Market Size of Ophthalmology Drug And Device Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 38.07 Billion |
Market Size (2029) | USD 47.13 Billion |
CAGR (2024 - 2029) | 4.36 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ophthalmology Drug & Device Market Analysis
The Ophthalmology Drug And Device Market size is estimated at USD 38.07 billion in 2024, and is expected to reach USD 47.13 billion by 2029, growing at a CAGR of 4.36% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the market initially as several countries were in lockdown, and trades were suspended with other countries with travel restrictions, leading to a decline in eye diagnoses. As a cautionary measure, many ophthalmologists temporarily closed their practices during the pandemic. According to an article published by the Indian Journal of Ophthalmology in December 2021, a survey was conducted among the All India Ophthalmological Society (AIOS) members, which stated that COVID-19 had adversely affected ophthalmic care services across the whole of India. As the number of COVID-19 cases has decreased significantly, the market has recovered and started to gain traction. Hence, the market is expected to have stable growth during the forecast period of the study.
Certain factors driving the market's growth include the impact of the prevalence of eye disease, demographic shift, technological advancements in the field of ophthalmology, and the rising geriatric population. According to the data updated by WHO in October 2022, it is estimated at least 2.2 billion people will have a near or distant vision impairment globally. Among these, at least 1 billion people's vision impairment could have been prevented or yet to get addressed. These 1 billion people include those with moderate or severe distance vision impairment or blindness due to various diseases like unaddressed refractive error (88.4 million), cataract (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), as well as near vision impairment caused by unaddressed presbyopia (826 million). In many countries, cataract surgery is the most common surgical procedure performed, significantly improving the quality of life of the elderly population at low costs. An increase in the elderly population and the high prevalence of ophthalmic disorders increases the demand for ophthalmological devices and projects the future cataract surgery needs vital for human health resources, hospitals, and surgical centre management and planning. Other factors, such as the availability of new devices and new drugs and the growing incidence of eye disease, are also expected to drive the market over the forecast period.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For example, in June 2022, Biogen Inc. and Samsung Bioepis Co., Ltd. launched ranibizumab-nuna (Byooviz, Biogen), an ophthalmic biosimilar referencing ranibizumab (Lucentis, Genentech) in the US. Thus, due to the product launches and partnerships, the studied market is expected to grow significantly over the forecast period.
Therefore, owing to the factors above, the studied market is anticipated to witness growth over the analysis period. However, the higher cost of ophthalmic devices and treatment and strict FDA guidelines for drug approval is likely to impede the market's growth.
Ophthalmology Drug & Device Industry Segmentation
As per the scope of the report, ophthalmology drug and device includes all the products that ophthalmologists use to diagnose, treat, and care for the eyes. The Ophthalmology Drug and Device Market are segmented by product (devices and drugs), disease (Glaucoma, Cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and other diseases), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value in ( USD million) for the abovementioned segments.
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Glaucoma | |
Cataract | |
Age-Related Macular Degeneration | |
Inflammatory Diseases | |
Refractive Disorders | |
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Ophthalmology Drug And Device Market Size Summary
The ophthalmology drug and device market is poised for steady growth over the forecast period, driven by several key factors. The market's recovery from the initial impacts of the COVID-19 pandemic has been bolstered by the increasing prevalence of eye diseases, demographic shifts, and technological advancements in ophthalmology. The rising geriatric population, coupled with the high incidence of conditions such as glaucoma, cataracts, and diabetic retinopathy, is expected to significantly boost the demand for ophthalmological devices and treatments. The market is further supported by new product launches and strategic partnerships among major industry players, which are enhancing the availability and efficacy of ophthalmic solutions. Despite challenges such as the high cost of devices and stringent regulatory requirements, the market is anticipated to experience robust growth.
Regionally, North America is expected to witness significant expansion due to its well-established healthcare infrastructure and the increasing elderly population. The United States, in particular, is seeing a rise in eye disorders, which is driving demand for ophthalmic drugs and devices. The presence of major market players and continuous product innovations are contributing to the region's growth. Globally, the market is moderately fragmented, with key players like Alcon Inc., Bausch Health Companies Inc., and Johnson & Johnson leading the charge. These companies are actively involved in launching new products and expanding their market presence, which is expected to further propel the market's growth trajectory.
Ophthalmology Drug And Device Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Demographic Shift and Impact of Prevalence of Eye Disease
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1.2.2 Technological Advancements in the Field of Ophthalmology
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1.3 Market Restraints
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1.3.1 Higher Cost of the Ophthalmic Devices and Treatment
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1.3.2 Strict FDA Guidelines for Drug Approval
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Devices
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2.1.1.1 Surgical Devices
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2.1.1.1.1 Intraocular Lenses
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2.1.1.1.2 Ophthalmic Lasers
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2.1.1.1.3 Other Surgical Devices
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2.1.1.2 Diagnostic Devices
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2.1.2 Drugs
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2.1.2.1 Glaucoma Drugs
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2.1.2.2 Retinal Disorder Drugs
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2.1.2.3 Dry Eye Drugs
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2.1.2.4 Allergic Conjunctivitis and Inflammation Drugs
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2.1.2.5 Other Drugs
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2.2 By Disease
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2.2.1 Glaucoma
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2.2.2 Cataract
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2.2.3 Age-Related Macular Degeneration
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2.2.4 Inflammatory Diseases
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2.2.5 Refractive Disorders
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2.2.6 Other Diseases
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Ophthalmology Drug And Device Market Size FAQs
How big is the Ophthalmology Drug And Device Market?
The Ophthalmology Drug And Device Market size is expected to reach USD 38.07 billion in 2024 and grow at a CAGR of 4.36% to reach USD 47.13 billion by 2029.
What is the current Ophthalmology Drug And Device Market size?
In 2024, the Ophthalmology Drug And Device Market size is expected to reach USD 38.07 billion.