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The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period.
The COVID-19 pandemic is likely to have a slightly negative effect on the market. In the initial days of the pandemic, several countries were in lockdown. They suspended trade with other countries and implemented travel restrictions, leading to the decline in eye diagnosis in the first half of 2020. Although SARS, COVID-19, and MERS are considered respiratory diseases due to the symptoms and resulting pneumonia, the involvement of the eye is often overlooked. SARS-CoV2 can spread from tears of a patient with COVID-19 that had conjunctivitis and conversely, the lack of detection in COVID-19 patients without ocular symptoms. The nasolacrimal duct can provide direct entry of tears into the nasopharynx that runs continuously with the respiratory tract and thus there is a chance of infection. WHO’s precautionary measures to avoid contact with the eye to reduce transmission are reasonable. This is the reason why ophthalmologists might be more at risk of getting infected as the proximity to patients during the examination, predisposing them to droplet transmission, and the unavoidable physical contact they have with patients’ eyes can result in susceptibility through direct contact. Hence, as cautionary measure, many ophthalmologists have temporarily closed their practices. In some cases, special isolated temporary clinics have been opened to administer the critical cases amongst the patients
According to a study that was published in in May 2020 in the British Journal of Surgery, based on a particular 12-week period of disruption to hospital services due to COVID-19 in hospitals, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020. During the COVID-19 pandemic in 2020, Carl Zeiss's market devices, systems, instruments, and others for ophthalmology recorded a major decline, particularly in the spring of 2020. For instance, as per the Carl Zeiss annual report 2019-2020, it stated that around 40% of revenue declined during the second Quarter (April-June 2020). Additionally, there was a revenue decline compared to 2019 revenue for the year 2020.
In addition, as per iCare Finland OY annual report 2020, stated that COVID-19 pandemic resulted in significant decline in revenue in the first quarter of the 2020. In addition, more than 580,000 planned surgeries in India might be canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020. Globally, as number of COVID-19 cases started decreasing, the fear of visiting hospitals and ophthalmology centers is less in people.
Hence, a slight short-term negative impact was witnessed on the market, primarily due to the reduced ophthalmological services during the outbreak of COVID-19 in 2020. However, the market growth has been improving as COVID-19 cases getting decline across the globe.
Certain factors that are driving the growth of the market include the impact of the prevalence of eye disease, demographic shift, technological advancements in the field of ophthalmology, and the rising geriatric population. The aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors according to the WHO. Additionaly, an increase in the prevalence of presbyopia, macular degeneration, and diabetic retinopathy are some of the major market drivers. As per the World Health Organization (WHO), in 2019, approximately 2.2 billion people were visually impaired across the world. Additionally, over 39 million had vision loss, nearly 188.5 million people suffered from mild vision impairment, and over 217 million people were experiencing moderate to severe vision impairment. In many countries, cataract surgery is the most common surgical procedure performed, and it offers significant improvements in the quality of life of the elderly population at low costs. An increase in the elderly population and the high prevalence of ophthalmic disorders increases 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 devices and new drugs and and the growing incidence of eye disease, are also expected to drive the market over the forecast period.
Scope of the Report
Ophthalmology drug and device includes all the products that are used by ophthalmologists to diagnose, treat and care for the eyes.
The Ophthalmology Drug and Device Market are segmented by product (devices and drugs), disease (glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and other diseases), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The Ophthalmology Drug and Device offers the value (in USD million) for the above segments.
|Age-Related Macular Degeneration|
Key Market Trends
Glaucoma Segment is Expected to Show Better Growth in the Forecast Years
Globally, glaucoma is one of the most common causes of vision loss or blindness. Being irreversible, the early detection and management of glaucoma are of utmost importance. With increasing aging, the incidence of glaucoma is expected to rise in the near future which is driving the market growth. According to a research study by Leslie L. Clark et al., published in 2019, during the 5-year surveillance period (2013-2017) in the study, a total of 37,718 incident cases of glaucoma were identified in the United States. The overall incidence rate of glaucoma was 5.9 per 1,000 population. The incidence of glaucoma diagnoses among the female population was 14% higher than that of the male population. With the high incidence of glaucoma, it is expected to drive market growth in the coming years.
Primary open-angle glaucoma is a significant public health burden in Europe that is likely to increase demand for devices in near future. For instance, according to a research study by D. Kreft et al., published in BMC Public Health Journal 2019, the incidence of primary open-angle glaucoma (POAG) in the German population was found to be 0.38 (0.36–0.39) per 100 population. Moreover, the incidence rates were higher among German women compared to men i.e 19% higher incidence for women. Thus, high incidence of primary open -angle glaucoma (POAG) can be reduced by implementing early diagnosis procedures which will boost the market growth. As per research article by Karen Allison published in 2020, stated that, glaucoma is a combination of vascular, genetic, anatomical, and immune factors. It poses a significant public health concern as it is the second leading cause of blindness after cataracts, and blindness is usually irreversible. Moreover, population over 60 years of age, diabetics, family members of those already diagnosed with glaucoma, steroid users, with high myopia, hypertension, central cornea thickness of less than 5 mm, and eye injury are at an increased risk of glaucoma.
