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Ophthalmology Drug and Device Market - Growth, Trends, and Forecast (2020-2025)

  • ID: 4763897
  • Report
  • June 2020
  • Region: Global
  • 114 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Alcon Inc.
  • Carl Zeiss Meditec AG
  • Essilor International SA
  • Haag-Streit Group
  • Johnson & Johnson
  • Nidek Co. Ltd
  • MORE
The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period. Certain factors that are driving the growth of the market include demographic shift, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and rising geriatric population. The aging population is expected to burden all areas of health care, and ophthalmologists provide approximately 90% of their procedure-based services to seniors.

In addition, increase in prevalence of presbyopia, macular degeneration, and diabetic retinopathy is one of the major market drivers. As per the World Health Organization (WHO), in 2019, approximately 2.2 billion people were visually impaired. In addition, over 39 million had vision loss, nearly 188.5 million people suffered from mild vision impairment, and over 217 million people were experiencing moderate to severe vision impairment.

In many countries, cataract surgery is the most frequent surgical procedure performed, and it offers significant improvements in the quality of life of the elderly population at low costs. An increase in the demand for ophthalmological devices projects the future cataract surgery needs that are vital for human health resources and hospitals, and for surgical center management and planning. Other factors, such as the availability of new drugs and devices and the prevalence of eye disease, are also expected to drive the market over the forecast period.

Key Market Trends

Cataract Segment is Expected to Show Better Growth in the Forecast Years

Based on Disease, the market is segmented into Glaucoma, Cataract, Age-Related Macular Degeneration, Inflammatory Diseases, Refractive Disorders and Others. According to the Royal College of Ophthalmologists, around 330,000 cataract operations are performed each year in England alone. The same source has stated that around 30% of people aged 65 years or more have a visually impairing cataract in one or both eyes. Some people tend to have a much higher prevalence of cataracts. For instance, 77% of the British people, aged 42 years or older, originating from the Indian subcontinent have cataracts. There is a threefold variation in the number of people having cataract surgery across England, owing to differences in health commissioning policies.

Similarly, as per American Academy of Ophthalmology, it is estimated that by 2050, around 50 million people in the United States are expected to suffer from cataract, which is one of the leading cause of blindness in the United States. Cataract surgery remains the most effective way to help restore vision for the people with cataracts. Hence, with the rising burden of eye disease, the market is expected to grow in the forecast period.

North America Dominates the Market and is Expected to do the Same during the Forecast Period

Due to the presence of well-established healthcare facilities, the rise in geriatric population in the region, and certain other factors, North America is dominating the ophthalmology drug and device market. Owing to the constant increase in the American elderly population, as well as a movement toward vision correction and its usage among key demographics, an absolute increase in rates for most types of eyewear was observed in the United States.

Additionally, the government of Canada states that the average revenue of the small and medium-sized enterprises, primarily engaged in retailing and fitting prescription eyeglasses, was found to be USD 565.2 thousand, in 2016, whereas the profit was around 77-78%.

The presence of key players in this region is a key propeller of market growth. For instance, according to an article published in BrightFocus Foundation, in 2017, more than 3 million Americans were suffering from glaucoma. Hence, these factors are expected to drive the market growth in the forecast period.

Competitive Landscape

The ophthalmology drug and device market, which is significantly competitive, consists of a number of major players. Companies, such as Alcon Inc, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Haag-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation and Ziemer Group AG are having a well established presence in the global market.

Several developments have been taking place in the market. For instance, in November 2017, Bausch & Lomb got Vyzulta approved for reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Moreover, in November 2017, Zeiss introduced the cloud-based cataract surgery planning platform, Veracity Surgical, and announced the integration with leading EMRs.

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FEATURED COMPANIES

  • Alcon Inc.
  • Carl Zeiss Meditec AG
  • Essilor International SA
  • Haag-Streit Group
  • Johnson & Johnson
  • Nidek Co. Ltd
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demographic Shift and Impact of Prevalence of Eye Disease
4.2.2 Technological Advancements in the Field of Ophthalmology
4.2.3 Rising Geriatric Population
4.3 Market Restraints
4.3.1 Increasing Healthcare Costs
4.3.2 Strict FDA Guidelines for Drug Approval
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Devices
5.1.1.1 Surgical Devices
5.1.1.1.1 Intraocular Lenses
5.1.1.1.2 Ophthalmic Lasers
5.1.1.1.3 Other Surgical Devices
5.1.1.2 Diagnostic Devices
5.1.2 Drugs
5.1.2.1 Glaucoma Drugs
5.1.2.2 Retinal Disorder Drugs
5.1.2.3 Dry Eye Drugs
5.1.2.4 Allergic Conjunctivitis and Inflammation Drugs
5.1.2.5 Other Drugs
5.2 By Disease
5.2.1 Glaucoma
5.2.2 Cataract
5.2.3 Age-Related Macular Degeneration
5.2.4 Inflammatory Diseases
5.2.5 Refractive Disorders
5.2.6 Other Diseases
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East & Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alcon Inc.
6.1.2 Bausch Health Companies Inc.
6.1.3 Carl Zeiss Meditec AG
6.1.4 Essilor International SA
6.1.5 Haag-Streit Group
6.1.6 Johnson & Johnson
6.1.7 Nidek Co. Ltd
6.1.8 Topcon Corporation
6.1.9 Ziemer Group AG

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Alcon Inc.
  • Bausch Health Companies Inc.
  • Carl Zeiss Meditec AG
  • Essilor International SA
  • Haag-Streit Group
  • Johnson & Johnson
  • Nidek Co. Ltd
  • Topcon Corporation
  • Ziemer Group AG
Note: Product cover images may vary from those shown
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