The global ophthalmology drugs & devices market size was estimated to be USD 34.25 billion in 2023 and is expected to reach at USD 67.84 billion by 2034 with a CAGR of 6.41% during the forecast period 2024-2034. Rising prevalence of ophthalmic disorders, demographic shift, increasing technological advancements in the field of ophthalmology, growing geriatric population, the availability of new devices & drugs, surge in new product launches, rising strategic activities by major players, increasing research & development activities, growing launch of innovative products are some of the key factors boosting the market growth.
Growing launch of innovative products is predicted to boost the market growth during the forecast period. As the prevalence of various ophthalmic disorders and vision-related issues continues to rise, there is a growing emphasis on the importance and widespread adoption of innovative products in the field of ophthalmology. Consequently, market participants are prioritizing the development of advanced and cutting-edge products to address these evolving healthcare needs. For instance, in June 2022, Biogen Inc. and Samsung Bioepis Co., Ltd. have introduced ranibizumab-nuna, marketed as Byooviz, in the United States. This is an ophthalmic biosimilar referencing ranibizumab, which is known as Lucentis and is developed by Genentech.
By product, drugs was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to increasing prevalence of eye disorders, rising focus on development of innovative drugs, and surge in regulatory approvals. For instance, in February 2022, The U.S. Food and Drug Administration (FDA) has granted approval for the first generic version of Restasis (cyclosporine ophthalmic emulsion) 0.05% single-use vials (eye drops). This medication is used to stimulate tear production in patients with dry eye, where reduced tear production is presumed to be due to ocular inflammation associated with keratoconjunctivitis sicca. Additionally, devices is predicted to grow at fastest CAGR during the forecast period owing to the rising technological developments and growing introduction of advanced devices.
By disease, glaucoma was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to the growing prevalence of glaucoma, rising demand for early detection & management of glaucoma, increasing geriatric population, and surge in approval of regulatory bodies. For instance, in September 2022, Santen and UBE have announced that the FDA has approved Omlonti (omidenepag isopropyl ophthalmic solution) 0.002% eye drops. This medication is designed to lower elevated intraocular pressure in patients diagnosed with primary open-angle glaucoma or ocular hypertension. Additionally, cataract is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cataract disease, rising incidences of ocular disorders, growing technological advancements in ophthalmic devices.
By end-user, hospitals was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to the rising prevalence of ophthalmic disorders, increasing prescription for the treatment, and growing launch of new products. For instance, in October 2022, Remidio has introduced Instaref R20, a lightweight and portable ophthalmic auto refractometer, at the American Academy of Ophthalmology event in Chicago. Additionally, diagnostic centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of patient pool suffering from eye disorders and increasing adoption of advanced technologies for the disease diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of well-established healthcare facilities, rising prevalence of eye diseases due to high stress & unhealthy lifestyles, and growing product launches. For instance, in April 2022, Sandoz has introduced its generic combination eye drop, brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%. This product serves as an AB-rated generic equivalent to AbbVie's COMBIGAN and is used to reduce eye pressure in individuals with ocular hypertension (high eye pressure) in the United States. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of eye disorder & diabetes, rising geriatric population, growing healthcare expenditure, and surge in launch of advanced treatment options. For instance, in April 2023, Sun Pharma has introduced its specialty ophthalmology therapy, CEQUA, in India. This therapy is intended for the treatment of patients suffering from dry eye disease (DED).
Intraocular Lenses
Others
Growing launch of innovative products is predicted to boost the market growth during the forecast period. As the prevalence of various ophthalmic disorders and vision-related issues continues to rise, there is a growing emphasis on the importance and widespread adoption of innovative products in the field of ophthalmology. Consequently, market participants are prioritizing the development of advanced and cutting-edge products to address these evolving healthcare needs. For instance, in June 2022, Biogen Inc. and Samsung Bioepis Co., Ltd. have introduced ranibizumab-nuna, marketed as Byooviz, in the United States. This is an ophthalmic biosimilar referencing ranibizumab, which is known as Lucentis and is developed by Genentech.