According to a research study by Gabriela Thomassiny et al., that was published in ARVO Journal 2020, Glaucoma remains as one of the leading cause of blindness in Latin America. Latin Americans have a significantly higher risk to develop glaucoma. In the region, around 75% of the affected population are undiagnosed. In the region, Mexico is the second most populated country . The study results found that in Mexico, by the year 2030, the number of people with glaucoma was projected to reach 2.5 million, while increasing to 3 million by 2040, and to 3.4 million by 2050, respectively. The increasing number of geriatric population is also expected to increase the number of glaucoma patients as the disorder primarily affects
Thus, the high incidence of glaucoma is expected to raise demand for drugs and devices and is expected to show significant growth over the forecast period
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North America Dominates the Market and is 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 the presence of large companies, North America is dominating the ophthalmology drug and device market. Due to the constant increase in the American elderly population, as well as a move towards vision correction and its usage among key demographics, an absolute increase in rates for most types of eyewear was observed in the United States. In the North American region, United States is found to hold a substantial share in the ophthalmology diagnostics market. The market is expected to grow due to the rapidly growing geriatric population and the rising prevalence of eye diseases as a consequence of high stress and unhealthy lifestyles, which can result in diseases such as diabetic retinopathy. The geriatric population is increasing and is more susceptible to developing eye diseases. This is further anticipated to widen the base for the market growth.
There has been a rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy that is anticipated to propel the market over the forecast period. As per the statistics provided by the National Eye Institute in 2019, around 1.3 million Americans were blind and 2.9 million have low vision. An estimated 2.2 million Americans may face vision loss, and 5 million were expected to have low vision by 2030. Hence, an increase in eye disorders will lead to growing demand for drugs and devices devices.
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The ophthalmology drug and device market is moderately competitive and consists of a number of major players. Companies, such as Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Haag-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, and Ziemer Group AG, are having a well-established presence in the global market.
Several developments have been taking place in the market. For instance, in March 2019, Alcon, Inc., acquired Power Vision, Inc., a privately-held, United States-based medical device development company focused on creating fluid-based intraocular lens implants.
- In August 2020, Topcon Corporation acquired the Henson line of perimetry products, including the Henson 9000 and 7000, from Elektron Eye Technology (EET) of Cambridge, United Kingdom.
- In January 2020, iCare announced that its iCare IC200 tonometer device was cleared by the FDA, the Food and Drug Administration of the United States.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demographic Shift and Impact of Prevalence of Eye Disease
4.2.2 Technological Advancements in the Field of Ophthalmology
4.3 Market Restraints
4.3.1 Higher Cost of the Ophthalmic Devices and Treatment
4.3.2 Strict FDA Guidelines for Drug Approval
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
188.8.131.52 Surgical Devices
184.108.40.206.1 Intraocular Lenses
220.127.116.11.2 Ophthalmic Lasers
18.104.22.168.3 Other Surgical Devices
22.214.171.124 Diagnostic Devices
126.96.36.199 Glaucoma Drugs
188.8.131.52 Retinal Disorder Drugs
184.108.40.206 Dry Eye Drugs
220.127.116.11 Allergic Conjunctivitis and Inflammation Drugs
18.104.22.168 Other Drugs
5.2 By Disease
5.2.3 Age-Related Macular Degeneration
5.2.4 Inflammatory Diseases
5.2.5 Refractive Disorders
5.2.6 Other Diseases
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.3.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Alcon Inc.
6.1.2 Bausch Health Companies Inc.
6.1.3 Carl Zeiss Meditec AG
6.1.4 Essilor International SA
6.1.5 Haag-Streit Group
6.1.6 Johnson & Johnson
6.1.7 Nidek Co. Ltd
6.1.8 Topcon Corporation
6.1.9 NIDEK Co., Ltd.
6.1.10 Lumenis Ltd
6.1.11 Ziemer Ophthalmic Systems AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Ophthalmology Drug and Device Market market is studied from 2021 - 2026.
What is the growth rate of Global Ophthalmology Drug and Device Market?
The Global Ophthalmology Drug and Device Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Global Ophthalmology Drug and Device Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Ophthalmology Drug and Device Market?
North America holds highest share in 2020.
Who are the key players in Global Ophthalmology Drug and Device Market?
- Alcon Inc.
- Bausch Health Companies Inc.
- Carl Zeiss Meditec AG
- Johnson & Johnson
- Topcon Corporation
Are the major companies operating in Global Ophthalmology Drug and Device Market.