The Canada ophthalmic drugs & devices market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6.6% during 2023–2031. The growth of the market is attributed to innovations and advancements in the technologies and growing awareness about the eye-related diseases. Developing technologies of devices for the diseases is expected to drive the market.
Ophthalmology is a branch of medicine that deals with the treatment, body structure, anatomy, and diagnosis of the eye disorders. Specialist in clinical and surgical eye issues is known as ophthalmologist who carries operations on eyes. The ophthalmic devices are used in various applications such as glaucoma surgery, cataract surgery, and refractive surgery with the help of various technologies.
Ophthalmic drugs are used for the treatment of various eye diseases including cataract, eye infection, inflammatory diseases, and glaucoma, and detect various ocular malformations in the eyes.
The main cause of visual impairment in Canada is cataract, diabetic retinopathy, glaucoma, age related macular degeneration, and degenerative myopia. The prevalence of age related macular degeneration was around 18,644 in 2018 and 19,252 in 2019, according to Global Health Data Exchange. The growing prevalence is anticipated to boost the Canada ophthalmic drugs & devices market.
Market Trends, Drivers, Restraints, and Opportunities
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Technological innovation in drug delivery system is estimated to propel the market during the forecast period.
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Increasing aging population in Canada is anticipated to push the market in the coming years.
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Rapid growth of hospital infrastructure is key factor spurring the market during the forecast period.
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Increasing prevalence of diseases related to eye is major factor fueling the market in the coming years.
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Growing provenance of eye disorder is major factor boosting the market.
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Lack of awareness about diseases related eye disorders act as major challenge that can restrict the market growth.
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Lack of knowledge about health related policies and insurance act as key factor that can impede the market expansion.
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R&D investment and technological advancement and innovation are estimated to offer lucrative opportunities for the market players.
Scope of Canada Ophthalmic Drugs & Devices Market Report
The report on the Canada ophthalmic drugs & devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Ophthalmic Drugs & Devices Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Drugs [Dry Eye Drugs, Glaucoma Drugs, Allergic Conjunctivitis and Inflammation Drugs, Retinal Disorder Drugs, and Other Drugs] and Devices [Diagnostic Devices and Surgical Devices]) and Diseases (Refractive Disorders, Cataract, Inflammatory Diseases, Glaucoma, Age-related Degeneration, and Other Diseases)
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Country
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Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Carl Zeiss Meditec AG, Alcon Inc., Nidek Co. Ltd, Bausch Health Companies Inc., and Johnson & Johnson
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Canada Ophthalmic Drugs & Devices Market Segment Insights
The retinal disorder drugs and diagnostics devices segment is projected to hold a key market share
Based on product, the Canada ophthalmic drugs & devices market is divided into drugs and devices. The drugs segment is further segregated into dry eye drugs, glaucoma drugs, allergic conjunctivitis and inflammation drugs, retinal disorder drugs, and other drugs. The devices segment is further classified into diagnostic devices and surgical devices.
The retinal disorder drugs segment is expected to represent a key share of the market in the coming years owing to increasing retinal disorder diseases in the region. Availability of the retinal disorder drugs and rising sales of the drugs is projected to boost the Canada ophthalmic drugs & devices market.
On the other hand, the diagnostic devices segment is expected to constitute a key share of the market during the forecast period due to rising infectious diseases and increasing demand from the hospitals and clinics is fueling the market.
The cataract segment is projected to account for large market share
In terms of diseases, the Canada ophthalmic drugs & devices market is fragmented into refractive disorders, cataract, inflammatory diseases, glaucoma, age-related degeneration, and other diseases.
The cataract segment is expected to represent a key share of the market during the forecast period due to growing burden of eye diseases in Canada. The advanced technology, innovation of eye drops for the cataract diseases is anticipated to boost the market in the coming years. The rising covid-19 and related eye diseases is estimated to fuel the market for cataract diseases segment.
Segments
The Canada ophthalmic drugs & devices market has been segmented on the basis of
Product
- Drugs
- Dry Eye Drugs
- Glaucoma Drugs
- Allergic Conjunctivitis and Inflammation Drugs
- Retinal Disorder Drugs
- Other Drugs
- Devices
- Diagnostic Devices
- Surgical Devices
Diseases
- Refractive Disorders
- Cataract
- Inflammatory Diseases
- Glaucoma
- Age-related Degeneration
- Other Diseases
Key Players
Competitive Landscape
Key players competing in the Canada ophthalmic drugs & devices market include Carl Zeiss Meditec AG, Alcon Inc., Nidek Co. Ltd, Bausch Health Companies Inc., and Johnson & Johnson. Many key players are currently dominating the Canada ophthalmic drugs & devices market. Some of these players are focusing on several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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