Ophthalmology Drugs and Devices Market Forecasts to 2028 - Global Analysis By Drug Class, Device, Delivery Type, Application, End User and By Geography

According to Stratistics MRC, the Global Ophthalmology Drugs and Devices Market is accounted for $36.7 billion in 2022 and is expected to reach $64.1 billion by 2028 growing at a CAGR of 9.7% during the forecast period. Ophthalmology is a branch of medicine concerned with the diagnosis and treatment of eye problems. Cataract surgery, glaucoma surgery, and refractive surgery are all procedures that involve ophthalmic equipment. Ophthalmic medications are used to treat a variety of eye illnesses. The increased incidence and prevalence of eye-related illnesses are causing the market to expand significantly. People are increasingly turning to ophthalmic surgery to treat eye-related problems, due to the development of advanced ophthalmic devices.

According to the data published by the MoHFW, Government of India, glaucoma is estimated to be the second most common cause of blindness worldwide, and WHO estimated that 4.5 million people are blind due to glaucoma.

Market Dynamics:

Driver:

Rising incidence of ophthalmic diseases

The prevalence of ophthalmic disorders such as age-related macular degeneration, dry eyes, glaucoma, and eye allergies is increasing. The most common causes of visual deterioration are refractive errors and cataracts. A leading factor in incurable blindness is glaucoma. Therefore, the rising prevalence of ophthalmic disorders is likely to fuel market expansion.

Restraint:

Strict regulations

Strict FDA regulations for testing the sterility of compounded ophthalmic medications, as well as regulations for drug safety and efficacy, require a longer period. This is considered to be the major factor limiting growth. Increasing health care expenses and economic decline in several developing countries have restricted the growth of the market.

Opportunity:

Change in working lifestyle

Workplace digitization and an increase in sedentary occupations are forcing workers to spend extended hours in front of a computer screen. Computer vision syndrome has emerged as a result of an increase in incidences of dry eyes due to excessive time spent on electronic gadgets. The continuous digitalization of the workplace is projected to be a major market driving factor.

Threat:

Lack of awareness

Lack of awareness about eye problems is an obstacle to market expansion. Furthermore, roughly half of them might have been prevented if they had received effective care on time. The lack of awareness is greater in developing countries. Hence, the absence of awareness regarding eye illnesses, and eye problems are the major factors restraining the market growth.

COVID-19 Impact

Numerous firms all across the world are experiencing commercial challenges as a result of the pandemic. The ophthalmic medicines and devices market's supply chain is crucial for meeting consumer needs. The epidemic has led to import and export limitations in several nations. Since many nations rely on other nations for their technology and raw material supply, this also impacted the healthcare sector. During the first part of the pandemic, there was a shortage of the raw materials needed to make ophthalmic medications, including buffering agents, preservatives, and active ophthalmic pharmaceutical components.

The glaucoma segment is expected to be the largest during the forecast period

The glaucoma segment is estimated to have a lucrative growth, due to the increasing geriatric population. Glaucoma is one of the most common causes of vision loss or blindness. Being irreversible, the early detection and management of glaucoma are of utmost importance. With increasing ageing, the incidence of glaucoma is expected to rise shortly, driving market growth.

The gels segment is expected to have the highest CAGR during the forecast period

The gels segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increased products. They are available as viscous liquids. They enable the integration of pharmaceutical drugs to provide the desired therapeutic effect, and bioactivity at specific ocular locations is the drivers propelling segment expansion.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the presence of a large patient pool, high disease prevalence, and the emergence of local companies. Moreover, various strategic initiatives undertaken by market players are also expected to boost regional growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the presence of well-established healthcare facilities, the rise in the geriatric population. The geriatric population is increasing, and it is more susceptible to developing eye diseases, which is further anticipated to widen the base for market growth.

Key players in the market

Some of the key players profiled in the Ophthalmology Drugs and Devices Market include: Alcon Inc., Johnson and Johnson Vision, Allergan plc, Topcon Corporation, Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals Inc, Coherus Biosciences, Inc., Bayer AG, Genentech, Inc., Carl Zeiss Meditec AG, Teva Pharmaceutical Industries Ltd., Lomb Incorporated, Nidek Co., Ltd., Ziemer Ophthalmic Systems and Regeneron Pharmaceuticals.

Key Developments:

In August 2020, Topcon Corporation purchased the Henson line of perimetry products, including the Henson 9000 and 7000, from the United Kingdom based Elektron Eye Technology (EET) of Cambridge.

In March 2019, Alcon Inc. acquired Power Vision Inc., a privately held medical device development company based in the United States that specializes in fluid-based intraocular lens implants.

Drug Classes Covered:

• Allergic Conjunctivitis and Inflammation Drugs
• Glaucoma Drugs
• Dry Eye Drugs
• Retinal Disorder Drugs
• Other Drug Classes

Devices Covered:

• Diagnostic Devices
• Surgical Devices
• Vision care

Delivery Types Covered:

• Eye Solutions
• Capsules & Tablets
• Ointments
• Eye Drops
• Gels
• Other Delivery Types

Applications Covered:

• Cataract
• Refractive Disorders
• Inflammatory Diseases
• Glaucoma
• Age-Related Macular Degeneration
• Other Applications

End Users Covered:

• Diagnostic Centres
• Hospitals
• Medical Clinics
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances