The European Ophthalmic Drugs market size is estimated to be worth USD 11.60 billion by 2028 and USD 9.13 billion in 2023, growing at a CAGR of 4.90% during the forecast period. It captures 25% of the global market share.
The rise in the prevalence of eye diseases such as glaucoma, cataract, macular degeneration, and the spike in demand for ophthalmic medications and increased investment in R&D activities by various healthcare businesses are key factors driving the European ophthalmic drugs market. In addition, the market growth is expected to be driven by the increased laser procedures, digitalization of the workplace, rising incidence of eye-related illnesses and an aging population, increased burden of diabetes and other comorbidities, adverse effects of other medications, and a promising pipeline for dry eye disease. Hereditary ophthalmic diseases, neurovascular retinal abnormalities, and retinoblastoma benefit from gene therapy for diagnosis and treatment. As a result, further research is needed to optimize and broaden gene therapy's applicability across ophthalmic diseases. In recent years, drug delivery methods in ophthalmic treatment have seen significant technical advancements, expected to boost the market's growth.
Various market participants are progressively focused on creating novel therapies, and the European ophthalmology drug and device market is projected to increase significantly in the next few years. The market is likely to be driven in the future by a significant number of eye disorders, the availability of new and advanced technology, and patient desire for non-invasive treatment. Furthermore, ophthalmic pharmaceutical firms are pursuing strategic initiatives like collaborations, acquisitions, and partnerships to extend their product pipeline with new clinical-stage opportunities, which is expected to boost the market.
However, the significant risk involved with eye surgery and strict restrictions may limit the expansion of the European ophthalmic drugs market during the forecast period. In addition, long and costly drug approval procedures, insufficient insurance coverage of ophthalmologists' services, the expiration of branded drug patents, and disruption in the supply chain of ophthalmology drugs due to the impact of covid-19 are factors that could slow the growth of the European ophthalmology drugs market.
During the forecast period, market growth is further estimated to be challenged by the time factor it takes to manufacture and manufacture ophthalmic drugs and the adverse effects associated with them. In addition, the ophthalmology business has a significant challenge in the form of a lack of health insurance among the public or insurance that includes all types of IOLs or contact lenses in this nation. The rising cost of healthcare and the FDA’s strict guidelines for drug clearance limit the market's expansion.
This research report on the European ophthalmic drugs market has been segmented and sub-segmented into the following categories:
By Therapeutic Class:
By Product Type:
By Distribution Channel:
By Disease Indications:
By Dosage Form:
By Technology:
By Country:
Regionally, the European ophthalmic drugs market was the second-largest regional market in the global market in 2020; however, it is likely to undergo sluggish growth till 2027. Europe is the second-largest market for ophthalmic drugs. The major potential for regional market growth is increased awareness of ophthalmic medicines in the region. The rising frequency of eye disease and the expanding elderly population are some of the reasons driving the market's growth. Cataract surgery is one of the most prevalent surgical procedures in Europe. The rising number of cataract operations has significantly influenced the ophthalmic industry, resulting in increased demand for cataract surgery equipment and medicines. Additionally, increased awareness of the prevention and treatment of eye disease and increased demand for advanced healthcare facilities are driving the market forward. Among various countries of Europe, the France ophthalmic drugs market is expected to play a leading role during the forecast period.
KEY MARKET PLAYERS:
A few noteworthy companies operating in the European ophthalmic drugs market profiled in this report are Carl-Zeiss AG, Ellex Medical Lasers Ltd., Hoya Corporation, Novagali Pharma S A, Abbott Medical Optics, Inc., Essilor International S.A. Other players in the market include Insight Vision Inc., Nidek Co.Ltd, Topcon Corporation, and Ziemer Ophthalmic Systems AG.
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