By product, drugs was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to increasing prevalence of eye disorders, rising focus on development of innovative drugs, and surge in regulatory approvals. For instance, in February 2022, The U.S. Food and Drug Administration (FDA) has granted approval for the first generic version of Restasis (cyclosporine ophthalmic emulsion) 0.05% single-use vials (eye drops). This medication is used to stimulate tear production in patients with dry eye, where reduced tear production is presumed to be due to ocular inflammation associated with keratoconjunctivitis sicca. Additionally, devices is predicted to grow at fastest CAGR during the forecast period owing to the rising technological developments and growing introduction of advanced devices.
By disease, glaucoma was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to the growing prevalence of glaucoma, rising demand for early detection & management of glaucoma, increasing geriatric population, and surge in approval of regulatory bodies. For instance, in September 2022, Santen and UBE have announced that the FDA has approved Omlonti (omidenepag isopropyl ophthalmic solution) 0.002% eye drops. This medication is designed to lower elevated intraocular pressure in patients diagnosed with primary open-angle glaucoma or ocular hypertension. Additionally, cataract is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cataract disease, rising incidences of ocular disorders, growing technological advancements in ophthalmic devices.
By end-user, hospitals was the highest revenue-grossing segment in the global ophthalmology drugs & devices market in 2023 owing to the rising prevalence of ophthalmic disorders, increasing prescription for the treatment, and growing launch of new products. For instance, in October 2022, Remidio has introduced Instaref R20, a lightweight and portable ophthalmic auto refractometer, at the American Academy of Ophthalmology event in Chicago. Additionally, diagnostic centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of patient pool suffering from eye disorders and increasing adoption of advanced technologies for the disease diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of well-established healthcare facilities, rising prevalence of eye diseases due to high stress & unhealthy lifestyles, and growing product launches. For instance, in April 2022, Sandoz has introduced its generic combination eye drop, brimonidine tartrate/timolol maleate ophthalmic solution 0.2%/0.5%. This product serves as an AB-rated generic equivalent to AbbVie's COMBIGAN and is used to reduce eye pressure in individuals with ocular hypertension (high eye pressure) in the United States. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of eye disorder & diabetes, rising geriatric population, growing healthcare expenditure, and surge in launch of advanced treatment options. For instance, in April 2023, Sun Pharma has introduced its specialty ophthalmology therapy, CEQUA, in India. This therapy is intended for the treatment of patients suffering from dry eye disease (DED).
Segmentation: Ophthalmology Drugs & Devices Market Report 2023 - 2034
Ophthalmology Drugs & Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Devices
- Diagnostic Devices
- Surgical Devices
Intraocular Lenses
Others
- Drugs
- Dry Eye Drugs
- Retinal Disorder Drugs
- Glaucoma Drugs
- Allergic Conjunctivitis and Inflammation Drugs
- Other
Ophthalmology Drugs & Devices Market Analysis & Forecast by Disease 2023 - 2034 (Revenue USD Bn)
- Cataract
- Glaucoma
- Refractive Disorders
- Inflammatory Diseases
- Age-Related Macular Degeneration
- Other
Ophthalmology Drugs & Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Diagnostic Centers
- Hospitals
- Others
Ophthalmology Drugs & Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Ophthalmology Drugs & Devices Market: Product Estimates & Trend Analysis
8. Ophthalmology Drugs & Devices Market: Disease Estimates & Trend Analysis
9. Ophthalmology Drugs & Devices Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Ophthalmology Drugs & Devices Market
12. Europe Global Ophthalmology Drugs & Devices Market
13. Asia Pacific Global Ophthalmology Drugs & Devices Market
14. Latin America Global Ophthalmology Drugs & Devices Market
15. MEA Global Ophthalmology Drugs & Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Bausch Health Companies Inc.
- Lumenis Ltd
- Carl Zeiss Meditec AG
- NIDEK Co. Ltd
- Essilor International SA
- Alcon Inc.
- Johnson & Johnson
- Nidek Co. Ltd
- Ziemer Ophthalmic Systems AG
- Topcon Corporation
- Haag-Streit Group (Metall Zug AG)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 34.25 Billion |
| Forecasted Market Value ( USD | $ 67.84 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
