Global Ophthalmology Drugs and Devices Market size was valued at US$ 47.05 Bn in 2019 and the total revenue is expected to grow at 6.4% through 2021 to 2027, reaching nearly US$ 77.28 Bn.
Global Ophthalmology Drugs and Devices Market Overview:
Diagnosis and treatment of eye disorders such as eye infection, glaucoma, and cataract can be treated by ophthalmic drugs. Ophthalmology is a branch of medical science or surgery which deals with the diseases of the eye and its structure and functions. Ophthalmology devices are used in applications including glaucoma surgery, cataract surgery, and also refractive surgery. Contact lenses (including cosmetic lenses), intraocular lenses, lasers, contact lenses care products, surgical instruments are some of the examples of ophthalmology devices.
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2019 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real number and output of key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.
Global Ophthalmology Drugs and Devices Market Dynamics:
The main factor that are driving the growth of ophthalmology drugs and devices market are the impact of the prevalence of eye disease, changing demographics, technological advancements in the field of ophthalmology, and the rising geriatric population. Other factors like growing incidence of eye diseases, availability of new devices, and availability of new drugs are also expected to drive the growth of the ophthalmology drugs and devices market during the forecast period 2021-2027.
Globally, one of the most common causes of blindness or vision loss is due to glaucoma. In the female population, the incidence of glaucoma diagnosis is 13.9% higher than that in the male population. Due to this, it is expected that the ophthalmology drugs and devices market is expected to grow at a CAGR of xx% in the forecast period. The refractive errors affect more than 30% of the population aged 45 or older in the countries of the U.S. and Europe. However, the drying pipeline of ophthalmology drugs and the economic slowdown are some of the restraints factors that hamper the growth of the ophthalmology drugs and devices market.
Global Ophthalmology Drugs and Devices Market Segment Analysis:
The global ophthalmology drugs & devices market is segmented into four major types, namely, surgical devices, diagnostic & monitoring equipment, drug, and drug delivery type.
Based on surgical devices, the cataract surgery devices segment held the highest market share of xx% of the ophthalmology drugs and devices market in 2019. Increase in the prevalence of eye diseases such as glaucoma and cataract, increasing in focus on customer training and education among eye care professionals regarding eye diseases are the key factors that significantly drive the growth of the cataract surgery devices segment in the ophthalmology drugs and devices market.
Global Ophthalmology Drugs and Devices Market Regional Insights:
North America dominates the ophthalmology drugs and devices market and is expected to grow at a CAGR of 4.9% during the forecast period 2021-2027. North America dominates the largest market share due to the R&D expenditure and high healthcare in the US and Canada, coupled with the high prevalence of eye diseases in the region. Due to the high spending on healthcare, coupled with demand for quality healthcare are some of the factors that drives the growth in ophthalmology drugs and devices market in North America during the forecast period 2021-2027. Moreover, government investment to support eye research driving the growth of the region. North America market was valued at USD 34.21 Bn. in 2019 and is projected to reach to USD 50.16 Bn by 2027.
The objective of the report is to present a comprehensive analysis of the global Ophthalmology Drugs and Devices market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Ophthalmology Drugs and Devices market dynamic, structure by analyzing the market segments and project the global Ophthalmology Drugs and Devices market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Ophthalmology Drugs and Devices market make the report investor’s guide.
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Global Ophthalmology Drugs and Devices Market Scope: Inquire before buying
Global Ophthalmology Drugs and Devices Market, by Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global Ophthalmology Drugs and Devices Market Key Players
• Abbot Laboratories
• Alcon Inc.
• Ellex Medical Lasers Ltd.
• Essilor International S.A.
• Allergan Inc.
• Bausch & Lomb Inc.
• Carl Zeiss Meditec AG
• Johnson and Johnson
• Hoya Corporation
• Pfizer Inc.
• Roche Holding AG
• Santen Pharmaceutical Co. Ltd.
• Staar Surgical Company
• Iridex Corporation
• Merc & Co. Inc.
Frequently Asked Questions:
1] What segments are covered in ophthalmology drugs and devices market report?
Ans. The segments covered in ophthalmology drugs and devices market report are surgical devices, diagnostic & monitoring equipment, drug, and drug delivery type.
2] Which region is expected to hold the highest share in the market?
Ans. North America is expected to hold the highest share in the global market.
3] What is the market size of global ophthalmology drugs and devices market in the forecast period 2021-2027?
Ans. The market size of global ophthalmology drugs and devices market in the forecast period 2021-2027 is US $ 77.28 Bn.
4] Who are the key players in the global ophthalmology drugs and devices market?
Ans. Abbot Laboratories, Alcon Inc., Ellex Medical Lasers Ltd., Essilor International S.A., Allergan Inc., Bausch & Lomb Inc., Carl Zeiss Meditec AG are the key players in the global ophthalmology drugs and devices market.
5] What was the market size of global ophthalmology drugs and devices market in 2019?
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