Global Ophthalmic Drugs Market Outlook, 2031

The global ophthalmic drugs industry covers medicines used to treat eye diseases, including neovascular or wet age-related macular degeneration, diabetic macular oedema and diabetic retinopathy, retinal vein occlusion, geographic atrophy, glaucoma, dry eye disease, allergic conjunctivitis, eye infections, uveitis and other inflammatory conditions, presbyopia, myopia progression in children, thyroid eye disease and rare inherited retinal diseases. The market is led by retinal therapies injected into the eye, particularly anti-VEGF drugs such as Regeneron and Bayer's Eylea and Eylea HD, Roche's Vabysmo and Lucentis, Novartis's Beovu and low-cost off-label bevacizumab. Complement inhibitors for geographic atrophy, Apellis's Syfovre and Astellas's Izervay, created a new category in 2023. Glaucoma drugs include prostaglandin analogues, beta-blockers, carbonic anhydrase inhibitors and Rho kinase inhibitors from companies such as AbbVie's Allergan, Santen, Alcon, Bausch + Lomb, Théa, Viatris and Sun Pharma, while dry eye treatments include Restasis, Xiidra, Miebo and Vevye. Other important companies include Novartis, Harrow, Ocular Therapeutix, EyePoint, Kodiak Sciences, Opthea, Tarsus, Horizon, now part of Amgen, with Tepezza for thyroid eye disease, Spark Therapeutics with Luxturna and Neurotech with Encelto. Biosimilar developers, including Amgen, Sandoz, Samsung Bioepis, Biocon, Celltrion, Formycon and Alvotech, have entered the retinal market.

The ophthalmic market has been reshaped by competition in retinal disease and the arrival of new therapeutic categories. Roche's Vabysmo, a bispecific antibody targeting VEGF and angiopoietin-2, launched in 2022 and grew rapidly, reaching sales of CHF 4.1 billion in 2025, while Regeneron responded with high-dose Eylea HD, approved in August 2023, allowing longer intervals between injections. Biosimilar competition to Eylea began in the United States when Amgen launched Pavblu in October 2024 after winning a patent case, and Regeneron's US Eylea sales fell 42% in 2025. Settlements allowed Sandoz, Celltrion, Formycon and Alvotech with Teva to launch Eylea biosimilars in the United States from the fourth quarter of 2026, and Biocon launched Yesafili in August 2026, while European launches began in 2025 and 2026. Lucentis biosimilars have been available since 2022. Geographic atrophy, which previously had no treatment, gained Syfovre in February 2023 and Izervay in August 2023, although European regulators did not approve them. The FDA approved Neurotech's Encelto, an encapsulated cell therapy for macular telangiectasia type 2, in March 2025. Beyond the retina, new drugs have addressed dry eye, Demodex blepharitis with Xdemvy, presbyopia with pilocarpine drops and myopia control in children with low-dose atropine in several countries. Sustained-release implants and gene therapies that could reduce the burden of frequent eye injections are in late-stage development.

Market Dynamics Market Drivers • Ageing Populations and DiabetesAge-related macular degeneration, glaucoma, cataract and dry eye disease become more common with age, and ageing populations in Europe, North America, Japan and China are increasing the number of patients. Rising diabetes prevalence worldwide increases diabetic macular oedema and diabetic retinopathy. These chronic conditions often require years of treatment, including regular intravitreal injections, supporting sustained demand for ophthalmic drugs.
• Innovation in Retinal and Anterior Segment TherapiesNew therapies with longer dosing intervals, such as Vabysmo and Eylea HD, and first treatments for conditions such as geographic atrophy, macular telangiectasia type 2, Demodex blepharitis and thyroid eye disease have expanded the market. Advances in drug delivery, including port delivery systems, sustained-release implants and gene therapies, aim to reduce treatment burden. Growing attention to myopia in children and presbyopia in adults has created new consumer-oriented segments.

Market Challenges • Biosimilar Competition and Pricing PressureBiosimilars of ranibizumab and aflibercept are reducing prices for anti-VEGF therapy, with multiple Eylea biosimilars entering the United States in 2026 and Europe from 2025. Off-label bevacizumab, which costs a fraction of branded drugs, is widely used by payers and health systems as first-line therapy. Payers use step therapy and reimbursement policies to favour lower-cost products, putting pressure on branded retinal drug revenues.
• Treatment Burden and Safety ConcernsIntravitreal injections require frequent clinic visits, which many elderly patients find difficult, leading to missed treatments and vision loss. Safety concerns, including intraocular inflammation and retinal vasculitis reported with some drugs, such as Beovu and Syfovre, have affected uptake. Geographic atrophy treatments slow lesion growth but have not shown clear improvements in vision, and European regulators rejected them, limiting their global reach.

