Dec 28, 2020, 05:01 EST
Shibuya-ku, Tokyo, Japan, Japan, Dec 28, 2020, 05:01 /Comserve / -- Ophthalmology Drug and Device Market Outlook and Forecasts By Top Manufacturers, Production, Consumption, Trade Statistics, and Growth Analysis
The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period. Certain factors that are driving the growth of the market include demographic shift, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and rising geriatric population. The aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors.
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- In addition, an increase in the prevalence of presbyopia, macular degeneration, and diabetic retinopathy is one of the major market drivers. As per the World Health Organization (WHO), in 2019, approximately 2.2 billion people were visually impaired. 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 frequent surgical procedure performed, and it offers significant improvements in the quality of life of the elderly population at low costs. An increase in the demand for ophthalmological devices projects the future cataract surgery needs that are vital for human health resources and hospitals, and for surgical center management and planning. Other factors, such as the availability of new drugs and devices and the prevalence of eye disease, are also expected to drive the market over the forecast period.
Key Market Trends
Cataract Segment is Expected to Show Better Growth in the Forecast Years
Based on disease, the market is segmented into glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders and other diseases. According to the Royal College of Ophthalmologists, around 330,000 cataract operations are performed each year in England alone. The same source stated that around 30% of people aged 65 years or more have a visually impairing cataract in one or both eyes. Some people tend to have a much higher prevalence of cataracts. For instance, 77% of the British people, aged 42 years or older, originating from the Indian subcontinent have cataracts. There is a threefold variation in the number of people having cataract surgery across England, owing to differences in health commissioning policies.
Similarly, as per the American Academy of Ophthalmology, it is estimated that by 2050, around 50 million people in the United States are expected to suffer from cataract, which is one of the leading cause of blindness in the United States. Cataract surgery remains the most effective way to help restore vision for the people with cataracts. Hence, with the rising burden of eye disease, the market is expected to grow in the forecast period.
North America Dominates the Market and is Expected to do the Same during the Forecast Period
Due to the presence of well-established healthcare facilities, the rise in geriatric population in the region, and certain other factors, North America is dominating the ophthalmology drug and device market. Owing to the constant increase in the American elderly population, as well as a movement 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.
Additionally, the Government of Canada stated that the average revenue of the small and medium-sized enterprises, primarily engaged in retailing and fitting prescription eyeglasses, was found to be USD 565.2 thousand, in 2016, whereas the profit was around 77%-78%.
The presence of key players in this region is a key propeller for the market growth. For instance, according to an article published in BrightFocus Foundation, in 2017, more than 3 million Americans were suffering from glaucoma. Hence, these factors are expected to drive the market growth in the forecast period.
The ophthalmology drug and device market, which is significantly competitive, consists of a number of major players. Companies, such as 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, are having a well-established presence in the global market.
Several developments have been taking place in the market. For instance, in November 2017, Bausch & Lomb got Vyzulta approved for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Moreover, in November 2017, Zeiss introduced the cloud-based cataract surgery planning platform, Veracity Surgical, and announced the integration with leading EMRs.
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