Ophthalmology Market Size, Share, Statistics, Trends, Competitive analysis, Regional Growth from 2022 to 2030

The Global Ophthalmology Market is expected to grow at a CAGR of around 3.8% from 2022 to 2030 and reach the market value of over US$ 73 Billion by 2030.

The US had the largest share of the ophthalmology market in North America, followed by Europe. The existence of a well-established healthcare infrastructure and the growing geriatric population are two factors that are driving the ophthalmology market upward. Furthermore, the Government of Canada reports that small and medium-sized businesses mainly engaged in retailing and fitting prescription eyeglasses generate a remarkable profit of approximately 75%. Apart from that, the presence of a large pool of key players boosts the ophthalmology market's growth. Such factors contribute to the overall market's growth to the fullest.

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In the coming years, Europe is expected to have the second largest market share in the ophthalmology market. This is backed by a growing number of manufacturers putting more resources into R&D to develop new treatments. To gain a larger market share, regional players are concentrating their efforts on the production of novel ophthalmic drugs for the treatment of a variety of eye diseases and disorders.

Market Drivers

The ever-increasing geriatric population is one of the major drivers of the ophthalmology market. It is well known that the elderly are more vulnerable to developing eye-related conditions such as glaucoma and dry eye driving the demand for ophthalmic products. Consistent advancements in medical technology, such as the introduction of innovative products that are more scalable and effective in care, are propelling the global ophthalmology market growth. Apart from that, the ophthalmic market's ability to expand is severely hampered by a scarcity of qualified practitioners and the high cost of ophthalmic instruments utilized for diagnostic purposes.

Segmental Outlook

Ophthalmology market is segmented based on product, disease, and end-user. Product segment is classified into devices and drugs. Devices are further segmented into surgical devices and diagnostic devices. Drugs are further segmented into glaucoma drugs, retinal disorder drugs, dry eye drugs, allergic conjunctivitis and inflammation drugs, and other drugs. Furthermore, disease is segmented as glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and among others. By end-user, the market is segmented as hospitals, medical institutes, research organizations, and healthcare service providers.

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By disease segment, cataract is anticipated to witness better growth in the forthcoming years. As per the statistics revealed by the Royal College of Ophthalmologists, around 330,000 cataract operations are performed annually in England alone. As cataract surgery remains the most effective option to restore vision for people suffering from cataract it has gained huge prominence worldwide ultimately contributing for the growth of ophthalmology market globally.

According to the American Academy of Ophthalmology, it is predicted that by 2050 around 50 million people in the US will suffer from cataracts and is considered a leading cause of blindness in the US. Such high prevalence possesses lucrative opportunities for cataract surgery witnessing high growth of the segment.

Competitive Landscape

The major players involved in the ophthalmology market involve Alcon, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International S.A., HAAG-STREIT GROUP, Johnson & Johnson Services, Inc., NIDEK CO., LTD., Topcon Corporation, and others.

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Some of the key observations regarding ophthalmology include:

• In December 2020, HAAG-STREIT GROUP announced launching of new "iVue80 OCT" in the UK. The new product offers 80,000 A-scans per second. Additionally, it shows three times faster improved efficiency and enhanced image quality. The system also features new scan options and functions, along with a wider field-of-view. The product is an advanced OCT product design, offering retina, glaucoma, and anterior segment scanning that is considered as standard qualities.

• In March 2020, Iridex Corporation announced a strategic collaboration with Topcon Corporation. The strategic collaboration between Iridex and Topcon focuses on three main agreements: an Exclusive Distribution Agreement, an Asset Purchase Agreement, and an Equity Funding Agreement. Under the terms of this agreement, Topcon will acquire exclusive distribution of Iridex laser systems, delivering services and disposable probes to be sold through a strong network in APAC and EMEA region.

• In February 2017, Johnson & Johnson Services, Inc., announced acquisition of Abbott Medical Optics (AMO). The acquisition involves long range of ophthalmic products in three areas of patient care: cataract surgery, laser refractive surgery, and consumer eye health. These product lines will now join the world-leading ACUVUE® Brand Contact Lenses business, and the combined organization will operate under the brand name Johnson & Johnson Vision (J&J Vision).

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