Market Trends • Longer-Acting and Sustained-Delivery TherapiesDevelopers are working to reduce the number of eye injections. High-dose aflibercept and faricimab allow intervals of up to 16 weeks or longer for some patients, and sustained-release tyrosine kinase inhibitor implants such as EyePoint's Duravyu and Ocular Therapeutix's Axpaxli are in phase 3 trials for wet AMD. Gene therapies, including AbbVie and Regenxbio's surabgene lomparvovec, aim to produce anti-VEGF proteins in the eye from a single treatment.
• Growth of Myopia, Presbyopia and Ocular Surface TreatmentsConsumer-facing eye conditions are becoming important markets. Low-dose atropine eye drops to slow myopia progression in children have been approved in several countries in Asia and Europe, driven by rising myopia rates. Pilocarpine and other drops for presbyopia offer alternatives to reading glasses. New treatments for dry eye, meibomian gland dysfunction and Demodex blepharitis are expanding the ocular surface market.



Segment Analysis Anti-VEGF and other retinal therapies account for the largest share of ophthalmic drug value, while glaucoma and dry eye drugs account for large volumes of prescriptions. Anti-VEGF agents, including aflibercept, faricimab, ranibizumab, brolucizumab and off-label bevacizumab, are the largest category of ophthalmic drugs by value, used for wet AMD, diabetic macular oedema, retinal vein occlusion and diabetic retinopathy. Faricimab, which also targets angiopoietin-2, and high-dose aflibercept have gained share by extending dosing intervals, while biosimilars of ranibizumab and aflibercept are growing. Complement inhibitors, including pegcetacoplan and avacincaptad pegol, treat geographic atrophy. Corticosteroid implants and injections, such as dexamethasone and fluocinolone implants, treat diabetic macular oedema and uveitis. Glaucoma drugs, including prostaglandin analogues such as latanoprost, bimatoprost and travoprost, beta-blockers such as timolol, carbonic anhydrase inhibitors, alpha agonists, Rho kinase inhibitors such as netarsudil and fixed combinations, are widely prescribed, mostly as generics. Dry eye drugs include cyclosporine, lifitegrast, perfluorohexyloctane, varenicline nasal spray and artificial tears. Anti-infective eye drops treat bacterial, viral and fungal infections. Anti-allergy and anti-inflammatory drops treat allergic conjunctivitis and post-surgical inflammation. Specialty treatments include teprotumumab for thyroid eye disease, voretigene neparvovec for inherited retinal disease, lotilaner for Demodex blepharitis, atropine for myopia and pilocarpine for presbyopia.

Retinal diseases, led by wet age-related macular degeneration and diabetic eye disease, represent the largest ophthalmic indications by value, while glaucoma and dry eye disease are the largest by patient numbers. Wet age-related macular degeneration is the largest ophthalmic indication by drug spending, requiring repeated intravitreal anti-VEGF injections to preserve vision, and it affects millions of older adults worldwide. Diabetic macular oedema and diabetic retinopathy are growing indications as diabetes prevalence rises, and they are treated with anti-VEGF drugs, steroids and laser. Retinal vein occlusion is another major anti-VEGF indication. Geographic atrophy, the advanced dry form of AMD, affects about five million people worldwide and gained its first treatments in 2023. Glaucoma, which affects more than 70 million people globally, is a leading cause of irreversible blindness and is treated with lifelong eye drops, laser or surgery. Dry eye disease affects a large share of adults, especially older people, women and screen users, and is treated with prescription and over-the-counter products. Allergic conjunctivitis is common and seasonal. Uveitis and other ocular inflammation require steroids and immunosuppressants. Eye infections, including conjunctivitis, keratitis and endophthalmitis, are treated with anti-infective drops. Myopia affects a growing share of children, particularly in East Asia, and presbyopia affects almost everyone over 45. Thyroid eye disease, inherited retinal diseases and macular telangiectasia are smaller, high-value indications.

Intravitreal injections account for the largest share of ophthalmic drug value, while topical eye drops account for the largest number of prescriptions. Intravitreal injections, given by ophthalmologists directly into the eye, are the route for anti-VEGF drugs, complement inhibitors and some steroid treatments, and they account for the largest share of ophthalmic drug value. Injection frequency ranges from monthly to every four months or longer, depending on the drug and patient. Topical eye drops are the most common route overall, used for glaucoma, dry eye, allergies, infections, inflammation, presbyopia and myopia control, and preservative-free formulations have grown to reduce irritation. Ophthalmic ointments and gels are used for infections and dry eye. Intravitreal implants provide sustained release of steroids for months or years, and new sustained-release implants for wet AMD are in development. The port delivery system, a refillable implant for ranibizumab, has been used in the United States. Subretinal and suprachoroidal injections are used for gene therapies, such as voretigene neparvovec, and some steroids. Intravenous infusion is used for teprotumumab in thyroid eye disease. Oral medications, including carbonic anhydrase inhibitors and immunosuppressants, are used in some cases. Nasal sprays, such as varenicline for dry eye, offer a new route for ocular surface disease.

