Market Trends of Ophthalmology Drug and Device Industry
This section covers the major market trends shaping the Ophthalmology Drug & Device Market according to our research experts:
The Glaucoma Segment is Expected to Show Significant 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 ageing, the incidence of glaucoma is expected to rise shortly, driving market growth.
According to the data published by the MoHFW, Government of India, in March 2021, glaucoma is estimated to be the second most common cause of blindness worldwide, and WHO estimated that 4.5 million people are blind due to glaucoma. The data further revealed that in India, glaucoma is the leading cause of irreversible blindness, with a minimum of 12 million people affected and nearly 1.2 million people blind from the disease. It is also estimated that more than 90% of glaucoma cases are undiagnosed in the community. With the high prevalence 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, likely increasing the demand for devices soon. For instance, as per an article published by ScienceDirect in August 2022, most individuals affected with glaucoma require regular active monitoring and management to prevent irreversible vision loss. The article further states glaucoma care currently accounts for an estimated 20% workload of hospital eye service outpatients in the UK, with over 1 million glaucoma-related outpatient visits made each year to hospital eye services in England. With an ageing population, increased access to sight testing, and more rigorous optometry screening (including retinal imaging), the number of glaucoma-related outpatient visits is expected to rise.
Furthermore, according to a research article published by the Journal of Ophthalmology in May 2022, glaucoma is considered one of the most frequent vision-threatening eye diseases. It is frequently associated with excessive Intraocular Pressure (IOP) that causes vision loss and possibly blindness if the eye's (optic) nerve fails. Factors such as the increasing geriatric population are also expected to increase the number of glaucoma patients as the disorder primarily affects older people.
Thus, the high incidence of glaucoma is expected to raise demand for drugs and devices and show significant growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
Due to the presence of well-established healthcare facilities, the rise in the geriatric population in the region, and the presence of large companies, the North American region is expected to grow significantly. Due to the constant increase in the American elderly population, a move toward vision correction and its usage among crucial demographics, an increase in rates for most eyewear types was observed in the US. The United States holds a substantial share of the ophthalmology diagnostics market in the North American region. The market is expected to grow due to the rapidly increasing geriatric population and the rising prevalence of eye diseases due to high stress and unhealthy lifestyles, which can result in conditions such as diabetic retinopathy. The geriatric population is increasing, and it is more susceptible to developing eye diseases, which is further anticipated to widen the base for market growth.
There has been a rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy, which is anticipated to propel the market over the forecast period. As per the data by the Glaucome Research Foundation in February 2022, it is estimated that over 3 million Americans have glaucoma. Still, only half of those are aware of the disease. In the United States, more than 120,000 are blind from glaucoma, accounting for 9% to 12% of all cases of blindness. Hence, an increase in eye disorders will lead to a growing demand for drugs and devices.
Key product launches, high concentration of market players, or manufacturers' presence in the United States are some factors driving the studied market growth in the country. For instance, in April 2022, Sandoz launched its generic combination eyedrop brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%. It is an AB-rated generic equivalent to AbbVie's COMBIGAN to lower eye pressure in patients with ocular hypertension (high eye pressure) in the United States. Furthermore, in December 2021, Allergan launched VUITY (pilocarpine HCl ophthalmic solution) 1.25%, the first and only eye drop approved by the US FDA to treat presbyopia. These continuous product launches in the region are anticipated to drive market growth in the country.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the North American region.
