Market Overview
The ophthalmic drugs and devices market is expected to reach USD 192.5 billion by 2032 and register a CAGR of 9% during the forecast period of 2023 to 2032.
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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