Canada Ophthalmology Drugs & Devices Market Size

Canada Ophthalmic Drugs Devices Market Analysis

The Canadian ophthalmology drugs & devices market is expected to grow with a CAGR of 6.6% over the forecasted period.

The COVID-19 pandemic had a slightly negative effect on the market. Various research studies have been published to provide insight into the effect of the pandemic. For instance, the Canadian Council of the Blind (CCB) published a report in October 2021 that predicted the effect of COVID-19 on vision loss in Canada. According to the data, there were over three million fewer optometrist visits during the pandemic period. Additionally, 335,000 fewer eye procedures were conducted across Canada, a 47% decrease from the prior year. Additionally, the increased backlog of ocular surgery brought on by the pandemic is anticipated to take two years to clear, which is expected to increase the demand for ophthalmology drugs & devices and drive the market over the period.

The Canadian market's growth is attributed to the rising burden of a wide range of target diseases and the increasing research and development expenditure. For instance, the article published by Optometrists (OAO) in July 2021 mentioned that the number of people living with vision impairment is rising as Canada's population ages, which will have an increasing influence on the country's healthcare system and economy. The report shows that 1.2 million Canadians live with Vision impairment, 466,000 in Ontario alone. Similarly, as per the above-mentioned source, over 8 million Canadians, nearly 3.1 million in Ontario, are living with one of the four major eye diseases (age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts) and either have or are at risk of vision loss. Such a high prevalence of eye diseases is expected to raise the demand for ophthalmic drugs and devices, which drive the growth of the market.

Moreover, the increasing approvals and launches of new drug and device combination products help the patient to avoid allergic reactions due to the ophthalmic device, which are expected to drive the growth of the market. For instance, in April 2021, Johnson & Johnson Vision received Health Canada approval for ACUVUE Theravision with Ketotifen, the disposable contact lens for vision correction in patients who experience itchy allergy eyes due to allergic conjunctivitis. Hence, the new approvals and launches in the field of ophthalmology increase the widespread of products which are expected to drive the market over the forecast period. However, the higher cost of ophthalmic devices and treatment is expected to hinder market growth over the forecast period.