Europe Ophthalmology Drug and Device Market Size

Europe Ophthalmology Drug & Device Market Analysis

The European ophthalmology drug and device market is expected to register a CAGR of 5.3% over the forecast period.

COVID-19 has affected the world and has had a significant impact on the healthcare system. The COVID-19 outbreak has resulted in many changes in European healthcare practice, especially ophthalmology drugs and devices in Europe majorly impacted. The elective operations/therapies and non-emergency medical procedures had nearly halted in most medical centers, and these services witnessed a significant decline, including cataract and vitreoretinal surgeries. An article by the European Journal of Ophthalmology published in March 2021 reported that the epidemic severely struck ophthalmic surgical procedures in Italy and other European countries. The article also reported that eye surgical procedures were limited to urgent procedures and intravitreal injections in all centers due to government rules. Thus, although an overall reduction in elective, urgent, and intravitreal injection procedures was observed during the lockdown period in the European countries, however after a post-pandemic, the market witnessed significant growth as these services got resumed.

The growth of the market is driven by the factors such as the growing prevalence of eye disease, technological advancements in the field of ophthalmology, and the rising geriatric population. The growing prevalence of eye disease in Europe is driving the market. For instance, according to a study published in the European Journal of Opthalmology in March 2021, an article reported that myopia is predicted to become the most common cause of irreversible vision impairment and blindness in Europe. Similarly, as per the article published in the Journal of Glaucoma in August 2022 reported that primary open-angle glaucoma is a neurodegenerative disease highly prevalent in the European adult population, with cases expected to increase over the aging population is expected to increase in European countries. Thus, a high incidence of eye disorders is increasing the demand for medicines and related surgeries, which is expected to boost market growth over the forecast period.

The technological advancement in ophthalmic devices in Europe is also driving the market. For instance, in September 2022, BVI received the certification for its intraocular lens (IOL) portfolio under the European Medical Device Regulation (MDR, (EU) 2017/745) from its notified body, the British Standards Institution (BSI). The new regulatory criteria came into effect in May 2021, replacing the prior Medical Device Directive (MDD). Additionally, in September 2022, SIFI launched Evolux, a novel extended monofocal intraocular lens (IOL) based on a hydrophobic material and a non-diffractive profile designed to provide better intermediate vision. Evolux was developed on a patented technology platform, pioneering the extension of the depth of focus through wavefront engineering. Thus, such product development and launches in Europe are expected to drive market growth.

Thus, all factors mentioned above, such as the rising prevalence of ophthalmic diseases and technological advancement in ophthalmology devices, are expected to boost the market over the forecast period. However, the high risk associated with eye surgery and stringent regulations may restrain the market growth over the forecast period.