New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Ophthalmic Drugs And Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ophthalmic Drugs and Devices Market Information By Product, Treatment, and Region - Forecast till 2030", the market is expected to reach USD 191.87 billion by 2030 and register a CAGR of 9.20% during the forecast period of 2022 to 2030.
Ophthalmic Drugs And Devices Market Synopsis
The formulations known as "ophthalmic medications" are those that are intended to treat eye conditions such as age-related macular degeneration, cytomegalovirus (CMV) retinitis, cataract, color blindness, glaucoma, and diabetic macular edema (AMD). Neurovascular retinal problems, retinoblastoma, and genetic ophthalmic diseases can all be diagnosed and treated with the help of gene therapy. Therefore, more study is required to improve and broaden the use of gene therapy across ocular diseases. In procedures including glaucoma surgery, cataract surgery, and refractive surgery, ophthalmic equipment is utilized. Ophthalmic medications treat various eye conditions, including cataracts, glaucoma, and eye infections. The key factors driving the growth of the worldwide ophthalmic drugs market are an increase in the elderly population, an increase in glaucoma, cataract, and macular degeneration cases, a surge in ophthalmic drug demand, and an increase in the investment made in R&D activities by different healthcare companies.
Additionally, ophthalmic pharmaceutical firms are engaging in strategic activities, including partnerships, acquisitions, and collaborations to bring new clinical-stage prospects to their product pipeline, which is anticipated to enhance the market. Neurovascular retinal problems, retinoblastoma, and genetic ophthalmic diseases can all be diagnosed and treated with the help of gene therapy. Therefore, more study is required to improve and broaden the use of gene therapy across ocular diseases.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 191.87 Million |
| CAGR | 9.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product and Treatment |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising prevalence of ophthalmic disorders |
| Growing number of diabetes cases |
Ophthalmic Drugs And Devices Market Competitive Landscape:
The exceptional players in the global ophthalmic drugs and devices market are
- Allergan plc (Ireland)
- Johnson & Johnson Vision (US)
- Sight Sciences, Inc. (US)
- Mibo Medical Group (US)
- BioTissue (US)
- Alcon (Switzerland)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Ocular Therapeutix, Inc. (US)
- Lomb Incorporated (Canada)
- NuSight Medical (US)
Ophthalmic Drugs And Devices Market Dynamics:
Market Drivers:
Globally, the prevalence of ophthalmic conditions such as age-related macular degeneration, dry eyes, glaucoma, and allergies to eyes is rising, fueling the market's expansion. Refractive errors and cataracts are the main causes of vision loss. Similar to this, glaucoma is a major global cause of irreversible blindness. Many developing medicines indicate intensive R&D in the area and potential future market introductions of more effective medications. Introducing fresh, superior products to the market contributes to market expansion. Several ophthalmic medications are undergoing clinical trials and are anticipated to be approved soon. Players are also releasing generic versions of medications, which is anticipated to boost patient accessibility because of significantly lower costs.
Market Restraints:
The market expansion for ophthalmic medications and equipment is constrained by the absence of awareness regarding eye illnesses. The world's developing regions have a larger level of ignorance. Low awareness of eye problems plagues several developing countries in the Asia-Pacific area, where a sizable population is elderly as well. However, throughout the projected period, the market growth is anticipated to be constrained by the lengthy manufacturing and formulation processes for ophthalmic medications and their adverse effects.
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Ophthalmic Drugs And Devices Market COVID 19 Analysis
Numerous firms all across the world are experiencing commercial challenges as a result of the pandemic. The ophthalmic medicines and devices market's supply chain is crucial for meeting consumer needs. The COVID-19 epidemic has led to import and export limitations in several nations. Since many nations rely on other nations for their technology and raw material supply, this also impacted the healthcare sector. During the first part of the pandemic, there was a shortage of the raw materials needed to make ophthalmic medications, including buffering agents, preservatives, and active ophthalmic pharmaceutical components. Additionally, COVID-19 had a large negative impact on the eye care market in 2020 because individuals skipped normal eye appointments to avoid getting the virus and were afraid. After all, the eye was known to be one of the main pathways for viral transmission.
Ophthalmic Drugs And Devices Market Segmentation
By Product, the market includes drugs and devices.
By Treatment, the ophthalmic drugs and devices market includes allergic conjunctivitis, dry eyes syndrome, eye infections, red eyes, inflammation, and others.
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Ophthalmic Drugs And Devices Market Regional Insights
The market for ophthalmic medications and devices in North America is driven by several important factors, including the rising frequency of eye diseases and numerous industry players in the area. The prevalence of eye disease has increased due to the aging population, and government programs to promote eye health will further raise the proportion of the North American region. The market is expanding due to increased demand for cutting-edge healthcare facilities and increased knowledge of the prevention and treatment of eye illness. Significant manufacturers operating in the region and the increased R&D activities in the healthcare industry to create novel ophthalmic medications further contribute to the market's expansion.
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The market for ophthalmic medications and devices is developing in Europe due to the region's developed nations' aging populations, and the rising frequency of chronic eye disorders brought on by unhealthy lifestyles and high-stress levels, such as diabetic retinopathy. The rising prevalence of cataract sight loss disorders significantly impacted the ophthalmic market, which led to an increase in demand for ophthalmic medications and equipment in Europe. The key drivers of the ophthalmic pharmaceuticals and devices market in the Asia-Pacific region are the rising prevalence of ocular illnesses and rising consumer awareness. Companies collaborate and launch strategic projects to create and market novel patient care solutions.
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