Ophthalmic drugs and device market is expected to grow at an exponential rate in the coming years due to the impact in prevalence of eye disease and an increased growth in the percentage of the cataract population. The above developments have resulted in an increase in the production of new ophthalmic devices which in turn has caught the attention of the people. People are increasingly willing to opt for ophthalmic surgeries so that their eye disorders get treated effectively.
The Global Ophthalmology Drugs and Devices Market is valued as a $41.23 billion market in 2016 and is expected to reach a value of $54.19 billion by 2018 at a CAGR of 5.62%. The global ophthalmic drugs market was valued as a $17.3 billion industry in 2013. This industry is expected to grow at a CAGR of 5.4% and is set to become a $22.3 billion industry by 2018.
The Global markets for Ophthalmic drugs and devices is basically segmented into three categories. The first segmentation is on the basis of the device. This segment has its subsegments which are surgery/treatment devices and diagnostic imaging devices. The surgery instruments included lasers and other treatment based devices. The diagnostic based devices included microscopes, retinoscopes and slit lamps,etc. The other segmentations are done on the basis of different drugs used in the treatment of eye disorders. These included drugs for Glaucoma, infections and inflammations.
The major drivers for this market is the availability of new drugs and devices, huge demographic shift towards the emerging markets and the increase in the cataract population. The major constraints being expensive procedures, economic slowdown in developed markets.
The market is again divided on the basis of geography. In the global market US has the largest market share. In the European sector UK has the major share. Recent developments and analysis show that the emerging markets are rapidly rising due to the increase in the cataract population and is expected to show stiff competition against the major players like USA and UK.
The major companies with a share in this market are Abbott Laboratories, Novartis, Pfizer, Bausch & Lomb, Johnson & Johnson, Merck & Co, Inc., Roche Diagnostics,etc.