Global Ophthalmology Drugs & Devices Market - 2022-2029
The global ophthalmology drugs & devices market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
Ophthalmology drug and device includes all the products used by ophthalmologists to diagnose, treat, and care for the eyes.
The global ophthalmology drugs & devices market growth is driven by the increase in the geriatric population with diabetes retinopathy is projected to propel the global market. Moreover, rise in prevalence of macular degeneration and presbyopia.
Increase in the prevalence of presbyopia, macular degeneration, and diabetic retinopathy and product launches is expected to hold the largest share in this market segment
According to the WHO, the aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors. Additionally, an increase in the prevalence of presbyopia, macular degeneration, and diabetic retinopathy is a major market driver. As per the World Health Organization (WHO), in 2019, approximately 2.2 billion people were visually impaired across the world. In addition, over 39 million had vision loss, nearly 188.5 million people suffered from mild vision impairment, and over 217 million people were experiencing moderate to severe vision impairment. In many countries, cataract surgery is the most common surgical procedure performed, and it offers significant improvements in the quality of life of the elderly population at low costs. An increase in the elderly population and the high prevalence of ophthalmic disorders increases the demand for ophthalmological devices projects the future cataract surgery needs vital for human health resources, hospitals, and surgical center management and planning.
In January 2019, Kala Pharmaceuticals, Inc launched INVELTYS for the treatment of post-operative inflammation. In July 2018, Amring Pharmaceuticals, Inc launched Biolon ophthalmic viscosurgical devices in the U.S. for cataract surgeons. In August 2018, Sun Pharmaceutical Industries Ltd. received the U.S. Food and Drug Administration approval for CEQUA for the treatment of dry eyes diseases.
Lack of awareness amongst rural population and health insurance is likely to hamper the market growth
Lack of health insurance amongst population especially within the developing countries or lack of insurance covering all types of IOLs or contact lens in developed countries is a significant challenge faced by the ophthalmology industry. The other challenges include low awareness about the ophthalmic disorders, especially in developing countries. This is primarily due to the lack of awareness amongst rural population about the various ophthalmic disorders such as cataract.
COVID-19 Impact Analysis
According to a study published in May 2020 in the British Journal of Surgery, based on a particular 12-week period of disruption to hospital services due to COVID-19 in hospitals, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020. During the COVID-19 pandemic in 2020, the Carl Zeiss market devices, systems, instruments, and others for ophthalmology recorded a major decline, particularly in the spring of 2020. For instance, as per the Carl Zeiss annual report 2019-2020, around 40% of revenue declined during the second quarter (April-June 2020). Additionally, there was a revenue decline compared to 2019 revenue for 2020.
As per iCare Finland OY annual report 2020, the COVID-19 pandemic resulted in a significant decline in revenue in the first quarter of 2020. More than 580,000 planned surgeries in India might be canceled or delayed due to the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020. Globally, as the number of COVID-19 cases started decreasing, the fear of visiting hospitals and ophthalmology centers is less in people.
Hence, a slight short-term negative impact was witnessed on the market, primarily due to the reduced ophthalmological services during the outbreak of COVID-19 in 2020. However, the market growth has been improving as COVID-19 cases decline across the globe.
The glaucoma segment is expected to hold the largest share in this market segment
Globally, glaucoma is one of the most common causes of vision loss or blindness. Being irreversible, the early detection and management of glaucoma are important. With increasing aging, the incidence of glaucoma is expected to rise in the near future, which is driving the market growth. According to a research study by Leslie L. Clark et al., published in 2019, during the 5-year surveillance period (2013-2017) in the study, a total of 37,718 incident cases of glaucoma were identified in the United States. The overall incidence rate of glaucoma was 5.9 per 1,000 population. The incidence of glaucoma diagnoses among the female population was 14% higher than that of the male population. The high incidence of glaucoma is expected to drive market growth in the coming years.
Primary open-angle glaucoma is a significant public health burden in Europe, which is likely to increase the demand for devices in the near future. For instance, according to a research study by D. Kreft et al., published in BMC Public Health Journal 2019, the incidence of primary open-angle glaucoma (POAG) in the German population was 0.38 (0.36-0.39) per 100 population. Moreover, the incidence rates were higher among German women than men, i.e., 19% higher incidence for women. Thus, the high incidence of primary open-angle glaucoma (POAG) can be reduced by implementing early diagnosis procedures, boosting the market growth. As per a research article by Karen Allison published in 2020, glaucoma is a combination of vascular, genetic, anatomical, and immune factors. It poses a significant public health concern as it is the second leading cause of blindness after cataracts, and blindness is usually irreversible. Moreover, population over 60 years of age, diabetics, family members of those already diagnosed with glaucoma, steroid users with high myopia, hypertension, central cornea thickness of less than 5 mm, and eye injury are at an increased risk of glaucoma.
North America region holds the largest market share of global ophthalmology drugs & devices market
Due to well-established healthcare facilities, the rise in the geriatric population in the region, and the presence of large companies, North America is dominating the ophthalmology drug and device market. Due to the constant increase in the American elderly population and a move toward vision correction and its usage among key demographics, an absolute increase in rates for most types of eyewear was observed in the United States. The United States holds a substantial share in the ophthalmology diagnostics market in the North American region. The market is expected to grow due to the rapidly growing geriatric population and the rising prevalence of eye diseases due to high stress and unhealthy lifestyles, resulting in diseases such as diabetic retinopathy. The geriatric population is increasing, and it is more susceptible to developing eye diseases, which is further anticipated to widen the base for the market growth.
There has been an increasing incidence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy, which is anticipated to propel the market over the forecast period. As per the statistics provided by the National Eye Institute in 2019, around 1.3 million Americans were blind, and 2.9 million had low vision. An estimated 2.2 million Americans may face vision loss, and 5 million are expected to have low vision by 2030. Hence, an increase in eye disorders will lead to the growing demand for drugs and devices.
The global ophthalmology drugs & devices market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Haag-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, and Ziemer Group AG. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market. For instance, in March 2019, Alcon Inc acquired Power Vision Inc., a privately-held, United States-based medical device development company focused on creating fluid-based intraocular lens implants.
Global Ophthalmology Drugs & Devices Market - Key Companies to Watch
Overview: Topcon Corporation is a Japanese manufacturer of optical equipment for ophthalmology and surveying. It operates in three segments, the Positioning Business, Smart Infrastructure Business, and the Eye Care Business, which offers advanced solutions in the field of ophthalmology, founded in 1932.
Product Portfolio: It offers 3D OCT, Retinal Camera, Slit Lamp, Tonometer, Specular Microscope, Auto Refracto/Kerato meter, Vision Tester, Lensmeter/Analyzer, Chart Projector, Operation Microscope, Laser Photocoagulator, IMAGEnet and other products.
Key Developments: In August 2020, Topcon Corporation acquired the Henson line of perimetry products, including the Henson 9000 and 7000, from Elektron Eye Technology (EET) of Cambridge, United Kingdom.
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Global Ophthalmology Drugs & Devices Market - By Product
Other Surgical Devices
Retinal Disorder Drugs
Dry Eye Drugs
Allergic Conjunctivitis and Inflammation Drugs
Global Ophthalmology Drugs & Devices Market - By Disease
Age-Related Macular Degeneration
Global Ophthalmology Drugs & Devices Market - By Region
Middle East & Africa
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