The ophthalmology drug and device market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing incidence of eye diseases such as presbyopia and macular degeneration.
Ophthalmology drugs and devices are widely utilized in the treatment and cure of eye diseases. The market for ophthalmology medications and devices refers to the market for devices and drugs used to treat a variety of ophthalmology disorders such as astigmatism, near-sightedness, cataract, diabetic retinopathy, glaucoma, and uveitis. OCT scanners, ophthalmology ultrasound imaging systems, fundus cameras, ophthalmoscopes, retinoscopes, and other diagnostic and monitoring equipment are among the most common ophthalmology drugs and devices.
Contact lenses, such as single-day usage contact lenses and bi-weekly usage contact lenses, and eyeglasses, such as single vision eyeglasses, bifocal eyeglasses, and progressive eyeglasses, are all part of the vision care industry. Several drugs for the treatment of ophthalmology illnesses are already available in the market, including glaucoma drugs, dry eye drugs, allergic conjunctivitis drugs, and inflammation and conjunctivitis retinal dysfunction therapy pharmaceuticals.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence of eye disease and demographic changes are projected to fuel the market during the forecast period.
- Growing elderly population is key factor propelling the market in the coming years.
- Ventilation of the ophthalmic medication pipeline is estimated to hamper the market expansion.
- Lack of awareness about disease act as major challenge that can restrict the market expansion in the coming years.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of Ophthalmology Drug and Device Market Report
The report on the ophthalmology drug and device 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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Ophthalmology Drug and Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Product (Devices and Drugs), Disease (Glaucoma, Cataract, Age-related Macular Degeneration, Inflammatory Diseases, Refractive Disorders, and Others)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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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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Topcon Corporation; Johnson & Johnson; Alcon Inc.; Bausch Health; Carl Zeiss Meditec AG
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Ophthalmology Drug and Device Market Segment Insights
The diagnostics devices segment is projected to hold a major market share
Based on product, the ophthalmology drug and device market is bifurcated into devices and drugs. The diagnostics devices segment is expected to represent a key share of the market during the forecast period owing to increasing number of patients. An ophthalmic device is a device that is used in optometry and ophthalmology to serve a medical function.
These devices vary from non-invasive diagnostic equipment and tools to invasive devices like contact lenses and implantable devices like intraocular lenses and glaucoma stents. As a result, the requirement for early diagnosis and treatment of common eye diseases like as cataracts, amblyopia, and glaucoma has risen dramatically in recent years.
The glaucoma segment is expected to grow at a rapid pace
In terms of disease, the ophthalmology drug and device market is segregated into glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and others. The glaucoma segment is expected to represent a key share of the market during the forecast period. One of the most prevalent causes of visual loss or blindness is glaucoma. The incidence of glaucoma is projected to rise in the near future as the population ages.
Glaucoma had an overall incidence rate of 5.9 per 1,000 people. The female population had a 14 % greater frequency of glaucoma diagnoses than the male.
Primary open-angle glaucoma is a major public health issue in Europe, and demand for devices is expected to rise during the forecast period.
North America is expected to dominate the market
On the basis of geography, the ophthalmology drug and device market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Growth of the market is attributed to the existence of well-established healthcare facilities, growing elderly population, and presence of major players in the region. The US is determined to have a significant proportion of the ophthalmology diagnostics market in the North American. The senior population is growing, making them more vulnerable to eye problems.
Segments
The ophthalmology drug and device market has been segmented on the basis of
Product
Disease
- Glaucoma
- Cataract Age-related Macular Degeneration
- Inflammatory Diseases
- Refractive Disorders
- Others
Geography
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the ophthalmology drug and device market include Topcon Corporation, Johnson & Johnson, Alcon Inc., Bausch Health, and Carl Zeiss Meditec AG.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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