The ophthalmology drug and device market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing incidence of eye diseases such as presbyopia and macular degeneration.
Ophthalmology drugs and devices are widely utilized in the treatment and cure of eye diseases. The market for ophthalmology medications and devices refers to the market for devices and drugs used to treat a variety of ophthalmology disorders such as astigmatism, near-sightedness, cataract, diabetic retinopathy, glaucoma, and uveitis. OCT scanners, ophthalmology ultrasound imaging systems, fundus cameras, ophthalmoscopes, retinoscopes, and other diagnostic and monitoring equipment are among the most common ophthalmology drugs and devices. Contact lenses, such as single-day usage contact lenses and bi-weekly usage contact lenses, and eyeglasses, such as single vision eyeglasses, bifocal eyeglasses, and progressive eyeglasses, are all part of the vision care industry. Several drugs for the treatment of ophthalmology illnesses are already available in the market, including glaucoma drugs, dry eye drugs, allergic conjunctivitis drugs, and inflammation and conjunctivitis retinal dysfunction therapy pharmaceuticals.
Market Segment Insights
Based on product, the ophthalmology drug and device market is bifurcated into devices and drugs. The diagnostics devices segment is expected to represent a key share of the market during the forecast period owing to increasing number of patients. An ophthalmic device is a device that is used in optometry and ophthalmology to serve a medical function. These devices vary from non-invasive diagnostic equipment and tools to invasive devices like contact lenses and implantable devices like intraocular lenses and glaucoma stents. As a result, the requirement for early diagnosis and treatment of common eye diseases like as cataracts, amblyopia, and glaucoma has risen dramatically in recent years.
In terms of disease, the ophthalmology drug and device market is segregated into glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and others. The glaucoma segment is expected to represent a key share of the market during the forecast period. One of the most prevalent causes of visual loss or blindness is glaucoma. The incidence of glaucoma is projected to rise in the near future as the population ages.
Glaucoma had an overall incidence rate of 5.9 per 1,000 people. The female population had a 14 % greater frequency of glaucoma diagnoses than the male.
Primary open-angle glaucoma is a major public health issue in Europe, and demand for devices is expected to rise during the forecast period.
On the basis of geography, the ophthalmology drug and device market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Growth of the market is attributed to the existence of well-established healthcare facilities, growing elderly population, and presence of major players in the region. The US is determined to have a significant proportion of the ophthalmology diagnostics market in the North American. The senior population is growing, making them more vulnerable to eye problems.
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Key Players Covered in the Report
Topcon Corporation; Johnson & Johnson; Alcon Inc.; Bausch Health; Carl Zeiss Meditec AG
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