Ophthalmology Therapeutics Market

Ophthalmology Therapeutics Market Size (2022 to 2027)

The size of the global ophthalmology therapeutics market is forecasted to be worth USD 39.47 billion by 2027, from USD 27.62 billion in 2022. This market is projected to be growing at a CAGR of 7.4% during the forecast period.

Ophthalmology is a medicine and surgery branch that deals with diagnosing and treating eye disorders, using laser therapies and medications to perform the surgeries. As per the World Health Organization, 2019, it is estimated that 2.2 billion people were visually impaired, over 39 million people had lost their vision, approximately 188.5 million people were suffered from mild vision impairment, and above 217 million people have been experiencing moderate to severe vision impairment. Vision eye care has become a costly affair, with the consistent rise in the widespread ophthalmologic diseases worldwide with the increasing cost of treatment and rising need for ophthalmology.

MARKET DRIVERS:

The global ophthalmology therapeutics market is showcasing the evident potential in the mentioned forecasting period. Ophthalmology is the branch of medicine associated with the treatment of eye defects and diseases. With the recent advancements in genetics and stem cell biology, the mechanisms of many ophthalmic diseases are being revealed progressively.

The constant increase in the widespread of ophthalmic diseases and the rising need for cost-effective ophthalmic disease therapeutics drive the market growth of the ophthalmology therapeutics market during the forecast period. An increase in presbyopia, molecular degeneration, and diabetic retinopathy is considered the major driver of the market. The ophthalmic disease market is expected to increase the market due to the increase in the research & development activities and investment funding by the government and various private organizations to improve the healthcare infrastructure. The introduction of ophthalmic devices, advanced technologies, and people in the emerging countries are opting for ophthalmic surgeries to correct their eye-aligned problems are further expected to propel the market growth. 

The global market for ophthalmology therapeutics is further driven by the growing prevalence of vision impairment, which was estimated to be 147 million in 2010. It is estimated to reach 191 million in the world in 2020. Technological advancement in the field of medicine is also playing a significant role in the growth of the market. Increasing the geriatric population worldwide and the rise in disposable income are some of the other factors driving the market for the global ophthalmology therapeutics market.

MARKET RESTRAINTS:

However, a lack of awareness about the various diseases associated with ophthalmology is a major factor restraining the market's growth. Stringent regulatory frameworks and unclear reimbursement policies are also acting as hurdles for market growth. Lack of awareness in rural areas about the various ophthalmic disorders and lack of health insurance covering all types of IOLs and contact lenses are restraining the market growth. Vision care has become a costly affair; many people in all parts of the world cannot afford ophthalmic treatments. This is considered as the primary factor for declining the global ophthalmology therapeutics market growth.

Impact of COVID-19 on the global ophthalmology therapeutics market:

COVID-19 was announced as a pandemic and emergence of healthcare. Coronavirus is an infectious disease; to control the virus's spread, the government has imposed nationwide lockdown and a ban on flights. During the first half of the period, the ophthalmology therapeutic market had declined growth rate. Due to the lockdown, all the ophthalmic treatments had been postponed. Increasing age-related Macular degeneration and increasing diagnosing and treating eye disorders have created the market demand during the pandemic period. 

REPORT COVERAGE:

This research report on the global ophthalmology therapeutics market has been segmented and sub-segmented based on the indication, end-user, and region.

Ophthalmology Therapeutics Market - By Basis of Indication:

• Glaucoma
• Dry Eye Syndrome
• Diabetic Retinopathy
• Retinal Vein Occlusion
• Age-related Macular Degeneration
• Macular Edema
• Allergic Conjunctivitis

Based on indication, the Glaucoma segment is the largest indication segment accounting for a share of approximately 31%, followed by AMD with a share of 27%. Also, the retinal vein Occlusion segment held the largest market share in 2019. It dominated the market share owing to the increased prevalence of age-related molecular degeneration, and pipeline candidates working on VEGF inhibition principles are expected to drive the segmentation growth during the forecast period.

Ophthalmology Therapeutics Market - By End User:

• Hospitals
• Eye Clinics
• Diagnostic Centres
• Patients

Based on the end-user, the eye clinics and hospitals are leading the market during the forecast period. The increasing prevalence of eye-related problems and the rising need for cost-effective ophthalmic disease therapeutics drive market growth.

Ophthalmology Therapeutics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America played the dominating role in the global ophthalmology therapeutics market in 2019, followed by Europe. Asia-Pacific is estimated to be the fastest-growing region during the forecast period.

The North American market held the largest share of the global ophthalmology therapeutics market. The market is expected to be driven by increasing awareness among the people about the benefits of ophthalmic drugs, and technological advancements have been increased. Moreover, government measures and increased investments by the government to improve the healthcare infrastructure are propelling the market growth over the forecast period.

The European market witnessed the majority share after North America and held the second most dominated region in the global ophthalmology therapeutics market during the forecast period. Increasing investments by the government and advancing healthcare infrastructure facilities are propelling the market. 

Asia Pacific is anticipated to increase CAGR over the forecast period. The factors such as rising disposable income, improving economic scenario, and the large patient pool are fuelling the market demand. The increasing introduction of new product launches is boosting the market growth over these years. 

Middle East & Africa is expected to record the major share in the coming years. Increasing patient pool and rise in the prevalence of presbyopia are boosting the market growth in this region.

KEY MARKET PLAYERS:

Some of the most prominent companies leading the global ophthalmology therapeutics market profiled in the report are Pfizer Inc., Allergan Inc., Alcon Inc., Merck & co. Inc., Roche Valeant, Regeneron, Santen, Bayer, Senju, Lpath, and Eye Gate Pharmaceuticals.

RECENT MARKET HAPPENINGS:

• On 21st December 2020, eye gate pharmaceuticals, including a clinical-stage company, are focused on developing products to treat the eye.