MARKET OUTLOOK
A research report by Triton Market Research states that the market in Asia-Pacific for ophthalmology drugs and devices is expected to grow with a CAGR of 6.41% during the forecast period from 2019 to 2027.
Japan, India, China, Australia & New Zealand, ASEAN countries, South Korea and countries in rest of APAC together form the ophthalmology drugs and devices market in the Asia-Pacific region.
The ophthalmology drugs and devices market in Australia is primarily driven by government programs to improve access to comprehensive eye care services and government investments to promote eye care research. As per the Vision 2020 Australia Organization, The National Eye Health Survey (NEHS) is the first of its kind to determine the prevalence of major causes that lead to blindness and vision impairment among Australians, which has been prepared by the Center for Eye Research Australia and Vision 2020. Additionally, the plan aims to conduct researches to improve eye health that may raise the demand for ophthalmology drugs and devices, which is expected to boost the growth of the ophthalmology drugs and devices market in Australia. Furthermore, government investments to promote eye care research are also expected to drive the Australian market during the forecast period. Funding from the government would support various researches in ophthalmology, with an aim to invent advanced drugs and devices, which are expected to boost the growth of the ophthalmology drugs and devices market in Australia.
COMPETITIVE OUTLOOK
The important players in the market are Allergan, Inc., Bayer, Carl Zeiss AG, Essilor International S.A. and GlaxoSmithKline.