MARKET OUTLOOK
Triton Market Research predicts that the global market for ophthalmology drugs and devices is set to witness a CAGR of 6.16% over the forecast period 2019-2027.
The global ophthalmology drugs and devices market is primarily driven by the rising prevalence of eye-related diseases as well as the innovation leading to the development of new ophthalmological drugs. Ophthalmic devices and drugs are used in the treatment and identification of certain ocular malformations and deficits in the eyes.
Factors like growth in the elderly populace, increasing ophthalmic disorders caused by high blood sugar, upsurge in healthcare expenditure and advancements in technology are driving the ophthalmology drugs and devices market. Whereas, drug approval delay, coupled with several drugs in the pipeline, low awareness of ophthalmic drugs and brand patent expirations have affected the pharmaceutical industry, thus restraining the market growth. Rising opportunities for ophthalmic drugs in developing countries and the demand for intraocular lenses and phacoemulsification devices provide further support to the market growth. However, risks associated with the treatment of ocular diseases are creating challenges for the growth of the ophthalmology drugs and devices market.
REGIONAL OUTLOOK
The Asia-Pacific, Latin America, Europe, North America and the Middle East and Africa are the regions that form the global ophthalmology drugs and devices market.
North America is the market leader for ophthalmic drugs and devices market, worldwide. The ophthalmology drugs and devices market in North America is driven primarily due to the high healthcare and R&D expenditure in the US and Canada, coupled with the high prevalence of eye diseases in the region. Such high spending on healthcare, coupled with demand for quality healthcare, asserts the adoption of novel healthcare ailments, thus, positively supplementing the ophthalmology drugs and devices market growth. Furthermore, government investment to support eye research also drives the ophthalmology drugs and devices market in the North American region.
COMPETITIVE OUTLOOK
The top companies that have been studied in the ophthalmic drugs and devices market are Ziemer Group Holding AG, Valeant Pharmaceuticals International, Inc., Sun Pharmaceuticals Industries, Ltd., Santen Pharmaceutical Co., Ltd., Roche Holding AG, Pfizer, Novartis International AG, Johnson & Johnson, Inc., GlaxoSmithKline, Essilor International S.A., Carl Zeiss AG, Bayer and Allergan, Inc.
Essilor International S.A. is a France-based company engaged in the designing, manufacturing and production of ophthalmic lenses as well as ophthalmic optical equipment. The company operates its business in North America, Latin America, Europe, Asia/Oceania and Africa. At the end of 2016, Essilor International achieved revenues of $ 8.80 billion and employed around 64,000 employees across the globe. Transitions VI lenses, Varilux, Crizal and Xperio UV are some of the company’s prime products. In May 2015, Essilor International S.A. acquired a 37% stake in GKB Ophthalmics’ lens with $3.6 billion. The acquisition strategy was aimed to help in growing the company’s market presence and geographical presence to capture more market share.