PUBLISHER: Inkwood Research | PRODUCT CODE: 1395536
PUBLISHER: Inkwood Research | PRODUCT CODE: 1395536
The Canada ophthalmic drugs market growth is set to project a CAGR of 7.39% during the forecast period, 2023-2030. The market growth is accredited to a growing aging population, increasing prevalence of eye disorders, and advancements in research and development.
Canadian research institutions and pharmaceutical companies actively engage in research and development endeavors aimed at discovering and creating innovative treatments for eye diseases. There is a growing emphasis on formulating personalized and precision medicine strategies tailored to meet the unique needs of individual patients. The nation boasts a robust healthcare system that provides access to specialized eye care services. Various facilities, including eye care clinics, ophthalmic hospitals, and private practices, offer an extensive range of services, spanning routine eye examinations to advanced surgical procedures.
Within Canada, Health Canada assumes the responsibility of regulating ophthalmic drugs. Manufacturers are required to comply with Good Manufacturing Practices (GMP) and meet the safety, efficacy, and quality standards established by Health Canada. The regulatory process involves a thorough evaluation of drug submissions, encompassing both new drug submissions (NDS) and abbreviated new drug submissions (ANDS) for generic products. This ensures that ophthalmic drugs fulfill the necessary criteria before being authorized for market distribution.
Nevertheless, the Canadian ophthalmology industry encounters challenges, including the high costs associated with drug development, regulatory approval processes, and limited access to specialized care in remote areas. Tackling these challenges offers opportunities for enhanced collaboration, the implementation of cost-effective solutions, and the integration of telemedicine to enhance accessibility to eye care services.
Pfizer Inc, Bausch Health Companies Inc, and Johnson & Johnson are among the prominent companies in the market.