Hospital and ophthalmology clinic channels dominate distribution of high-value retinal drugs, while retail and online pharmacies dispense most eye drops and over-the-counter ophthalmic products. Ophthalmology clinics, retina practices and hospital eye departments purchase and administer intravitreal injections, and in the United States these drugs are mostly bought by physicians and reimbursed under Medicare Part B, making clinic purchasing and reimbursement central to the retinal market. Hospital pharmacies supply drugs for eye surgery, severe infections and inflammation. Retail pharmacies dispense prescription eye drops for glaucoma, dry eye, allergies and infections, and they are the main channel by prescription volume. Over-the-counter sales through pharmacies, supermarkets and online retailers are important for artificial tears, allergy drops and eye care products, supplied by companies such as Bausch + Lomb, Alcon, Johnson & Johnson Vision and Santen. Online pharmacies and telehealth services have grown for dry eye, allergies and presbyopia treatments. Specialty pharmacies distribute some high-cost ophthalmic drugs, including teprotumumab and gene therapies. Compounding pharmacies supply repackaged bevacizumab for intravitreal use and customised eye drops, including low-dose atropine in markets where approved products are unavailable. Government procurement and national formularies influence access in Europe and Asia.

Regional Analysis North America leads the ophthalmic drugs market because of high spending on branded retinal therapies, early approval of new treatments for geographic atrophy and other conditions, and strong reimbursement for intravitreal injections, while Asia-Pacific is the fastest-growing region. North America, led by the United States, accounts for the largest share of ophthalmic drug revenue. The United States is the leading market for Eylea, Eylea HD, Vabysmo and geographic atrophy treatments, with retina specialists administering millions of injections each year under Medicare Part B. The market is changing rapidly as Amgen's Pavblu, launched in October 2024, and further Eylea biosimilars from Biocon, Sandoz, Celltrion, Formycon and Alvotech with Teva enter during 2026, while Eylea HD and Vabysmo remain protected. The FDA approved Syfovre, Izervay, Encelto, Xdemvy and several dry eye drugs between 2023 and 2025, making the United States the first market for many new ophthalmic products. Europe is the second largest market, with strong use of anti-VEGF therapies, faster biosimilar adoption supported by tenders, and more restrictive regulatory decisions, including the rejection of geographic atrophy treatments. Eylea biosimilars began launching in Europe in 2025 and 2026. Asia-Pacific is the fastest-growing region, driven by ageing populations in Japan and China, high diabetes prevalence in China and India, and very high rates of childhood myopia in China, South Korea, Taiwan, Singapore and Japan, where low-dose atropine products have been approved. Japan's Santen is a leading ophthalmic company, and China has a growing domestic ophthalmic industry. India relies mainly on generics and biosimilars, including local ranibizumab biosimilars. Latin America, the Middle East and Africa have large unmet needs in cataract, glaucoma and diabetic eye disease, with access to anti-VEGF therapy limited by cost and specialist availability.

Key Developments August 2026: Biocon began US sales of its interchangeable aflibercept biosimilar Yesafili, adding to growing competition for Eylea following patent settlements with Regeneron.
September 2025: Regeneron and Sandoz settled their patent dispute, allowing Sandoz to launch its Eylea biosimilar Enzeevu in the United States in the fourth quarter of 2026 or earlier in certain circumstances.
March 2025: Neurotech's revakinagene taroretcel, an encapsulated cell therapy implanted in the eye, became the first approved treatment for macular telangiectasia type 2.
October 2024: Amgen launched its aflibercept biosimilar Pavblu in the United States after a court declined to block its launch, beginning biosimilar competition for Eylea.
August 2023: Astellas's Izervay became the second treatment for geographic atrophy, and Regeneron's high-dose Eylea HD was approved for wet AMD and diabetic eye disease with longer dosing intervals.
February 2023: Apellis's pegcetacoplan became the first approved treatment for geographic atrophy secondary to age-related macular degeneration.

Considered in this report
• Historic Year: 2020
• Base Year: 2025
• Estimated Year: 2026
• Forecast Year: 2031

Aspects covered in this report
• Global Ophthalmic Drugs Market with its value and forecast along with its segments
• Various drivers and challenges
• Ongoing trends and developments
• Top profiled companies
• Strategic recommendation

By Drug Class
• Anti-VEGF Agents
• Complement Inhibitors
• Glaucoma Drugs
• Dry Eye Drugs
• Anti-Infectives
• Anti-Inflammatory and Anti-Allergy Drugs
• Other Specialty Ophthalmic Drugs

By Indication
• Wet Age-Related Macular Degeneration
• Diabetic Macular Oedema and Retinopathy
• Geographic Atrophy
• Glaucoma
• Dry Eye Disease
• Allergic Conjunctivitis
• Myopia and Presbyopia

By Route of Administration
• Intravitreal Injection
• Topical Eye Drops
• Implants
• Other

By Distribution Channel
• Hospitals and Ophthalmology Clinics
• Retail Pharmacies
• Over-the-Counter Channels
• Online Pharmacies
• Specialty Pharmacies