Ophthalmology Drug and Device Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Device, Drug, and Geography

Market Snapshot

Ophthalmology Drugs and Devices Market
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The ophthalmology drug and device market is expected to witness a CAGR of 5.3% during the forecast period. Certain factors that are driving the growth of the market include demographic shift, impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and rising geriatric population.

Cataract volume registered a rapid increase in recent years. The aging population is expected to burden all areas of health care, and ophthalmologists provide approximately 90% of their procedure-based services to seniors. 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.

Many regulations are imposed by agencies, such as the FDA, to ensure the safety and efficacy of products. Due to frequent occurrences of violations, tighter regulations were enforced on the label contents. The cost of complying with FDA guidelines is expected to drive many small pharmacies out of business or force them to consolidate. For example, these regulations impose a beyond-use date of only five days for bevacizumab and other biologics. However, it takes 14 days just to test the sterility of these drugs, which means that the regulations for compounded ophthalmology drugs besides bevacizumab, such as ophthalmology mitomycin, and triamcinolone acetonide plus moxifloxacin hydrochloride injection, will become much more expensive or even unavailable.

Additionally, increasing healthcare cost and economic slowdown in developed countries are also restraining the market’s growth.

Scope of the Report

Ophthalmology is a branch of medicine that deals with the anatomy, physiology, and diseases of the eye. Ophthalmologists, who are specialists in medical and surgical eye problems, perform operations on eyes. They are specially trained to provide the full spectrum of eye care, from prescribing glasses and contact lenses to complex and delicate eye surgery. The devices include glasses, lenses, diagnostics, lasers, solutions, and surgical instruments.

Device
Surgical Device
Glaucoma Surgery Devices
Cataract Surgery Devices
Refractive Surgery Devices
Vitreoretinal Surgery Devices
Other Surgical Devices
Diagnostic and Monitoring Device
Fundus Cameras
Ophthalmoscopes
Retinoscopes
Keratometers
Wavefront Aberrometers
Tonometers
Ophthalmic Ultrasound Imaging Systems
Optical Coherence Tomography Scanners
Visual Field Analyzers
Slit Lamps
Other Diagnostic and Monitoring Devices
Vision Care
Spectacles
Contact Lens
Drug
Glaucoma Drugs
Retinal Disorder Drugs
Dry Eye Drugs
Allergic Conjunctivitis and Inflammation Drugs
Other Drugs
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Cataract Surgery Devices are Expected to Hold a Significant Market Share in the Surgical Device Type

According to the Royal College of Ophthalmologists, the United Kingdom, around 330,000 cataract operations are performed each year in England alone. It has been estimated that 30% of people aged 65 years or more have a visually impairing cataract in one or both eyes. Some populations 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 stated by the American Academy of Ophthalmology, approximately 24.5 million people in the United States have cataracts, which is the leading cause of blindness in the United States. Cataract surgery remains the most effective way to help restore vision for these people with cataracts.

Ophthalmology Drugs and Devices Market

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North America Dominates the Market and 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 dominates 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 usage rates for most types of eyewear was observed in the United States. Additionally, the government of Canada states 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%.

Ophthalmology Drugs and Devices Market

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Competitive Landscape

The ophthalmology drug and device market, which is highly competitive, consists of a number of major players. Companies, such as Alcon Inc., Bausch & Lomb Inc., Johnson & Johnson, and Carl Zeiss Meditec AG, among others, hold substantial market shares in the ophthalmology drug and device market.

Recently, various developments have been taking place in the market. For instance, in November 2017, Bausch & Lomb got Vyzulta approved for 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.

Major Players

  1. Alcon Inc.
  2. Bausch & Lomb Inc.
  3. Carl Zeiss Meditec AG
  4. Johnson & Johnson
  5. Topcon Corporation

* Complete list of players covered available in the table of contents below

Ophthalmology Drugs and Devices Market

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Demographic Shift and Impact of Prevalence of Eye Disease

      2. 4.2.2 Technological Advancements in the Field of Ophthalmology

      3. 4.2.3 Rising Geriatric Population

    3. 4.3 Market Restraints

      1. 4.3.1 Increasing Healthcare Costs

      2. 4.3.2 Economic Slowdown in Developed Markets

      3. 4.3.3 Strict FDA Guidelines for Drug Approval

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Device

      1. 5.1.1 Surgical Device

        1. 5.1.1.1 Glaucoma Surgery Devices

        2. 5.1.1.2 Cataract Surgery Devices

        3. 5.1.1.3 Refractive Surgery Devices

        4. 5.1.1.4 Vitreoretinal Surgery Devices

        5. 5.1.1.5 Other Surgical Devices

      2. 5.1.2 Diagnostic and Monitoring Device

        1. 5.1.2.1 Fundus Cameras

        2. 5.1.2.2 Ophthalmoscopes

        3. 5.1.2.3 Retinoscopes

        4. 5.1.2.4 Keratometers

        5. 5.1.2.5 Wavefront Aberrometers

        6. 5.1.2.6 Tonometers

        7. 5.1.2.7 Ophthalmic Ultrasound Imaging Systems

        8. 5.1.2.8 Optical Coherence Tomography Scanners

        9. 5.1.2.9 Visual Field Analyzers

        10. 5.1.2.10 Slit Lamps

        11. 5.1.2.11 Other Diagnostic and Monitoring Devices

      3. 5.1.3 Vision Care

        1. 5.1.3.1 Spectacles

        2. 5.1.3.2 Contact Lens

    2. 5.2 Drug

      1. 5.2.1 Glaucoma Drugs

      2. 5.2.2 Retinal Disorder Drugs

      3. 5.2.3 Dry Eye Drugs

      4. 5.2.4 Allergic Conjunctivitis and Inflammation Drugs

      5. 5.2.5 Other Drugs

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 US

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 UK

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle East & Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East & Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Alcon Inc.

      2. 6.1.2 Bausch & Lomb Inc.

      3. 6.1.3 Carl Zeiss Meditec AG

      4. 6.1.4 Essilor International SA

      5. 6.1.5 Haag-Streit Group

      6. 6.1.6 Johnson & Johnson

      7. 6.1.7 Nidek Co. Ltd

      8. 6.1.8 Topcon Corporation

      9. 6.1.9 Ziemer Ophthalmic Systems AG

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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