Market Research Future (MRFR) has published a cooked research report on the “Global Ophthalmic Drugs and Devices Market” that contains the information from 2022 to 2030.
The global ophthalmic drugs and devices market is expected to register a CAGR of 9.20% during the forecast period and is expected to hit USD 191.87 billion by 2030. Ophthalmic devices are medical equipment used for diagnosis, surgery, and vision correction. These devices have gained significant importance and adoption due to the high prevalence of varied ophthalmic diseases and other vision-related issues. The ophthalmic drugs are the formulations for the treatment of eye diseases and disorders such as glaucoma, color blindness, cataract, cytomegalovirus (CMV) retinitis, and age-related macular degeneration (AMD). The rising prevalence of ophthalmic disorders, growing elderly population, and the growing number of diabetes cases are the key factors fueling the growth of the global ophthalmic drugs and devices market.
According to the WHO in October 2021, at least 2.2 billion people globally suffer from vision impairment. Additionally, with increasing product innovations and new product launches, the ophthalmic drugs and devices market is expected to grow further in the coming years. However, a lack of awareness regarding eye disorders and side effects associated with ophthalmic drugs might restrain the market's growth in the forecast period. Moreover, the increasing product innovations and new product launches in the market is expected to grow further in the coming years. For instance, in February 2021, Allergan plc (Ireland) submitted an Investigational New Drug application (IND) for the first ever topical eye drop for the treatment of presbyopia.
The global ophthalmic drugs and devices market has been divided based on product and treatment.
The market, based on product, has been segmented into drugs and devices. The drugs segment is further sub-segmented into pilocarpine, micropine, provisc, diuretics, vasoconstrictors, fluocinolone, bimatoprost, and others. The devices segment, on the other hand, is sub-segmented into glasses & contact lens, optical dispenser, eye massagers, sponge devices & eye cleaner, and others.
Based on treatment, the ophthalmic drugs and devices market has been divided into eye infections, allergic conjunctivitis, dry eyes syndrome, red eyes, inflammation, and others.
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MRFR recognizes the following companies as the key players in the global ophthalmic drugs and devices market— Allergan plc (Ireland), Johnson & Johnson Vision (US), Alcon (Switzerland), Teva Pharmaceutical Industries Ltd. (Israel), Ocular Therapeutix, Inc. (US), Lomb Incorporated (Canada), Sight Sciences, Inc. (US), Mibo Medical Group (US), BioTissue (US), and NuSight Medical (US).
The global ophthalmic drugs and devices market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The North America market is further divided into the US and Canada. The Europe ophthalmic drugs and devices market has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The ophthalmic drugs and devices market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The rest of the world is further segmented into the Middle East, Africa, and Latin America.
North America is expected to dominate the ophthalmic drugs and devices market due to the increasing prevalence of eye disease coupled with the presence of key market players such as Alcon and Novartis in the region. In addition, the increasing prevalence rates of refractive errors, rise in the geriatric population, and growing technological advancements are also driving the market demand for ophthalmic drugs and devices market in North America.
Europe held a significant market share in the global ophthalmic drugs and devices market. The high prevalence of age-related macular degeneration (AMD), diabetic retinopathy, and other comorbidities are driving the ophthalmic drugs and devices market in Europe. Also, the increasing number of initiatives undertaken by various public and private organizations including product launches, mergers, acquisitions, and collaboration also contributed to the growing regional market.
Asia-Pacific is expected to be the fastest-growing market for ophthalmic drugs and devices, mainly due to the rising burden of ophthalmic disorders and rising consumer awareness. In addition, other key factors such as the growing number of cataract surgeries and rising medical tourism are further boosting the market in the Asia-Pacific region.
The ophthalmic drugs and devices market in the rest of the world is growing dramatically mainly due to growing advancements in medical infrastructure and rising health insurance coverage. Furthermore, various measures undertaken to create awareness and educate people regarding eye disorders and facilitate patients to access suitable medications and treatments for such conditions is also anticipated to generate lucrative opportunities in the region during the forecast period.
Key Findings of the Study