Market Size of Ophthalmology Drug and Device Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ophthalmology Drug & Device Market Analysis
The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period.
The COVID-19 pandemic had a significant impact on the market initially as several countries were in lockdown, and trades were suspended with other countries with travel restrictions, leading to a decline in eye diagnoses. As a cautionary measure, many ophthalmologists temporarily closed their practices during the pandemic. According to an article published by the Indian Journal of Ophthalmology in December 2021, a survey was conducted among the All India Ophthalmological Society (AIOS) members, which stated that COVID-19 had adversely affected ophthalmic care services across the whole of India. As the number of COVID-19 cases has decreased significantly, the market has recovered and started to gain traction. Hence, the market is expected to have stable growth during the forecast period of the study.
Certain factors driving the market's growth include the impact of the prevalence of eye disease, demographic shift, technological advancements in the field of ophthalmology, and the rising geriatric population. According to the data updated by WHO in October 2022, it is estimated at least 2.2 billion people will have a near or distant vision impairment globally. Among these, at least 1 billion people's vision impairment could have been prevented or yet to get addressed. These 1 billion people include those with moderate or severe distance vision impairment or blindness due to various diseases like unaddressed refractive error (88.4 million), cataract (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), as well as near vision impairment caused by unaddressed presbyopia (826 million). In many countries, cataract surgery is the most common surgical procedure performed, significantly improving 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 and projects the future cataract surgery needs vital for human health resources, hospitals, and surgical centre management and planning. Other factors, such as the availability of new devices and new drugs and the growing incidence of eye disease, are also expected to drive the market over the forecast period.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For example, in June 2022, Biogen Inc. and Samsung Bioepis Co., Ltd. launched ranibizumab-nuna (Byooviz, Biogen), an ophthalmic biosimilar referencing ranibizumab (Lucentis, Genentech) in the US. Thus, due to the product launches and partnerships, the studied market is expected to grow significantly over the forecast period.
Therefore, owing to the factors above, the studied market is anticipated to witness growth over the analysis period. However, the higher cost of ophthalmic devices and treatment and strict FDA guidelines for drug approval is likely to impede the market's growth.
