The global ophthalmic drugs and devices market is expected to reach USD 191.87 billion by 2030 and register a CAGR of 9.20% during the forecast period of 2022 to 2030. Conjunctivitis and dry eye syndrome are two frequent eye conditions that can be treated using Over the Counter (OTC) ophthalmic drugs and devices. However, over-the-counter medications for conjunctivitis caused by bacteria or viruses may help with symptom relief.
Artificial tears are the first over-the-counter treatment that doctors frequently advise. Deep cleaning, specialized contact lenses, and other devices are used to treat eye disorders. The factors such as a rising elderly population, rising diabetes incidences, and the rising prevalence of ocular ailments are driving the global ophthalmic drugs and devices market. Additionally, rising product launches and development are expected to create lucrative growth opportunities for the market players in the forecast period. However, the lack of knowledge about eye illnesses and the negative effects of ophthalmic medications is anticipated to restrain the market growth over the projection period.
Impact of COVID-19
The pandemic has affected the business landscape for many organizations around the world. The supply chain in the ophthalmic drugs and devices market is the key to fulfilling customer demands. As a result of the COVID-19 pandemic, several countries had imposed import and export restrictions. This also affected the healthcare industry, as many countries are dependent on other countries for raw material supply and technology. Raw materials required for manufacturing ophthalmic products such as preservatives, buffering agents, and ophthalmic active pharmaceutical ingredients faced a shortage during the first half of the pandemic. Additionally, COVID-19 significantly disrupted the eye care industry in 2020, as routine eye healthcare appointments were avoided to prevent patients from contracting the virus as well as due to fear among patients as the eye was established as one of the major routes for virus transmission. This negatively impacted the volume of prescription ophthalmic topical therapeutics. This was further impacted by travel restrictions and social distancing norms. Currently, the industry is returning to pre-COVID-19 levels due to pent-up demand and the growing need for ophthalmic therapeutic products.
There is an increasing prevalence of ophthalmic disorders such as refractive errors, dry eyes, glaucoma, eye allergies, and age-related macular degeneration globally, which is driving the market growth. According to the WHO in October 2021, at least 2.2 billion people globally suffer from vision impairment. Also, according to the American Academy of Ophthalmology (AAO), in the US alone, in the year 2019, about 12 million people aged 40 and above suffered from vision impairment, with about a million suffering from blindness. The leading causes of vision impairment are refractive errors and cataracts. Similarly, glaucoma is a leading cause of irreversible blindness globally. According to National Glaucoma Research, over 3 million Americans have glaucoma. Therefore, the increasing prevalence of ophthalmic disorders is expected to continue driving the market growth for the ophthalmic drugs and devices market.
The lack of awareness regarding eye diseases stands as a restriction to market growth for the ophthalmic drugs and devices market. The WHO in October 2021 stated that there were 2.2 billion people globally suffering from vision impairment. However, nearly half of them could have been prevented by receiving proper treatment on time. The lack of awareness is greater in the developing regions of the world. Several developing nations in the Asia-Pacific region, where a significant population is geriatric as well, suffer from low awareness of eye disorders. According to an article published in the Asia-Pacific Journal of Ophthalmology in October 2021, there is a lack of trained professionals along with a lack of awareness regarding eye disorders in Asia.
The high number of therapeutics in the pipeline signifies extensive R&D in the field and possible launches of more efficient products in the market in the future. The launch of new and improved products in the market supports the market's growth. There are several ophthalmic drugs in clinical trials that are expected to receive approval in the near future. 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. Similarly, in January 2022, Sun Pharma (India) launched Cequa, a treatment for dry eyes in Canada. Additionally, players are launching generic versions of drugs, which is expected to increase patient accessibility due to significantly lower costs.
Value Chain Analysis
The ophthalmic drugs and devices market is growing at a significant rate and is expected to continue growing at the same rate in the near future. Some major factors for growth include the growing geriatric population globally and the increasing number of patients suffering from eye disorders and diseases. The value chain analysis for the ophthalmic drugs and devices market comprises four major components that start with the research and product development (R&D), followed by the manufacturing of the products, distribution & sales, and ends with post-sales monitoring.
The global ophthalmic drugs and devices market has been divided based on product and treatment.
Based on product, the market is segmented into drugs and devices.
Global Ophthalmic Drugs and Devices Market Share (%), by Product, 2021
Ophthalmic drugs are the formulations for the treatment of eye diseases and disorders such as glaucoma, color blindness, cataract, cytomegalovirus (CMV) retinitis, diabetic macular edema, and age-related macular degeneration (AMD). It includes several types of medications, and each medication is used for a specific purpose in ophthalmic treatment. Rising awareness regarding ophthalmic diseases and increasing demand for ophthalmic drugs are some of the significant factors expected to accelerate market growth.
Ophthalmic devices are medical equipment used for diagnosis, surgery, and vision correction. These devices have gained increased importance and adoption due to the high prevalence of various ophthalmic diseases and other vision-related issues. Eyeglasses are the most common form of eyewear used to correct or improve refractive errors, and on the other hand, contact lenses are worn directly in contact with the cornea, but they float on a layer of tears that separates them from the cornea. Contact lens solutions are also known as rewetting drops. These rewetting drops are used to lubricate the eye and hydrate the contact lenses while wearing them. It also kills bacteria and keeps contact lenses safe.
Based on treatment, the global ophthalmic drugs and devices market has been segmented into eye infections, allergic conjunctivitis, dry eyes syndrome, red eyes, inflammation, and others.
