Ophthalmology Drugs & Devices Market: Overview
Ophthalmology is a branch of medicine that deals with diagnosis and treatment of eye disorders.
Ophthalmic devices are used in applications including cataract surgery, glaucoma surgery, and refractive surgery. Ophthalmic drugs are used to treat various eye diseases such as eye infection, glaucoma, and cataract.
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Ophthalmology Drugs & Devices Market: Key Trends
Rise in prevalence of eye diseases such as glaucoma and cataract is anticipated to drive the global ophthalmology drugs & devices market. Additionally, increase in the geriatric population with diabetes retinopathy is projected to propel the global market. Moreover, rise in prevalence of macular degeneration and presbyopia is expected to augment the global ophthalmology drugs & devices market. According to the Centers for Diseases Control and Prevention, glaucoma is the second leading cause of blindness across the world. According to the Bright Focus Foundation, 60.5 million glaucoma cases were reported in 2010 and the number is likely to increase to 80 million by 2020. In January 2019, Kala Pharmaceuticals, Inc. launched INVELTYS for the treatment of post-operative inflammation. In July 2018, Amring Pharmaceuticals, Inc. launched Biolon ophthalmic viscosurgical devices in the U.S. for cataract surgeons. In August 2018, Sun Pharmaceutical Industries Ltd. received the U.S. Food and Drug Administration approval for CEQUA for the treatment of dry eyes diseases.
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Ophthalmology Drugs & Devices Market: Segmentation
The global ophthalmology drugs & devices market can be segmented based on device, diagnostic & monitoring equipment, drug, and drug delivery type. In terms of device, the market can be divided into cataract surgery devices, ophthalmic viscoelastic devices, glaucoma surgery devices, refractive surgery devices, and others. Based on diagnostic and monitoring equipment, the global ophthalmology drugs & devices market can be classified into optical coherence tomographers, fundus cameras ophthalmic ultrasound imaging systems, ophthalmoscopes, and others. In terms of drug, the market can be categorized into dry eye drugs, retinal disorder, anti-infection/allergy & inflammatory, anti-glaucoma, and others. Based on drug delivery type, the global ophthalmology drugs & devices market can be divided into eye drops, solutions, ointments, gels, capsules, and tablets.
Ophthalmology Drugs & Devices Market: Regional Analysis
The global ophthalmology drugs & devices market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018. The market in the region is driven by early adoption of technologically advanced products, presence of key players, and rise in prevalence of eye disorders. According to the National Eye Institutes, 2.72 million people in the U.S. were affected by glaucoma in 2010 and the number is projected to increase to 6.3 million by 2050. Growth of the market in Europe is driven by rise in prevalence of glaucoma and other eyes disorders. According to the State of Nation Eye Health (U.K.), in 2016, glaucoma accounted for 7% of the cases of vision loss in the U.K. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period, driven by increase in geriatric population with diabetic retinopathy and rise in prevalence of eye diseases such as glaucoma and cataract. According to the International Agency for Prevention of Blindness, in 2013, an estimated 17 million people had glaucoma in Asia and the number is likely to reach 33 million by 2040.
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Ophthalmology Drugs & Devices Market: Competitive Landscape
The global ophthalmology drugs & devices market is highly fragmented due to the presence of large number of players. Launch of new products and approvals among the leading players have been observed in the past few years. A number of manufactures hold major share in their respective regions. Key players operating in the global ophthalmic drugs & devices market are VISUfarma Trumac Healthcare, Novartis AG, ZEISS, TOPCON CORPORATION, Cipla, Inc., AZAD, Protech Biosystems Pvt. Ltd., Ophtec BV, Katalyst Surgical, LLC, and The Lubrizol Corporation.
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