% from 2023 to 2033
• The Singapore Ophthalmic Drugs Market Size is expected to reach USD 696.5 Million by 2033

The Singapore Ophthalmic Drugs Market is anticipated to exceed USD 696.5 Million by 2033, growing at a CAGR of 9.92% from 2023 to 2033. The increasing prevalence of eye disorders and technological advancements are driving the growth of the ophthalmic drugs market in Singapore.     

Market Overview

Ophthalmic drugs are the medications used to treat eye diseases. Different routes of drug administration such as topical, oral, intravenous, subconjunctival, periocular, and intravitreal routes are used for delivering these drugs to the specific target in the body. Depending on the nature and severity of the ailment, several medication classes, including anti-inflammatory, antiviral, antibiotic, analgesic, and anti-glaucoma medications, can be used to treat ocular illness problems. The aging population, the prevalence of eye conditions like glaucoma, cataracts, and macular degeneration, and the rise in R&D spending by various healthcare organizations are the main factors propelling the growth of the Singapore ophthalmic drug market. The growing emphasis on R&D activities for launching novel ophthalmic medications and innovative medication delivery techniques to increase patient compliance and reduce the negative effects is driving the market expansion.  

Report Coverage

This research report categorizes the market for the Singapore ophthalmic drugs market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore ophthalmic drugs market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore ophthalmic drugs market.

Driving Factors

The increasing prevalence of eye conditions like glaucoma, cataracts, and macular degeneration are driving the market demand. Technological advancements in the study of ophthalmic therapeutic products including creation, preclinical testing, and clinical evaluation are driving the market growth. Further, the rise in R&D activities for advanced therapeutic medicinal products are significantly contributing to propel the market. Additionally, strategic collaborations for the development of innovative therapies are promoting market growth. For instance, strategic collaboration between the ophthalmology contract research organization (CRO), Ora, Inc., with the Singapore Eye Research Institute (SERI), a world-renowned institution for cutting-edge eye research and ophthalmic preclinical studies are set to revolutionize the development of new ophthalmic therapies.

Restraining Factors

The high cost of ophthalmic drugs is challenging the Singapore ophthalmic drugs market. Further, the stringent regulatory requirements for the approval of novel drugs are restraining the market growth.

Market Segmentation

The Singapore Ophthalmic Drugs Market share is classified into drug class, disease, dosage form,  product type, and product.

• The anti-VEGF agents segment dominated the market with a significant market share in 2023.

The Singapore ophthalmic drugs market is segmented by drug class into anti-allergy, steroidal drugs, anti-VEGF agents, anti-glaucoma, and others. Among these, the anti-VEGF agents segment dominated the market with a significant market share in 2023. Anti-VEGF agents slow down the growth of blood vessels in the eye, thereby reducing the damage from the abnormal blood vessels and helping to improve vision. The increasing prevalence of retinal disorders and the introduction of novel drugs for ophthalmic diseases are driving the market.

• The retinal disorders segment is expected to grow at the fastest CAGR during the forecast period.

The Singapore ophthalmic drugs market is segmented by disease into dry eye, allergies, glaucoma, eye infection, retinal disorders, uveitis, and others. Among these, the retinal disorders segment is expected to grow at the fastest CAGR during the forecast period. There is an increasing prevalence of diabetes, which is driving up the number of people with retinal illnesses such as diabetic retinopathy and diabetic macular edema. The increasing prevalence of retinal disorders and the demand for effective and affordable treatment options are driving the market demand.

• The eye drops segment is anticipated to grow at a rapid pace during the forecast period.

The Singapore ophthalmic drugs market is segmented by dosage form into gels, eye solutions & suspensions, capsules & tablets, eye drops, and ointments. Among these, the eye drops segment is anticipated to grow at a rapid pace during the forecast period. Eye drops are usually saline solutions containing medications for treating various eye disorders while the non-medicated eye drops are used for lubricating the eyes or to rinse out foreign bodies. The growing initiatives for eye care are contributing to fueling the market growth.

• The prescription drugs segment dominated the Singapore ophthalmic drugs market with the largest market share in 2023.       

Based on the product type, the Singapore ophthalmic drugs market is divided into prescription drugs and OTC. Among these, the prescription drugs segment dominated the Singapore ophthalmic drugs market with the largest market share in 2023. Prescription ophthalmic drugs are taken under the supervision of a healthcare provider. These drugs frequently have more potency and may interact with specific foods or other drugs. The increasing launch of generic versions of various important drugs and R&D spending for creating drugs for rare diseases are propelling the market growth.

• The branded drugs segment dominated the market with a significant market share in 2023.

The Singapore ophthalmic drugs market is segmented by product into branded drugs and generic drugs. Among these, the branded drugs segment dominated the market with a significant market share in 2023. Branded drugs are clinically proven safe and effective, assuring that patients are receiving the best possible treatment. The marketing efforts of pharmaceutical organizations to drive awareness about ophthalmic disorders and their treatment propel the market in the branded drugs segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore ophthalmic drugs market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Nicox SA
• Coherus BioSciences Inc.
• Genetech
• Bausch Health Companies, Inc.
• Regeneron Pharmaceuticals, Inc.
• Bayer AG
• Merck & Co. Inc.
• Alcon Inc.
• Pfizer Inc.
• AbbVie Inc. (Allergan)
• Novartis AG ADR
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In May 2024, Ora, Inc., the foremost global ophthalmology contract research organization (CRO), announced a strategic, exclusive partnership with the Singapore Eye Research Institute (SERI), a world-renowned institution for cutting-edge eye research and ophthalmic preclinical studies.
• In February 2024, The Singapore Health Sciences Authority (HSA) accepted the new drug application (NDA) for AffaMed Therapeutics’ DEXTENZA (0.4 mg dexamethasone ophthalmic insert) to treat ocular inflammation and pain.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Ophthalmic Drugs Market based on the below-mentioned segments:

Singapore Ophthalmic Drugs Market, By Drug Class

• Anti-Allergy
• Steroidal Drugs
• Anti-VEGF Agents
• Anti-Glaucoma
• Others

Singapore Ophthalmic Drugs Market, By Disease

• Dry Eye
• Allergies
• Glaucoma
• Eye Infection
• Retinal Disorders
• Uveitis
• Others

Singapore Ophthalmic Drugs Market, By Dosage Form

• Gels
• Eye Solutions & Suspensions
• Capsules & Tablets
• Eye Drops
• Ointments

Singapore Ophthalmic Drugs Market, By Product Type

• Prescription Drugs
• OTC

Singapore Ophthalmic Drugs Market, By Product

• Branded Drugs
• Generic Drugs