Global Ophthalmic Drugs and Devices Market Share (%), by Treatment, 2021
Eye infections are a common medical issue caused by harmful microorganisms such as bacteria, viruses, and fungi. It often causes redness, irritation, tearing, and itchiness. There are different types of eye infections with causes and treatments.
Allergic conjunctivitis is a common ophthalmic disorder where the conjunctiva of the eye develops inflammation due to an allergic reaction as a result of an individual's interaction with an allergen. In addition, it is caused by allergens and irritants such as dust, pollen, and mold.
Dry eye syndrome is a condition that occurs when your tears don’t provide adequate lubrication. Prolonged exposure to digital displays, poor eyelids, chronic conjunctivitis, malnutrition, and others has resulted in increasing cases of dry eye syndrome (DES).
Red eye is a general term for red, irritated, and bloodshot eyes. It happens when blood vessels under the eye’s surface get larger or more inflamed. It often causes itching, eye discharge, eye pain, swollen eyes, or changes in vision, such as blurred vision.
Eye inflammation is a common response to infection, disorders, injury, allergies, irritation, autoimmune, or trauma to the eyelids or surrounding tissues. Uveitis is a type of eye inflammation. It occurs in one or both eyes and affects the layer of the eye called the uvea. In addition, it is also associated with other parts of the eye and lasts for an acute or chronic time period.
Others segment involves glaucoma and cataracts. Glaucoma is a chronic condition that damages the eye’s optic nerve. It is one of the most common causes of vision loss or blindness. Cataracts are clouding of the usually clear lens of the eye. It is associated with the aging process, sometimes it develops after eye inflammation, injuries, and other eye diseases.
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.
Global Ophthalmic Drugs and Devices Market Share (%), by region, 2021
The key factors, including the increasing prevalence of eye disease and the presence of a large number of market players in the region, are driving the ophthalmic drugs and device market in North America. For instance, in May 2022, Alcon announced an acquisition of EYSUVIS (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals, Inc. Alcon's Systane family of eye drops, which includes the recently launched Systane Preservative-Free formulations, will be supplemented by EYSUVIS. The acquisition will help the company to expand its portfolio in the large and fast-growing dry eye category. Additionally, the increasing prevalence rates of refractive errors and advancements in technologies are driving the market demand for ophthalmic drugs and devices in North America.
The growing geriatric population in developed countries in the region and the rising prevalence of chronic eye conditions due to high stress and unhealthy lifestyles resulting in diabetic retinopathy are boosting the ophthalmic drugs and devices market in Europe. For instance, in 2021, as per the article published by the World Health Organization (WHO), age-related macular degeneration is the foremost cause of blindness in the adult population, which is also followed by diabetic retinopathy, glaucoma, and cataract sight disorders. Similarly, according to the Royal National Institute of Blind People (RNIB), every day around 250 people are losing their sight in the UK in 2021. The increasing rate of cataract sight loss disorders posed a major impact on the ophthalmic market, resulting in rising demand for ophthalmic drugs and devices in Europe.
In the Asia-Pacific region, the rising burden of ophthalmic disorders and rising consumer awareness are the major factors fueling the ophthalmic drugs and devices market. Companies are entering into collaborations and strategic initiatives to develop and commercialize new treatment options for patients. For instance, in December 2020, NuSight Medical introduced NuLids Revitalize Eyelid Gel. NuLids Revitalize Eyelid Gel is made from natural ingredients that have been shown to soothe, hydrate, and protect ocular tissues. These aforementioned factors contribute to the growth of the ophthalmic drugs and devices market in the region.
The rest of the world accounted for the lowest market share in the ophthalmic drugs and devices market. The growing advancements in medical infrastructure and rising health insurance coverage are the major factors driving the growth of the market in the rest of the world. For instance, in June 2022, Imperial College London Diabetes Centre (ICLDC) entered into a partnership with Moorfields Eye Hospital Abu Dhabi to provide ophthalmology services for ICLDC patients in Abu Dhabi.
The global ophthalmic drugs and devices market is characterized by the presence of many global, regional, and local players. Developments in the healthcare industry, rising technological developments, and growing research and development make the market lucrative. Additionally, the increasing incidence and prevalence of eye-related disorders such as presbyopia, macular degeneration, and diabetic retinopathy among the aging population are helping the ophthalmic drugs and devices market to grow. To expand their reach and optimize their operational costs, the major players focus on obtaining regulatory authorizations from government agencies for their products and emphasize on acquisitions and product launches to gain a substantial market share. For instance, in January 2022, Alcon announced the launch of Systane complete preservative-free lubricant eye drops in Europe.
The prominent players in the global ophthalmic drugs and devices market are 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 study covers the existing short-term and long-term market effects, helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, Porter's Five Forces, Value Chain, and the impact of COVID-19 on the market.
Scope of the Report & Segmentation
Global Ophthalmic Drugs and Devices Market, by Product
Global Ophthalmic Drugs and Devices Market, by Treatment
Global Ophthalmic Drugs and Devices market, by Region
|Market Size||2030: USD 191.87 Billion|
|Historical Data||2018 to 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Treatment, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Rest of the World|
|Key Vendors||Allergan plc (Ireland), Johnson and 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)|
|Key Market Opportunities||• Increase product development and launches|
|Key Market Drivers||• Rising prevalence of ophthalmic disorders • Rising geriatric population • Growing number of diabetes cases|