Market Overview
The ophthalmic drugs and devices market is expected to reach USD 191.87
billion by 2030 and register a CAGR of 9.20% during the forecast period of 2022
to 2030.
Market Dynamics
The global ophthalmic pharmaceuticals and
devices market is growing due to reasons such as an aging population, rising
diabetes rates, and the prevalence of eye diseases. In addition, in the foreseeable
future, the increasing product launches and development will generate
profitable growth prospects for the market players. The expansion of the
ophthalmic market can be attributed to the rising incidence of ocular diseases
such as refractive errors, dry eyes, glaucoma, allergic reactions to the eyes,
and age-related macular degeneration. The abundance of treatments in
development suggests that the market may soon see the introduction of new, more
effective products. The expansion of a market is bolstered by the introduction
of new and better items. Several ophthalmic medications are currently
undergoing clinical testing, and it is anticipated that they will soon be
approved. In addition, companies are releasing generic versions of medications,
which, thanks to far reduced prices, should make them more widely available to
patients.
The market for ophthalmic medications and
devices is expanding rapidly, and this trend is anticipated to continue in the
not-too-distant future. The aging of the world population and the rise in the
prevalence of eye diseases and conditions are two key drivers. Research and
development (R&D), production, distribution & sales, and post-sale
monitoring are the four main pillars of the value chain analysis for the
ophthalmic pharmaceuticals and devices market.
However, during the forecast period, market
expansion is expected to be stymied by people's ignorance of eye diseases and
the risks associated with ophthalmic drugs. The 2020 eye care business was also
severely impacted by COVID-19 because patients stopped going for routine care
out of fear of catching the virus and since the eye was identified as a primary
channel of transmission. There was a subsequent decrease in sales of ocular
topical medicines requiring a doctor's prescription as a result. Restrictions
on movement and social norms of estrangement both played a role in this.
Pent-up demand and the increasing need for ophthalmic therapeutic products are
bringing the industry back to its pre-COVID-19 levels.
Market Segmentation
The global market for ophthalmic
medications and devices has been segmented by product and by therapy.
The pharmaceutical and medical device
industries make up two distinct market subsets.
Eye infections, allergic conjunctivitis,
dry eyes syndrome, red eyes, inflammation, and others are some of the
conditions that have led to the categorization of the worldwide ophthalmic
pharmaceuticals and devices market.
Regional Analysis
The ophthalmic pharmaceuticals and device
market in North America is growing rapidly due to several factors, including
the region's high concentration of market players and the rising incidence of
eye diseases. Market demand for ophthalmic medications and equipment in North
America is being driven, in part, by the rising prevalence rates of refractive
defects and technological improvements.
The ophthalmic pharmaceuticals and devices
market in Europe is developing as a result of the region's aging population and
the increasing frequency of chronic eye disorders caused by high stress and
unhealthy lifestyles, such as diabetic retinopathy.
The ophthalmic pharmaceuticals and devices
market is growing rapidly in Asia because of the increasing prevalence of eye
diseases and the growing level of consumer knowledge about the importance of
eye health. Businesses are teaming up and taking strategic leaps to bring novel
therapies to market for patients.
The ophthalmic medicine and device market
was largest in the United States, followed by Europe, and then the rest of the
world. The expansion of the global market is being fueled by factors such as
medical technology improvements and increased health insurance coverage.
Competitive Analysis
The global ophthalmic drugs and devices market players are Allergan plc (Ireland),
Johnson & Johnson Vision (US), Alcon (Switzerland), Teva Pharmaceutical
Industries Ltd. (Israel), Ocular Therapeutix, Inc. (US), Lomb Incorporated
(Canada), Sight Sciences, Inc. (US), Mibo Medical Group (US), BioTissue (US),
and NuSight Medical (US).
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